<SEC-DOCUMENT>0001104659-20-030511.txt : 20200309
<SEC-HEADER>0001104659-20-030511.hdr.sgml : 20200309
<ACCEPTANCE-DATETIME>20200309095330
ACCESSION NUMBER:		0001104659-20-030511
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200309
DATE AS OF CHANGE:		20200309
EFFECTIVENESS DATE:		20200309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INDIA INVESTMENT FUND, INC.
		CENTRAL INDEX KEY:			0000916618
		IRS NUMBER:				133753686
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		20696790

	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>
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<TYPE>N-CSR
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Company Act file number: 811-08238</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Morgan Stanley India Investment Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; width: 15pc">522 Fifth Avenue, New York, New York</TD>
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt">10036</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt">(Zip code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">John H. Gernon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">522 Fifth Avenue, New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant's telephone number, including area code: 212-296-0289</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of fiscal year end: December 31,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of reporting period: <FONT STYLE="color: #231F20">December
31, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1 - Report to Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">INVESTMENT MANAGEMENT</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 5pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 15pt">Morgan Stanley Investment Management Inc.<BR>Adviser</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 31pt">Morgan Stanley India Investment Fund, Inc. NYSE: IIF</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 10pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 16pt">Annual Report</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 12pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 16pt">December 31, 2019</FONT></P>
<P STYLE="margin: 6pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission ("SEC"), paper copies of the Fund's Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports") will no longer be sent by mail, unless you specifically request paper copies of the Shareholder Reports from the Fund or from your financial intermediary, such as a broker-dealer or a bank. Instead, the Shareholder Reports will be made available on the Fund's website, https://www.morganstanley.com/im/closedendfundsshareholderreports and you will be notified by mail each time a Shareholder Report is posted and provided with a website link to access the Shareholder Report. If you already elected to receive Shareholder Reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive Shareholder Reports and other communications from the Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, please follow the instructions on the envelope.</FONT></P>
<P STYLE="margin: 6pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Beginning on January 1, 2019, you may elect to receive all future Shareholder Reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your Shareholder Reports. If you invest directly with the Fund, please follow the instructions on the envelope to let the Fund know you wish to continue receiving paper copies of your Shareholder Reports. Your election to receive Shareholder Reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a fund.</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Table of Contents</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Letter to Stockholders</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Portfolio of Investments</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">6</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Statement of Assets and Liabilities</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">8</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Statement of Operations</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Statements of Changes in Net Assets</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Financial Highlights</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Notes to Financial Statements</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Report of Independent Registered Public Accounting Firm</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">22</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Portfolio Management</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">23</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Investment Policy</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">24</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Dividend Reinvestment and Cash Purchase Plan</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">28</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Privacy Notice</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">29</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="207" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Director and Officer Information</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="25" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">32</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 6pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
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<DIV STYLE="margin: 8pt 0pt">
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Letter to Stockholders (unaudited)</FONT></P>
</DIV>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Performance</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">For the year ended December 31, 2019, the Morgan Stanley India Investment Fund, Inc. (the "Fund") had total returns of -0.42%, based on net asset value, and -0.66% based on market value per share (including reinvestment of distributions), compared to its benchmark, the MSCI India Index (the "Index")*, which returned 7.58%. On December 31, 2019, the closing price of the Fund's shares on the New York Stock Exchange was $19.89, representing a 15.0% discount to the Fund's net asset value per share. Past performance is no guarantee of future results.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Factors Affecting Performance</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;The Fund underperformed the Index for the year ended December 31, 2019. The main detractors were our stock selection in the information technology and communication services sectors, underweight allocations to the energy and information technology sectors and an overweight allocation to the consumer discretionary sector.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;Positive contributions came from an overweight allocation to the financial sector, underweight allocation to the consumer staples sector and our stock selection in the utilities and materials sectors.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Management Strategies</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Year of growth slowdown, other macro parameters broadly stable:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"> Post the NBFC (non-banking financial companies) shock of September 2018, which led to a trust deficit in debt markets and a slowdown of credit availability to various sectors and consumers, India's gross domestic product (GDP) growth has taken a leg down. From 6.8% real GDP growth in fiscal year ending March 2019, it has now come down to 4.5% (September 2019 quarterly real GDP growth year-over-year).<SUP>i</SUP> In its latest monetary policy meeting, the Reserve Bank of India (RBI) reduced its real GDP growth forecast for fiscal year 2020 (the period from April 1, 2019 to March 31, 2020) to 5% from its earlier forecast of 6.1%.<SUP>ii</SUP> Post identifying the crisis, the central government of India has taken several steps in past few months to boost growth, including reducing the corporate tax rate in India and proposing an Alternative Investment Fund for the real estate sector to provide last mile funding to complete stuck projects. RBI has also taken various steps such as reducing the policy rates and ensuring sufficient liquidity in the financial system to boost growth. We believe that impact of such steps should be visible in 2020. Other key macro parameters were stable in 2019. With crude oil remaining range-bound and weakness in domestic demand, the current account deficit (CAD) came down to 1.5% in the September 2019 quarter (from 2.5% in the December 2018 quarter).