<SEC-DOCUMENT>0001104659-11-050888.txt : 20110908
<SEC-HEADER>0001104659-11-050888.hdr.sgml : 20110908
<ACCEPTANCE-DATETIME>20110908165504
ACCESSION NUMBER:		0001104659-11-050888
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20110908
DATE AS OF CHANGE:		20110908
EFFECTIVENESS DATE:		20110908

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:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		111081564

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		STREET 2:		19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800 869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		STREET 2:		19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	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>N-CSRS
<SEQUENCE>1
<FILENAME>a11-21823_9ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number</font></p>    </td>
<td width="70%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08238</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India Investment Fund, Inc.</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as   specified in charter)</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">522 Fifth Avenue, New York, New York</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10036</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive   offices)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arthur Lev<br>   522 Fifth Avenue, New York, New York 10036</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for   service)</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including   area code:</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">212-296-6990</font></p>    </td>
<td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
<td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31,   2011</font></p>    </td>
<td width="62%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
<td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 30,   2011</font></p>    </td>
<td width="62%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1 - Report to Shareholders</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><b>Directors</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Mamode Izam Nathadkhan</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">M.J. Marcel Vivian<BR>Descroizilles</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Joseph J. Kearns</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Ravindranath Santosh<BR>Kumar Hazareesing</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Fergus Reid</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Arthur Lev</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><i>Director, President and<BR>Principal Executive Officer</i></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><b>Officers</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Stefanie V. Chang Yu</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><i>Vice President</i></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Francis J. Smith</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><i>Treasurer and Principal<BR>Financial Officer</i></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Mary Ann Picciotto</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><i>Chief Compliance Officer</i></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Mary E. Mullin</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><i>Secretary</i></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><b>Investment Adviser and Administrator</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley Investment Management Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">522 Fifth Avenue</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">New York, New York 10036</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><b>Custodian</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">State Street Bank and Trust Company</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">One Lincoln Street</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Boston, Massachusetts 02111</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><b>Stockholder Servicing Agent</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Computershare Trust Company, N.A.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">250 Royall Street</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Canton, Massachusetts 02021</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><b>Legal Counsel</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Dechert LLP</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">1095 Avenue of the Americas</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">New York, New York 10036</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Ernst &amp; Young LLP</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">200 Clarendon Street</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Boston, Massachusetts 02116</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:7pt;">For additional Fund information, including the Fund's net asset value per share and information regarding the investments comprising the Fund's portfolio, please call toll free 1(800) 231-2608 or visit our website at www.morganstanley.com/im. All investments involve risks, including the possible loss of principal.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:7pt;">&copy; 2011 Morgan Stanley</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:6pt;">CEIIFSAN<BR>IU11-01744P-Y06/11</font></p>
<p><img src="j112182310_aa004.jpg"></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:7pt;">INVESTMENT MANAGEMENT</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:19pt;">Morgan Stanley</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:19pt;">India Investment Fund, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:19pt;">(IIF)</font></p>
<p><img src="j112182310_aa005.jpg" height="549 pt" width="402 pt"></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Investment Management Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Investment Adviser</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:14pt;"><b>Semi-Annual<BR>Report</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">June 30, 2011</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Overview (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Letter to Stockholders</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Performance</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">For the six months ended June 30, 2011, the Morgan Stanley India Investment Fund, Inc. (the "Fund") had total returns of -10.99%, based on net asset value, and -9.89% based on market value per share (including reinvestment of distributions), compared to its benchmark, the U.S. dollar adjusted Bombay Stock Exchange (BSE) 100 Index, which returned -8.13%. On June 30, 2011, the closing price of the Fund's shares on the New York Stock Exchange was $21.94, representing a 5.4% discount to the Fund's net asset value per share. Past performance is no guarantee of future results.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Factors Affecting Performance</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;The Fund underperformed the Index over the six months ended June 30, 2011. Overall, sector allocation had a neutral effect on performance, while stock selection was the primary detractor from performance.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;From a top-down angle, the Fund's underweight exposure to the energy, utilities, and materials sectors, and overweight exposure to the health care sector were positive contributors to performance. However, this was neutralized by the Fund's overweight positions in the industrials and consumer discretionary sectors combined with underweight exposures to financials, telecommunication services and consumer staples sectors, which detracted from performance over this period.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;At the stock level, positions in financials, materials and information technology stocks contributed to performance but this was offset by positions in industrials, consumer discretionary and health care stocks, which hurt performance.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Management Strategies</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;The Indian market (as represented by the MSCI India Index) underperformed the broader MSCI Emerging Markets Index for the first six months of 2011 by about 8 percentage points. The year started with a spate of corruption scandals which resulted in a political logjam and bureaucratic standstill. This was further compounded by headline inflation that remained persistently above the central bank's comfort zone and translated into relatively aggressive monetary tightening. Both of these issues seem to be affecting growth expectations, with downgrades to GDP numbers for the fiscal year ending March 2012.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;In the near term, we expect inflation to remain elevated and the central bank to continue tightening; however, some softening in global commodity prices and a good harvest domestically are expected to cool the inflation worries in the second half of the year. On the policy side, we are beginning to see some positive activity but it still remains short of expectations.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Overview (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Letter to Stockholders (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;From a portfolio standpoint, we have had an export-oriented bias with overweight positions in information technology and health care. We began the year with overweight positions in industrials and consumer names and these have suffered because of the macro conditions. Although we have trimmed our holdings here, we think longer term these are logical positions to take, given India's underpenetrated consumer and need for a capacity build out. Once the macro cycle turns, we expect these sectors to be well positioned.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Sincerely,</font></p>
<p align="left"><img src="j112182310_ac006.jpg">
</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Arthur Lev<BR>President and Principal Executive Officer&nbsp;&nbsp;July 2011</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Investment Advisory Agreement Approval</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Nature, Extent and Quality of Services</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser (as defined herein) under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser (as defined herein), to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Fund's Adviser under the administration agreement, including accounting, clerical, bookkeeping, compliance, business management and planning, and the provision of supplies, office space and utilities at the Adviser's expense. (The Adviser and Sub-Adviser together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as reported to the Board by Lipper, Inc. ("Lipper").</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the administrative and advisory services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Performance, Fees and Expenses of the Fund</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as determined by Lipper, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2010, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one- and five-year periods but below its peer group average for the three-year period. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as determined by Lipper. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were higher but close to its peer group average. After discussion, the Board concluded that (i) the Fund's performance was acceptable, and (ii) the management fee and total expense ratio were competitive with its peer group average.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Investment Advisory Agreement Approval (cont'd)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Economies of Scale</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board considered that, with respect to closed-end funds, the assets are not likely to grow with new sales or grow significantly as a result of capital appreciation. The Board concluded that economies of scale for the Fund were not a factor that needed to be considered at the present time.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Profitability of the Adviser and Affiliates</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Other Benefits of the Relationship</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board considered other benefits to the Adviser and its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, "float" benefits derived from handling of checks for purchases and sales, research received by the Adviser generated from commission dollars spent on funds' portfolio trading and fees for distribution and/or shareholder servicing. The Board reviewed with the Adviser each of these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Resources of the Adviser and Historical Relationship Between the Fund and the Adviser</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management 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 managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Other Factors and Current Trends</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Investment Advisory Agreement Approval (cont'd)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>General Conclusion</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">After considering and weighing all of the above factors, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single factor referenced above. The Board considered these factors over the course of numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors differently in reaching their individual decisions to approve the Management Agreement.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Portfolio of Investments</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="207" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Value<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>COMMON STOCKS (96.6%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Airlines (0.8%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">SpiceJet Ltd. (a)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,691,091</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,213</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Auto Components (1.5%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Apollo Tyres Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">18,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">33</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Motherson Sumi Systems Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,530,055</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,729</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,762</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Automobiles (3.4%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hero Honda Motors Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,185</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">50</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mahindra &amp; Mahindra Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,097,691</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">17,306</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Patheja Forgings &amp; Auto Parts <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Manufactures Ltd. (a)(b)(c)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">450,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">17,356</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Chemicals (3.0%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Akzo Nobel India Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">25,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">499</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Asian Paints Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">98,903</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,073</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Coromandel International Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,040,200</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">8,186</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">15,758</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Commercial Banks (22.7%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bank of Baroda</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">265,893</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,313</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">HDFC Bank Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">807,569</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">45,474</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">ICICI Bank Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,562,600</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">38,301</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">IndusInd Bank Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,190,791</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">19,774</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">State Bank of India</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">164,902</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">8,875</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">117,737</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Construction &amp; Engineering (5.7%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gammon India Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,942,800</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,006</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Larsen &amp; Toubro Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">622,040</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">25,459</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">29,465</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Containers &amp; Packaging (0.8%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ess Dee Aluminium Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">549,519</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,382</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Diversified Financial Services (0.5%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Manappuram General Finance &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Leasing Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,097,910</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,645</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Electric Utilities (1.4%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">KSK Energy Ventures Ltd. (a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,948,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,298</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Electronic Equipment, Instruments &amp; Components (1.1%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Redington India Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,877,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,579</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Food Products (0.8%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Nestle India Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">45,091</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,149</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="207" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Value<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Gas Utilities (1.8%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GAIL India Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">853,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">8,425</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Indraprastha Gas Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">82,579</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">705</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">9,130</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Household Products (0.6%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hindustan Unilever Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">387,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,977</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Independent Power Producers &amp; Energy Traders (0.5%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jaiprakash Power Ventures Ltd. (a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,624,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,818</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Information Technology Services (14.7%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Infosys Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">756,221</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">49,299</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Infosys Technologies Ltd. (a)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">6,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">209</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tata Consultancy Services Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,004,761</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">26,715</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">76,223</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Machinery (5.7%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AIA Engineering Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,007,252</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">8,405</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cummins India Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">570,900</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">8,666</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tata Motors Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">269,622</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">6,039</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Thermax Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">499,376</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">6,658</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">29,768</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Media (2.2%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">DB Corp. Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">504,168</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,617</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Deccan Chronicle Holdings Ltd. (a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">922,324</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,438</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">IBN18 Broadcast Ltd. (a)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,254,560</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,628</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Network 18 Media &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Investments Ltd. (a)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">542,226</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,615</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">11,298</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Metals &amp; Mining (5.1%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hindalco Industries Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,367,450</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,540</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hindustan Zinc Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,086,600</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,321</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jindal Steel &amp; Power Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">815,700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">11,951</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Usha Martin Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,463,700</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,409</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">26,221</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Multiline Retail (1.0%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Pantaloon Retail India Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">656,119</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,417</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Oil, Gas &amp; Consumable Fuels (7.9%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Petronet LNG Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">425,100</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,292</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Reliance Industries Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,954,020</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">39,395</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40,687</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica" style="font-size:8pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='7',FILE='11-21823-10.ba',USER='106516',CD='Aug 26 11:34 2011' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Portfolio of Investments (cont'd)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="207" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Value<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Pharmaceuticals (7.7%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Aurobindo Pharma Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">890,919</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,434</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dr. Reddy's Laboratories Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">548,907</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">18,825</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Glenmark Pharmaceuticals Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,499,500</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">17,754</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40,013</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Real Estate Management &amp; Development (1.5%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oberoi Realty Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,099,379</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,915</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Phoenix Mills Ltd.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">420,007</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,782</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,697</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Tobacco (6.2%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">ITC Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,029,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">31,942</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>TOTAL COMMON STOCKS</b></font><font face="Arial, Helvetica" style="font-size:8pt;"> (Cost $442,494)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">500,535</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>SHORT-TERM INVESTMENT (0.5%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="360" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Investment Company (0.5%)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Morgan Stanley Institutional <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Liquidity Funds &#151; Money Market <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Portfolio &#151; Institutional Class <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(See Note G) (Cost $2,356)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,356,113</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,356</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>TOTAL INVESTMENTS (97.1%)</b></font><font face="Arial, Helvetica" style="font-size:8pt;"> (Cost $444,850) (d)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">502,891</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>OTHER ASSETS IN EXCESS OF LIABILITIES (2.9%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="70" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">15,248</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="207" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>NET ASSETS (100.0%)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">518,139</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(a)&nbsp;&nbsp;Non-income producing security.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(b)&nbsp;&nbsp;At June 30, 2011, the Fund held a fair valued security valued at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Fund's Directors.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(c)&nbsp;&nbsp;Security has been deemed illiquid at June 30, 2011.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(d)&nbsp;&nbsp;The approximate market value and percentage of net assets, $469,789,000 and 90.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Financial Statements.