<SUP>iii</SUP> Indian currency was stable during the year with 2.3% depreciation against the U.S. dollar during 2019.<SUP>iv</SUP> Consumer price index (CPI) inflation remained mostly within the comfort zone of the RBI (stated target band of 2% to 6%) throughout the year. CPI spiked a bit towards the end of the year (7.35% for month of December 2019) due to transient food inflation; however, core CPI is well within the target band.<SUP>v</SUP> Weakness in growth kept the markets broadly risk-off, which led to large caps outperforming mid- and small-cap stocks. With efforts from the government and RBI, we are optimistic that this tendency can subside in 2020 and may lead to continued recovery in performance.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Microeconomic indicators showing bottoming out trends:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"> Consumption growth moderated throughout 2019 against the backdrop of an uncertain global environment and weak domestic growth impulses. The NBFC crisis that hit the economy in late </FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Letter to Stockholders (unaudited) (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">2018 has had prolonged effects on consumer sentiment, which has further affected consumption. High-frequency indicators (which we consider representative of the domestic story of India) have been weak but are showing early signs of bottoming, with the key positives being strong credit growth, weak but sequential improvement in passenger vehicles sales, a pick-up in freight traffic (port and railways) and a steady capacity utilization as tracked by the RBI. We are optimistic that going ahead continued efforts by the government, surplus liquidity in the financial system and a favorable base should help boost consumer sentiment and aid the domestic consumption story.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Another year of narrow outperformance:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"> Like 2018, 2019 also turned out to be a year of the most concentrated performance for the market that we have seen since 2013, with performance concentrated heavily in a few large-cap stocks. These episodes of narrow outperformance are not historically normal for India and have tended to snap back sharply when the macroeconomic headwinds receded. We witnessed a marginal reversal of this since October 2019, as the government and RBI took various steps to boost growth. While the number of stocks outperforming the NIFTY 50 Index, a gauge of India's blue-chip stocks, were limited to 17 in 2019 (the lowest since 2013),<SUP>vi</SUP> the NSE Nifty MidSmallcap 400 Index performed broadly in line with large-cap NIFTY 50 Index over the October to December 2019 period (following approximately 14% underperformance in first 10 months of 2019).<SUP>vii</SUP> Additionally, monthly mutual fund systematic investment plan contributions have remained steady, foreign institutional investor inflows turned positive in 2019 and domestic inflows have been strong.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>The NBFC crisis dragged performance in 2019:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"> In September 2018, a AAA-rated unlisted infrastructure NBFC defaulted on some of its debt obligations and was downgraded to default rating. This led to a trust deficit in the debt markets which impacted the credit flow and led to a fear of book quality of various financial institutions. While we skirted direct implosions like this, we were not spared collateral damage. We believe this space can recover with time, with leaders coming out stronger than before the crisis. We are already seeing some recovery in the space, and going ahead, we expect credit flow to kick-in in a risk-on environment as financial system liquidity remains very much in surplus.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Political stability:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"> During the year, the incumbent Bharatiya Janata Party came back with a stronger-than-ever mandate, bagging 303 of 542 seats on its own (21 seats more than it won in 2014) in the May 2019 national general elections.<SUP>viii</SUP> Mr. Narendra Modi will continue his second term as the prime minister with an absolute majority in the lower house of the parliament. We believe that the strength of this majority in the lower house along with increasing strength in the upper house will provide enough room and freedom to the government to address economic challenges. This was reflected in the corrective steps taken post the 2019 budget by the government to address growth concerns. We believe that the 2021 budget provides another opportunity to the government to take the right steps to address growth concerns. This becomes even more imperative as the ruling party lost a few key state elections towards the end of 2019 where the weak economy was one of the key issues.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Growth momentum drivers:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"> India is currently dealing with a slowdown in consumption and a trust deficit in the debt markets (led by recent NBFC/housing finance company issues). We believe that the steps taken by the government and the central bank should boost growth and a consumption revival in due course. Additionally, post elections, the populist tendencies of the government are also expected to subside. The structural reforms are already done (Goods and Services Tax, Insolvency and </FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Letter to Stockholders (unaudited) (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Bankruptcy Code, etc.), and going forward, we expect more growth-focused economic reforms to provide a positive impulse to the growth momentum.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;Such episodes of underperformance have happened in India, which this time around has stretched a bit longer than anticipated. However, historically we have seen the market snap back quite sharply after an episodic drag in performance such as this and are optimistic for a return to a more normal market environment as the uncertainties around domestic growth begins to cool off. We are optimistic of a recovery in portfolio performance, as various steps taken by the government and the RBI start bearing fruit. We expect the key themes of uptick in capital expenditure, stability in consumption, improvement in corporate asset quality and improved corporate profitability (helped by central bank rate cuts, improved liquidity, balance sheet repair and corporate tax rate cut) to drive performance in 2020.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&bull;&nbsp;&nbsp;At the close of the period, the Fund was overweight financials, industrials, utilities and health care and underweight energy, consumer staples, information technology and consumer discretionary sectors.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Sincerely,</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><IMG SRC="j2057926_ba003.jpg">
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">John H. Gernon<BR>President and Principal Executive Officer&nbsp;&nbsp;January 2020</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">*The MSCI India Index is a free-float adjusted market capitalization weighted index that is designed to measure the performance of the large and mid cap segments of the Indian market. The performance of the Index is calculated in U.S. dollars and assumes reinvestment of net dividends. It is not possible to invest directly in an index.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>i</SUP> Source: Ministry of Statistics and Program Implementation, Government of India, as of December 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>ii</SUP> Source: Reserve Bank of India, J.P. Morgan, as of December 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>iii</SUP> Source: Bloomberg L.P. and J.P. Morgan, as of December 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>iv</SUP> Source: Bloomberg L.P. and Morgan Stanley Investment Management Inc., as of January 2020.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>v</SUP> Source: Ministry of Statistics and Program Implementation, Government of India, as of December 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>vi</SUP> Source: Bloomberg L.P. and Morgan Stanley Investment Management Inc., as of December 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>vii</SUP> Source: Bloomberg L.P. and Morgan Stanley Investment Management Inc., as of January 2020. The NIFTY 50 Index measures the performance of 50 large-cap stocks from 13 sectors. The NIFTY MidSmallcap 400 Index measures the performance of small and mid-cap stocks in India. It is not possible to invest directly in an index.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><SUP>viii</SUP> Source: Election Commission of India, as of May 2019.</FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Portfolio of Investments</FONT></P>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Shares</B></FONT></P></TD>