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Fair Value Measurement Information:</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">The following is a summary of the inputs used to value the Fund's net assets as of June 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Investment Type</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 1<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">Unadjusted<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">quoted<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">prices<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 2<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">Other<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">significant<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">observable<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">inputs<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 3<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">Significant<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">unobservable<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">inputs<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Assets:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="450" align="left" valign="bottom" style="padding:3pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common Stocks</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Airlines</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,213</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,213</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Auto <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Components</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,762</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,762</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Automobiles</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">17,356</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&dagger;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">17,356</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Chemicals</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">15,758</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">15,758</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Commercial <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Banks</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">117,737</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">117,737</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Construction &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Engineering</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">29,465</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">29,465</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Containers &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Packaging</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,382</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,382</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Diversified <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Financial <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Services</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,645</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,645</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Electric Utilities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,298</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,298</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Electronic <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Equipment, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Instruments &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Components</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,579</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,579</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Food Products</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,149</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,149</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gas Utilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">9,130</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">9,130</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Household <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Products</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,977</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,977</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Independent <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Power <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Producers &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Energy Traders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,818</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,818</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Information <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Technology <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">76,223</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">76,223</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Machinery</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">29,768</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">29,768</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Media</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">11,298</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">11,298</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Metals &amp; Mining</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">26,221</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">26,221</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Multiline Retail</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,417</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">5,417</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oil, Gas &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Consumable <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Fuels</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40,687</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40,687</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p align="center"><font face="Arial, Helvetica" style="font-size:8pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='8',FILE='11-21823-10.ba',USER='106516',CD='Aug 26 11:34 2011' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Portfolio of Investments (cont'd)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Fair Value Measurement Information: (cont'd)</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Investment Type</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 1<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">Unadjusted<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">quoted<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">prices<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 2<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">Other<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">significant<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">observable<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">inputs<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 3<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">Significant<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">unobservable<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">inputs<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(000)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Assets: (cont'd)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="450" align="left" valign="bottom" style="padding:3pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common Stocks (cont'd)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Pharmaceuticals</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40,013</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40,013</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Real Estate <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Management &amp; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Development</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,697</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">7,697</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tobacco</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">31,942</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">31,942</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Common <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Stocks</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>&#151;</b></font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>500,535</b></font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>&#151;</b></font></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>&dagger;</b></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>500,535</b></font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="450" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Short-Term <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investment &#151;</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Investment <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Company</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="53" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,356</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,356</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Assets</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>2,356</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>500,535</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>&#151;</b></font></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>&dagger;</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>502,891</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of June 30, 2011, securities with a total value of approximately $452,159,000 transferred from Level 1 to Level 2. At June 30, 2011, the fair market value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of business on the NYSE which resulted in their Level 2 classification.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="170" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="116" align="center" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Common <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Stocks<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Beginning Balance</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&dagger;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Purchases</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Sales</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Amortization of discount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Transfers in</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Transfers out</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Change in unrealized appreciation/depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Realized gains (losses)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ending Balance</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&dagger;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net change in unrealized appreciation/depreciation <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">from investments still held as of June 30, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">&dagger; Includes one or more securities which are valued at zero.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Portfolio Composition</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Classification</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="116" align="center" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Percentage of<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Total Investments</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Commercial Banks</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">23.4</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Other*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">22.1</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Information Technology Services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">15.2</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Oil, Gas &amp; Consumable Fuels</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">8.1</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Pharmaceuticals</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">7.9</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Tobacco</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">6.3</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Machinery</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">5.9</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Construction &amp; Engineering</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">5.9</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Metals &amp; Mining</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">5.2</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="170" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">100.0</font></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;">* Industries representing less than 5% of total investments.</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:8pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Financial Statements</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:14pt;">Statement of Assets and Liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>June 30, 2011<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(unaudited)<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="496" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Assets:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Investments in Securities of Unaffiliated Issuers, at Value (Cost $442,494)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">500,535</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Investment in Security of Affiliated Issuer, at Value (Cost $2,356)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,356</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total Investments in Securities, at Value (Cost $444,850)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">502,891</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Foreign Currency, at Value (Cost $40,596)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40,843</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dividends Receivable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,836</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Receivable for Investments Sold</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">309</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Receivable from Affiliate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">@</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Other Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">42</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Assets</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">545,921</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="496" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Liabilities:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dividends Declared</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">26,306</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Payable for Investments Purchased</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">543</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Payable for Investment Advisory Fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">477</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Payable for Custodian Fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">193</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Payable for Directors' Fees and Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">132</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Payable for Professional Fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">81</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Payable for Administration Fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">14</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Payable for Stockholder Servicing Agent Fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Other Liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">35</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Liabilities</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">27,782</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="496" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Applicable to 22,330,895 Issued and Outstanding $.01 Par Value Shares (100,000,000 Shares Authorized)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">518,139</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Asset Value Per Share</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">23.20</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="496" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets Consist of:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common Stock</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">223</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Paid-in-Capital</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">455,482</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Accumulated Net Investment Loss</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(222</font></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Accumulated Net Realized Gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,771</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="496" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Unrealized Appreciation (Depreciation) on:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">57,632</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Foreign Currency Translations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">253</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="390" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">518,139</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">@ Amount is less than $500.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica" style="font-size:8pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Financial Statements (cont'd)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:14pt;">Statement of Operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Six Months Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>June 30, 2011<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(unaudited)<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="412" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Investment Income:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dividends from Securities of Unaffiliated Issuers</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,540</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dividends from Security of Affiliated Issuer</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Investment Income</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,542</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="412" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Expenses:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Investment Advisory Fees (Note B)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,960</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Custodian Fees (Note D)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">334</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Administration Fees (Note C)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">243</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Professional Fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">100</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Stockholder Reporting Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">47</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Directors' Fees and Expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">40</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Stockholder Servicing Agent Fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Other Expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">83</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Expenses</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,810</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Waiver of Administration Fees (Note C)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(150</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rebate from Morgan Stanley Affiliate (Note G)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(2</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Expenses</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,658</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Investment Loss</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(116</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="412" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Realized Gain (Loss):</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Investments Sold</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">9,478</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Foreign Currency Transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">86</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Realized Gain</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">9,564</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="412" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Change in Unrealized Appreciation (Depreciation):</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(78,324</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Foreign Currency Translations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">180</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Change in Unrealized Appreciation (Depreciation)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(78,144</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Realized Gain and Change in Unrealized Appreciation (Depreciation)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(68,580</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="298" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Decrease in Net Assets Resulting from Operations</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(68,696</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica" style="font-size:8pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Financial Statements (cont'd)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="329" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:14pt;">Statements of Changes in Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Six Months Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>June 30, 2011<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(unaudited)<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>December 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2010<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="551" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Increase (Decrease) in Net Assets:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="551" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net Investment Loss</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(116</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(683</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net Realized Gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">9,564</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">106,626</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net Change in Unrealized Appreciation (Depreciation)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(78,144</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">32,266</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Increase (Decrease) in Net Assets Resulting from Operations</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(68,696</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">138,209</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="551" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Distributions from and/or in Excess of:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net Realized Gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(26,306</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(55,231</font></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Distributions</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(26,306</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(55,231</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="551" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Capital Share Transactions:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Expenses Recouped from the 2009 Rights Offering</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">48</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Increase in Net Assets Resulting from Capital Share Transactions</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">48</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Increase (Decrease)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(95,002</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">83,026</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="551" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Beginning of Period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">613,141</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">530,115</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="329" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>End of Period (Including Accumulated Net Investment Loss of $(222) and $(106))</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">518,139</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">613,141</font></td>
<td colspan="1" width="18" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica" style="font-size:8pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Financial Highlights</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;"><i>Selected Per Share Data and Ratios</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="167" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Six Months <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Ended June 30,</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="483" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended December 31,</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>2011 (unaudited)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>2010</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>2009</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>2008</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Net Asset Value, Beginning of Period</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">27.46</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">23.74</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">13.08</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">56.81</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">46.29</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">37.33</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Investment Loss&dagger;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.01</font></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.03</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.04</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.16</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.18</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.06</font></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Realized and Unrealized Gain (Loss)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(3.07</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">6.22</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">10.90</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(33.18</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">27.38</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">14.32</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total from Investment Operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(3.08</font></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">6.19</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">10.86</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(33.34</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">27.20</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">14.26</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="784" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Distributions from and/or in excess of:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Investment Income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="32" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.20</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.16</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Realized Gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(1.18</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(2.47</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(10.19</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(16.64</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(5.30</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total Distributions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(1.18</font></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(2.47</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(10.39</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(16.80</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(5.30</font></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Dilutive Effect of Shares Issued through <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Rights Offering and Offering Costs</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.20</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Anti-Dilutive Effect of Share Repurchase Program</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="32" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">0.00</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&Dagger;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">0.12</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Asset Value, End of Period</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">23.20</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">27.46</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">23.74</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">13.08</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">56.81</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">46.29</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Per Share Market Value, End of Period</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">21.94</font></td>