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<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>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>COMMON STOCKS (94.4%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Aerospace &amp; Defense (1.0%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<TR>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Bharat Electronics Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,298,197</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,221</FONT></P></TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Auto Components (2.2%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Balkrishna Industries Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">353,615</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">4,907</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Bharat Forge Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">286,519</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,940</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">6,847</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Automobiles (3.9%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Eicher Motors Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">38,626</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12,184</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Banks (24.6%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Axis Bank Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,214,250</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">23,393</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">HDFC Bank Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">970,833</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">17,302</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">ICICI Bank Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,285,889</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">24,809</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">IndusInd Bank Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">546,615</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,564</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">77,068</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Chemicals (1.8%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">SRF Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">117,295</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">5,647</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Construction &amp; Engineering (9.1%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">KEC International Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,342,340</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">5,680</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Larsen &amp; Toubro Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">832,335</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">15,138</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Voltas Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">823,435</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">7,606</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">28,424</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Construction Materials (6.5%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Ramco Cements Ltd. (The)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">714,372</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">7,553</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Shree Cement Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">44,558</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12,712</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">20,265</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Consumer Finance (2.9%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Cholamandalam Investment and <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Finance Co., Ltd.</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,161,948</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9,253</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Diversified Financial Services (3.5%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">L&amp;T Finance Holdings Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">6,624,421</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,002</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Electric Utilities (2.5%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Power Grid Corp. of India Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,894,221</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">7,714</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Entertainment (3.2%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">PVR Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">380,825</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10,129</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Gas Utilities (3.8%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Indraprastha Gas Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,306,669</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">7,838</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Mahanagar Gas Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">265,084</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,956</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,794</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Health Care Providers &amp; Services (3.6%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Apollo Hospitals Enterprise Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">562,384</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,362</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
</TABLE>

</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 0%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Shares</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="73" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Information Technology Services (8.9%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Infosys Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,101,953</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">21,531</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Larsen &amp; Toubro Infotech Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">262,240</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">6,431</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">27,962</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Insurance (6.6%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">ICICI Prudential Life <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Insurance Co., Ltd.</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,327,924</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">8,976</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">SBI Life Insurance Co., Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">866,724</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,676</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">20,652</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels (3.3%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Petronet LNG Ltd.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,729,986</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10,248</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Pharmaceuticals (3.9%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Eris Lifesciences Ltd. (a)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,002,287</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">6,656</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Natco Pharma Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">676,733</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">5,626</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12,282</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Thrifts &amp; Mortgage Finance (3.1%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Aavas Financiers Ltd. (a)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">291,412</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">8,088</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">IIFL Finance Ltd.