<td colspan="1" width="32" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">5.65</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">22.61</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">12.50</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">54.89</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">50.82</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="784" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>TOTAL INVESTMENT RETURN:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Market Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(9.89</font></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%#</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">24.79</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">80.88</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(64.72</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">45.29</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">51.73</font></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net Asset Value(1)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(10.99</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%#</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">27.23</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">81.50</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(64.33</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">65.09</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">38.28</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="784" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>RATIOS, SUPPLEMENTAL DATA:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets, End of Period (Thousands)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">518,139</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">613,141</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">530,115</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">256,021</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1,108,419</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">$</font></td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">920,926</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Expenses to Average Net Assets(2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.36</font></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+*</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.33</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.42</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.46</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.33</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.35</font></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Net Investment Loss to Average <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Net Assets(2)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.05</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+*</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.12</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.21</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.51</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.33</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.13</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Rebate from Morgan Stanley Affiliates to <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">Average Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">0.00</font></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%&sect;*</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">0.00</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%&sect;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">0.00</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%&sect;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">0.00</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%&sect;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">0.00</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%&sect;</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">N/A</font></td>
<td colspan="1" width="22" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Portfolio Turnover Rate</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">19</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%#</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">66</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">91</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">60</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">60</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">34</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="784" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>(2) Supplemental Information on the Ratios to Average Net Assets:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="784" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ratios Before Expenses Waived by Administrator:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Expenses to Average Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.42</font></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%*</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.37</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.47</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.51</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.39</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%+</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">1.40</font></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="167" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Ratio of Net Investment Loss <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">to Average Net Assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.11</font></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%*</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.16</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.26</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.56</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.39</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%+</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">(0.18</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">)%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">(1)&nbsp;&nbsp;Total investment return based on net asset value per share reflects the effects of changes in net asset value on the performance of the Fund during each period, and assumes dividends and distributions, if any, were reinvested. This percentage is not an indication of the performance of a stockholder's investment in the Fund based on market value due to differences between the market price of the stock and the net asset value per share of the Fund.</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">&dagger;&nbsp;&nbsp;Per share amount is based on average shares outstanding.</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">&Dagger;&nbsp;&nbsp;Amount is less than $0.005 per share.</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">+&nbsp;&nbsp;The Ratios of Expenses and Net Investment Loss 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 from Morgan Stanley Affiliates to Average Net Assets."</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">&sect;&nbsp;&nbsp;Amount is less than 0.005%.</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">#&nbsp;&nbsp;Not annualized.</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">*&nbsp;&nbsp;Annualized.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font face="Arial, Helvetica" style="font-size:8pt;">The accompanying notes are an integral part of the financial statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Morgan Stanley India Investment Fund, Inc. (the "Fund") was incorporated in Maryland on December 22, 1993, and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's investment objective is long-term capital appreciation through investments primarily in equity securities of Indian Issuers.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>A.&nbsp;&nbsp;Significant Accounting Policies:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Fund in the preparation of its financial statements. U.S. GAAP 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.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>1.&nbsp;&nbsp;Security Valuation:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  Securities listed on a foreign exchange are valued at their closing price except as noted below. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available are valued at the mean between the current bid and ask prices. Equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Short-term debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, unless the Board of Directors (the "Directors") determines such valuation does not reflect the securities' market value, in which case these securities will be valued at their fair value as determined in good faith under procedures adopted by the Directors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Directors, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;Most foreign markets close before the New York Stock Exchange ("NYSE"). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Directors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>2.&nbsp;&nbsp;Foreign Currency Translation:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in Indian rupees are translated into U.S. dollars at the mean of the bid and ask prices of such currencies against U.S. dollars last quoted by a major bank as follows:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;&nbsp;&nbsp;investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;&nbsp;&nbsp;investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;Although the net assets of the Fund are presented at the foreign exchange rate and market values at the close of the period, the Fund does not isolate that portion of the results </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">of operations arising as a result of changes in the foreign exchange rate from the fluctuations arising from changes in the market prices of the securities held at period end. Similarly, the Fund does not isolate the effect of changes in the foreign exchange rate from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from sales and maturities of foreign currency exchange contracts, disposition of foreign currency, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of unrealized appreciation (depreciation) on investments and foreign currency translations in the Statement of Assets and Liabilities. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;A significant portion of the Fund's net assets consist of Indian securities which involve certain considerations and risks not typically associated with investments in the United States. In addition to its smaller size, less liquidity and greater volatility, the Indian securities market is less developed than the U.S. securities market and there is often substantially less publicly available information about Indian issuers than there is about U.S. issuers. Settlement mechanisms are also less developed and are accomplished, in certain cases, only through physical delivery, which may cause the Fund to experience delays or other difficulties in effecting transactions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>3.&nbsp;&nbsp;Fair Value Measurement:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosure" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;Level 1 &#150; unadjusted quoted prices in active markets for identical investments</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;Level 2 &#150; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;Level 3 &#150; significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;In May 2011, FASB issued Accounting Standards Update ("ASU") 2011-04. The amendments in this update are the results of the work of FASB and the International Accounting Standards Board to develop common requirements for measuring fair value and for disclosing information about fair value measurements, which are effective during interim and annual periods beginning after December 15, 2011. Consequently, these amendments improve the comparability of fair value measurements presented and disclosed in the financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>4.&nbsp;&nbsp;Other:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  Security transactions are accounted for on the date the securities are purchased or sold. Investments in new Indian securities are made by making applications in the public offerings. The issue price, or a portion thereof, is paid at the time of application and reflected as share application money on the Statement of Assets and Liabilities Upon allotment of the securities, this amount plus any remaining amount of issue price is recorded as cost of investments. Realized gains (losses) on the sale of investment securities are determined on the specific identified cost basis. Interest income is recognized on the accrual basis. Dividend income and distributions are recorded on the ex-dividend date (except certain dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes, if any.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>B.&nbsp;&nbsp;Investment Advisory/Sub-Advisory Fees:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  Morgan Stanley Investment Management Inc. (the "U.S. Adviser" or "MS Investment Management") provides investment advisory services to the Fund under the terms of an Investment Advisory and Management Agreement (the "Agreement"). Under the Agreement, the Adviser is paid a fee computed weekly and payable monthly at an annual rate of 1.10% of the Fund's average weekly net assets.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The U.S. Adviser has entered into a Sub-Advisory Agreement with Morgan Stanley Investment Management Company (the "Sub-Adviser"), a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with investment advisory services subject to the overall supervision of the U.S. Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the U.S. Adviser receives from the Fund.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>C.&nbsp;&nbsp;Administration Fees:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  MS Investment Management also serves as Administrator to the Fund pursuant to an Administration Agreement. Under the Administration Agreement, the administration fee is 0.08% of the Fund's average weekly net assets. MS Investment Management has agreed to limit the administration fee through a waiver so that it will be no greater than the previous administration fee of 0.02435% of the Fund's average weekly net assets plus $24,000 per annum. This waiver is voluntary and may be terminated at any time. For the six months ended June 30, 2011, approximately $150,000 of administration fees were waived pursuant to this arrangement. Under a sub-administration agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>16</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Multiconsult, Ltd., whose registered office is in Mauritius, provides sub-administrative services to the Fund, including maintaining certain Fund records and preparing certain periodic filings, under an agreement whereby Multiconsult is paid a fee of $18,000 per annum plus reimbursement for certain out-of-pocket expenses.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>D.&nbsp;&nbsp;Custodian Fees:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  State Street (the "Custodian") and its affiliates serve as Custodian for the Fund. The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Fund has entered into an arrangement with its Custodian whereby credits realized on uninvested cash balances were used to offset a portion of the Fund's expenses. If applicable, these custodian credits are shown as "Expense Offset" in the Statement of Operations.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>E.&nbsp;&nbsp;Directors' Fees and Expenses:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  The Fund pays each of its Independent Directors an annual fee of $18,000. Effective June 15, 2009, each non-Mauritian Independent Director will receive a fee of $10,000 for each meeting such Director attends in Mauritius.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>F.&nbsp;&nbsp;Federal Income Taxes:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for Federal income taxes is required in the financial statements. Dividend income and distributions to stockholders are recorded on the ex-dividend date.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Effective October 1, 2004 there is no capital gains tax in India for long-term investments in specified securities executed on a recognized stock exchange on which securities transaction tax is paid. The current rate of capital gains tax for short-term investments is 15.836% for transactions conducted through a recognized stock exchange and on which securities transaction tax is paid. The Fund invests in India through a registered branch office established in Mauritius and, as a result, obtains the benefits under the double taxation treaty between Mauritius and India ("Treaty"). To obtain benefits under the Treaty, the Fund must meet certain tests and conditions, including the establishment of Mauritius tax residence and related requirements. The Fund has obtained a tax residence certification from the Mauritian authorities and believes such certification is determinative of its resident status for Treaty purposes. A fund which is a tax resident in Mauritius under the Treaty but has no branch or permanent establishment in India will not be subject to capital gains tax in India on the sale of securities. The dividend income from Indian companies are exempt from Indian income tax. The Fund currently is subject to and accrues Indian tax on interest earned on Indian securities at 21.115%. The Treaty benefits accorded to foreign investors were challenged by a nongovernmental organization and the matter was litigated before India's Supreme Court (the highest court in India). In October 2003, India's Supreme Court upheld the validity of Treaty benefits accorded to foreign investors on the basis of a certificate of residence issued by Mauritian authorities (such as the one obtained by the Fund).</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">FASB ASC 740-10 "Income Taxes &#151; Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" on the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years filed in the four year period ended December 31, 2010, remains subject to examination by taxing authorities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The tax character of distributions paid may differ from the character of distributions shown on the Statements of </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>17</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal 2010 and 2009 was as <BR>follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="7" width="169" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>2010 Distributions<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Paid From:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="169" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>2009 Distributions<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Paid From:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Ordinary<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Long-term<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Capital<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Gain<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Ordinary<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Long-term<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Capital<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Gain<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">13,377</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">41,854</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The amount and character of income and capital gain distributions to be paid by the Fund are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are considered either temporary or permanent in nature.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Permanent differences, primarily due to differing treatments of gains (losses) related to foreign currency transactions and net operating loss, resulted in the following reclassifications among the components of net assets at December 31, 2010:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="105" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Undistributed<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Distributions in<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Excess of)<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Investment<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income (Loss)<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Accumulated<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Realized<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Gain (Loss)<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Paid-in<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Capital<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">683</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">(683</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="44" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">@</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">@ </font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Amount is less than $500.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">At December 31, 2010, the components of distributable earnings on a tax basis were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="132" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Undistributed Ordinary<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="135" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Undistributed<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Long-term Capital Gain<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,113</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="107" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">22,193</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">At June 30, 2011, the U.S. Federal income tax cost basis of investments was approximately $444,850,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $58,041,000 of which $104,061,000 related to appreciated securities and $46,020,000 related to depreciated securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">During the year ended December 31, 2010, the Fund utilized capital loss carryforward for U.S. Federal income tax purposes of approximately $22,993,000</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>G.&nbsp;&nbsp;Security Transactions and Transactions with Affiliates:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  For the six months ended June 30, 2011, the Fund purchases and sales of investment securities for the Fund, excluding short-term investments, were approximately $101,391,000 and $135,039,000, respectively.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds Money Market Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Investment Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended June 30, 2011, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>18</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">A summary of the Fund's transactions in shares of the Liquidity Funds during the six months ended June 30, 2011 is as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Value<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>December 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2010<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Purchases<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>at Cost<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Sales<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Proceeds<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Dividend<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Value<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>June 30,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2011<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(000)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">56,230</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">6,543</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">60,417</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2,356</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">During the six months ended June 30, 2011, the Fund incurred approximately $12,000 in brokerage commissions with Morgan Stanley &amp; Co., LLC, an affiliate of the Investment Adviser, Administrator, Sub-Adviser and Distributor, for portfolio transactions executed on behalf of the Portfolio.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">During the six months ended June 30, 2011, the Fund incurred approximately $34,000 in brokerage commissions with Citigroup, Inc. and its affiliated broker/dealers, which may be deemed affiliates of the Investment Adviser, Distributer, Sub-Adviser and Administrator under Section 17 of the 1940 Act for portfolio transactions executed on behalf of the Portfolio.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>H.&nbsp;&nbsp;Other:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  Future economic and political developments in India could adversely affect the liquidity or value, or both, of securities in which the Fund is invested. In addition, the Fund's ability to hedge its currency risk is limited and accordingly, the Fund may be exposed to currency devaluation and other exchange rate fluctuations.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">On July 6, 2009, the Fund commenced a rights offering and issued to stockholders as of June 30, 2009 one right for each share of common stock held. The rights were not transferable and, consequently, were not listed on any exchange. Four rights entitled the stockholder to purchase one share of common stock at the subscription price. The rights entitled stockholders to subscribe for an aggregate of 4,914,170 shares of the Fund's common stock. In addition, the Fund had the option of issuing additional shares in an amount up to 25% of the shares that were available in the primary offering, or 1,228,542 shares, for an aggregate total of 6,142,712 shares. The offer expired on July 22, 2009. The Fund sold 2,674,213 shares at the subscription price per share of $19.12 (representing the Fund's net asset value per share on the expiration date of the offer). The total proceeds of the rights offering were $51,130,953 and the Fund incurred costs of approximately $227,000.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">On August 10, 1998, the Fund commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Fund's shares trade from their net asset value. During the six months ended June 30, 2011, the Fund did not repurchase any of its shares. Since the inception of the program, the Fund has repurchased 8,941,882 of its shares at an average discount of 26.84% from net asset value per share. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Directors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>I.&nbsp;&nbsp;Results of Annual Meeting of Stockholders:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  On June 30, 2011, an annual meeting of the Fund's stockholders was held for the purpose of voting on the following matter, the results of which were as follows:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Election of Directors by all stockholders:</font></p>
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<tr>
<td colspan="3" width="118" valign="bottom" style="padding:12pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="66" align="center" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Withheld</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="118" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mamode Izam Nathadkhan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">16,834,913</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">648,387</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="118" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ravindranath Santosh Kumar <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Hazareesing</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">16,810,123</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="50" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">673,177</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>J.&nbsp;&nbsp;Indemnifications:</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>19</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Notes to Financial Statements (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>For More Information About Portfolio Holdings</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the Fund's second and fourth fiscal quarters. The semi-annual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semi-annual and annual reports to Fund stockholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the Fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to stockholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1(800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov) or by writing the public reference section of the SEC, Washington, DC 20549-0102.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">In addition to filing a complete schedule of portfolio holdings with the SEC each fiscal quarter, the Fund makes portfolio holdings information available by periodically providing the information on its public website, www.morganstanley.com/im.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Fund provides a complete schedule of portfolio holdings on the public website on a calendar-quarter basis approximately 31 calendar days after the close of the calendar quarter. The Fund also provides Top 10 holdings information on the public website approximately 15 business days following the end of each month. You may obtain copies of the Fund's monthly or calendar-quarter website postings, by calling toll free 1(800) 231-2608.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>Proxy Voting Policy and Procedures and Proxy Voting Record</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">A copy of (1) the Fund's policies and procedures with respect to the voting of proxies relating to the Fund's portfolio securities; and (2) how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, is available without charge, upon request, by calling toll free 1(800) 548-7786 or by visiting our website at www.morganstanley.com/im. This information is also available on the SEC's web site at www.sec.gov.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>20</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Portfolio Management</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Fund is managed within 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 James Cheng, a Managing Director of the Sub-Adviser, and Ruchir Sharma, a Managing Director of the U.S. Adviser.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Mr. Cheng has been associated with the Sub-Adviser in an investment management capacity since July 2006 and began managing the Fund in February 2009. Prior to July 2006, Mr. Cheng worked in an investment management capacity at Invesco Asia Limited, Asia Strategic Investment Management Limited and Munich Re Asia Capital Management. Mr. Sharma has been associated with the U.S. Adviser in an investment management capacity since 1996 and began managing the Fund in January 2001.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>21</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Investment Policy</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Fund may 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 on the value of another underlying asset, interest rate, index or financial instrument. A derivative instrument often has risks similar to its underlying instrument and may have additional risks, including imperfect correlation between the value of the derivative and the underlying instrument, risks of default by the other party to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which they relate, and risks that the transactions may not be liquid. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. Certain derivative transactions may give rise to a form of leverage. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to 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 Investment Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Following is a description of the derivative instruments and techniques that the Fund may use and their associated risks:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Foreign Currency Forward Contracts.</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &nbsp;In connection with its investments in foreign securities, the Fund also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date ("forward contracts"). A foreign currency forward contract is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Forward foreign currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. A currency exchange contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the contract is closed equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Hedging the Fund's currency risks involves the risk of mismatching the Fund's objectives under a currency exchange or futures contract with the value of securities denominated in a particular currency. Furthermore, such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is an additional risk to the effect that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Futures.</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> &nbsp;A futures contract is a standardized agreement between two parties to buy or sell a specific quantity of an underlying instrument at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Futures contracts are bilateral agreements, with both the purchaser and the seller equally obligated to complete the transaction. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. A </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>22</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Investment Policy (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">decision as to whether, when and how to use futures involves the exercise of skill and judgment and even a well conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures can be highly volatile, using futures can lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>Structured Investments.</i></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">  The Fund also may invest a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency or market. Structured investments may come in various forms including notes, warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency or market when direct access to a market is limited or inefficient from a tax or cost standpoint. Investments in structured investments involve risks including counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to counterparty risk because the Fund is relying on the creditworthiness of such counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular point in time, may be unable to find qualified buyers for these securities.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>23</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">Dividend Reinvestment and Cash Purchase Plan</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Pursuant to the Dividend Reinvestment and Cash Purchase Plan (the Plan), each stockholder will be deemed to have elected, unless Computershare Trust Company, N.A. (the Plan Agent) is otherwise instructed by the stockholder in writing, to have all distributions automatically reinvested in Fund shares. Participants in the Plan have the option of making additional voluntary cash payments to the Plan Agent, annually, in any amount from $100 to $3,000, for investment in Fund shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Dividend and capital gain distributions (Distributions) will be reinvested on the reinvestment date in full and fractional shares. If the market price per share equals or exceeds net asset value per share on the reinvestment date, the Fund will issue shares to participants at net asset value or, if net asset value is less than 95% of the market price on the reinvestment date, shares will be issued at 95% of the market price. If net asset value exceeds the market price on the reinvestment date, participants will receive shares valued at market price. The Fund may purchase shares of its Common Stock in the open market in connection with dividend reinvestment requirements at the discretion of the Board of Directors. Should the Fund declare a Distribution payable only in cash, the Plan Agent will purchase Fund shares for participants in the open market as agent for the participants.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The Plan Agent's fees for the reinvestment of a Distribution will be paid by the Fund. However, each participant's account will be charged a pro rata share of brokerage commissions incurred on any open market purchases effected on such participant's behalf. A participant will also pay brokerage commissions incurred on purchases made by voluntary cash payments. Although stockholders in the Plan may receive no cash distributions, participation in the Plan will not relieve participants of any income tax which may be payable on such dividends or distributions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">In the case of stockholders, such as banks, brokers or nominees, that hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the stockholder as representing the total amount registered in the stockholder's name and held for the account of beneficial owners who are participating in the Plan.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Stockholders who do not wish to have distributions automatically reinvested should notify the Plan Agent in writing. There is no penalty for non-participation or withdrawal from the Plan, and stockholders who have previously withdrawn from the Plan may rejoin at any time. Requests for additional information or any correspondence concerning the Plan should be directed to the Plan Agent at:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.<BR>Computershare Trust Company, N.A.<BR>P.O. Box 43078<BR>Providence, Rhode Island 02940-3078<BR>1 (800) 231-2608</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>24</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">U.S. Privacy Policy</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>An Important Notice Concerning Our U.S. Privacy Policy</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We are required by federal law to provide you with a copy of our privacy policy ("Policy") annually.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">This Policy applies to current and former individual clients of certain Morgan Stanley closed-end funds and related companies.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">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 we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, 529 Educational Savings Accounts, accounts subject to the Uniform Gifts to Minors Act, or similar accounts. We may amend this Policy at any time, and will inform you of any changes to this Policy as required by law.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>We Respect Your Privacy</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We appreciate that you have provided us with your personal financial information and understand your concerns about safeguarding such information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what nonpublic personal information we collect about you, how we collect it, when we may share it with others, and how others may use it. It discusses the steps you may take to limit our sharing of information about you with affiliated Morgan Stanley companies ("affiliated companies"). It also discloses how you may limit our affiliates' use of shared information for marketing purposes. Throughout this Policy, we refer to the nonpublic information that personally identifies you or your accounts as "personal information."</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>1. What Personal Information Do We Collect About You?</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">To better serve you and manage our business, it is important that we collect and maintain accurate information about you. We obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our websites and from third parties and other sources. For example:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;We may obtain information about your creditworthiness and credit history from consumer reporting agencies.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>25</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">U.S. Privacy Policy (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer's operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of "cookies.'' "Cookies'' recognize your computer each time you return to one of our sites, and help to improve our sites' content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>2. When Do We Disclose Personal Information We Collect About You?</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">To provide you with the products and services you request, to better serve you, to manage our business and as otherwise required or permitted by law, we may disclose personal information we collect about you to other affiliated companies and to nonaffiliated third parties.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>A. Information We Disclose to Our Affiliated Companies.</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> In order to manage your account(s) effectively, including servicing and processing your transactions, to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law, we may disclose personal information about you to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>B. Information We Disclose to Third Parties.</b></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"> We do not disclose personal information that we collect about you to nonaffiliated third parties except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, and as otherwise required or permitted by law. For example, some instances where we may disclose information about you to third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be required by law.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>3. How Do We Protect the Security and Confidentiality of Personal Information We Collect About You?</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. 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 confidentiality standards with respect to such information.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>4. How Can You Limit Our Sharing of Certain Personal Information About You With Our Affiliated Companies for Eligibility Determination?</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We respect your privacy and offer you choices as to whether we share with our affiliated companies personal information that was collected to determine your eligibility for products and services such as credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Please note that, even if you direct us not to share certain </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>26</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">U.S. Privacy Policy (cont'd)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with those companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account. We may also share certain other types of personal information with affiliated companies &#151; such as your name, address, telephone number, e-mail address and account number(s), and information about your transactions and experiences with us.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>5. How Can You Limit the Use of Certain Personal Information About You by Our Affiliated Companies for Marketing?</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">You may limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products or services to you. This information includes our transactions and other experiences with you such as your assets and account history. Please note that, even if you choose to limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products and services to you, we may still share such personal information about you with them, including our transactions and experiences with you, for other purposes as permitted under applicable law.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>6. How Can You Send Us an Opt-Out Instruction?</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">If you wish to limit our sharing of certain personal information about you with our affiliated companies for "eligibility purposes" and for our affiliated companies' use in marketing products and services to you as described in this notice, you may do so by:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;Calling us at (800) 231-2608<BR>Monday&#150;Friday between 9a.m. and 6p.m. (EST)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull;&nbsp;&nbsp;Writing to us at the following address:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&nbsp;&nbsp;Morgan Stanley Closed-End Privacy Department<BR>Harborside Financial Center<BR>201 Plaza Two, 3rd Floor<BR>Jersey City, NJ 07311</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">If you choose to write to us, your written request should include: your name, address, telephone number and account number(s) to which the opt-out applies and should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us 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 those instructions to the entire account. Please allow approximately 30 days from our receipt of your opt-out for your instructions to become effective.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Please understand that if you opt-out, you and any joint account holders may not receive certain Morgan Stanley or our affiliated companies' products and services that could help you manage your financial resources and achieve your investment objectives.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">If you have more than one account with us or our affiliates, you may receive multiple privacy policies from us, and would need to follow the directions stated in each particular policy for each account you have with us.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>27</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">June 30, 2011 (unaudited)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:19pt;">U.S. Privacy Policy (cont'd)</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>7. What if an Affiliated Company Becomes a Nonaffiliated Third Party?</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a nonaffiliated third party.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>SPECIAL NOTICE TO RESIDENTS OF VERMONT</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>This 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.</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information ("opt-in").</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Morgan Stanley Closed-End Privacy Department<BR>Harborside Financial Center<BR>201 Plaza Two, 3rd Floor<BR>Jersey City, NJ 07311</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Your authorization should include: your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third-party.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><b>The 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.</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">In response to a California law, if your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 2.&#160; Code of Ethics.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for semiannual reports.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3.&#160; Audit Committee Financial Expert.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for semiannual reports.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 4. Principal Accountant Fees and Services</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for semiannual reports.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 5. Audit Committee of Listed Registrants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for semiannual reports.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 6.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) Refer to Item 1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for semiannual reports.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 8. Portfolio Managers of Closed-End Management Investment Companies</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicable only to reports filed by closed-end funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9. Closed-End Fund Repurchases</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGISTRANT PURCHASE OF EQUITY SECURITIES</font></b></p>
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<td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<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;">(a)&nbsp;Total<br>   Number&nbsp;of<br>   Shares&nbsp;(or<br>   Units)<br>   Purchased</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<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;">(b)&nbsp;Average<br>   Price&nbsp;Paid&nbsp;per<br>   Share&nbsp;(or&nbsp;Unit)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<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;">(c)&nbsp;Total<br>   Number&nbsp;of<br>   Shares&nbsp;(or<br>   Units)<br>   Purchased&nbsp;as<br>   Part&nbsp;of&nbsp;Publicly<br>   Announced<br>   Plans&nbsp;or<br>   Programs</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<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;">(d)&nbsp;Maximum<br>   Number&nbsp;(or<br>   Approximate<br>   Dollar&nbsp;Value)<br>   of&nbsp;Shares&nbsp;(or<br>   Units)&nbsp;that&nbsp;May<br>   Yet&nbsp;Be<br>   Purchased<br>   Under&nbsp;the&nbsp;Plans<br>   or&nbsp;Programs</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mo-da-year &#151;</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">January 2011</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mo-da-year &#151;</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">February 2011</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mo-da-year &#151;</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">March 2011</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mo-da-year &#151;</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">April 2011</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mo-da-year &#151;</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">May 2011</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mo-da-year &#151;</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">June 2011</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 10. Submission of Matters to a Vote of Security Holders</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 11. Controls and Procedures</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; The Fund&#146;s principal executive officer and principal financial officer have concluded that the Fund&#146;s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission&#146;s rules and forms, based upon such officers&#146; evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; There were no changes in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 12. Exhibits</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) Code of Ethics &#151; Not applicable for semiannual reports.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Arthur Lev</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arthur   Lev</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August   25, 2011</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Arthur Lev</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arthur   Lev</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August   25, 2011</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Francis Smith</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August   25, 2011</font></p>    </td>   </tr>  </table>
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<TYPE>EX-99.CERT
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<FILENAME>a11-21823_9ex99dcert.htm
<DESCRIPTION>EX-99.CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 B1</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATIONS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Arthur Lev, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I have reviewed this report on Form&nbsp;N-CSR of Morgan Stanley India Investment Fund,&nbsp;Inc.;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer(s)&nbsp;and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;"> any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   August&nbsp;25, 2011</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Arthur Lev</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arthur   Lev</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 B2</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATIONS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Francis Smith, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I have reviewed this report on Form&nbsp;N-CSR of Morgan Stanley India Investment Fund,&nbsp;Inc.;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer(s)&nbsp;and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;"> any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   August&nbsp;25, 2011</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Francis Smith</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Francis   Smith</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.906CERT
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<FILENAME>a11-21823_9ex99d906cert.htm
<DESCRIPTION>EX-99.906CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.906CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 906 CERTIFICATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification Pursuant to 18 U.S.C. Section 1350,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As Adopted Pursuant to</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 906 of the Sarbanes-Oxley Act of 2002</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Report on Form N-CSR (the &#147;Report&#148;) of the above-named issuer for the period ended June 30, 2011 that is accompanied by this certification, the undersigned hereby certifies that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   August 25, 2011</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Arthur Lev</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arthur   Lev</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement required by Section 906 has been provided to Morgan Stanley India Investment Fund, Inc. and will be retained by Morgan Stanley India Investment Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 906 CERTIFICATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification Pursuant to 18 U.S.C. Section 1350,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As Adopted Pursuant to</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 906 of the Sarbanes-Oxley Act of 2002</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley India Investment Fund, Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Report on Form N-CSR (the &#147;Report&#148;) of the above-named issuer for the period ended June 30, 2011 that is accompanied by this certification, the undersigned hereby certifies that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   August 25, 2011</font></p>    </td>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Francis Smith</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Francis   Smith</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement required by Section 906 has been provided to Morgan Stanley India Investment Fund, Inc. and will be retained by Morgan Stanley India Investment Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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