</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">921,467</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,808</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9,896</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 $241,308)</FONT></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">295,950</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>SHORT-TERM INVESTMENT (0.8%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="349" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Investment Company (0.8%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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; Government <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 E) (Cost $2,461)</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,460,549</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,461</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>TOTAL INVESTMENTS (95.2%)</B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"> (Cost $243,769) (b)</FONT></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">298,411</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>OTHER ASSETS IN EXCESS OF LIABILITIES (4.8%)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="45" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">14,972</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="200" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>NET ASSETS (100.0%)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="45" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">313,383</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 15pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(a)&nbsp;&nbsp;Non-income producing security.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(b)&nbsp;&nbsp;At December 31, 2019, the aggregate cost for federal income tax purposes is approximately $245,277,000. The aggregate gross unrealized appreciation is approximately $65,787,000 and the aggregate gross unrealized depreciation is approximately $12,664,000, resulting in net unrealized appreciation of approximately $53,123,000.</FONT></P>
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<P ALIGN="CENTER" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">The accompanying notes are an integral part of the financial statements.</FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Portfolio of Investments (cont'd)</FONT></P>
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<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Futures Contract:</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 1pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">The Fund had the following futures contract open at December 31, 2019:</FONT></P>
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<TR>
<TD COLSPAN="3" WIDTH="54" VALIGN="BOTTOM" STYLE="padding: 2pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Number<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>of<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Contracts</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="53" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Expiration<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Date</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="62" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Notional<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Amount<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="69" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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>
<TD COLSPAN="3" WIDTH="101" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Unrealized<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Depreciation<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="23" WIDTH="431" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 3pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Long:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="54" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">SGX <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">NIFTY 50 <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(Singapore)</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">456</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="53" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Jan-20</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="46" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="41" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,167</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2.25pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: double">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="63" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2.25pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: double">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2.25pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: double">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
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</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 0%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 9pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 11pt"><B>Portfolio Composition</B></FONT></P>
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<TR>
<TD COLSPAN="3" WIDTH="110" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 3pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Classification</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="108" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 3pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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="110" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Other*</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="72" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">41.6</FONT></P></TD>
<TD COLSPAN="1" WIDTH="28" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="110" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Banks</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="72" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">25.8</FONT></P></TD>
<TD COLSPAN="1" WIDTH="28" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="110" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Construction &amp; Engineering</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="72" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">9.5</FONT></P></TD>
<TD COLSPAN="1" WIDTH="28" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="110" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Information Technology Services</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="72" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">9.4</FONT></P></TD>
<TD COLSPAN="1" WIDTH="28" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="110" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Insurance</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="72" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">6.9</FONT></P></TD>
<TD COLSPAN="1" WIDTH="28" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="110" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Construction Materials</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="72" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">6.8</FONT></P></TD>
<TD COLSPAN="1" WIDTH="28" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="110" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Total Investments</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-bottom: windowtext 2.25pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: double">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="72" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-bottom: windowtext 2.25pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: double">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">100.0</FONT></P></TD>
<TD COLSPAN="1" WIDTH="28" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-bottom: windowtext 2.25pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: double">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%**</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
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<P ALIGN="LEFT" STYLE="margin: 10pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">*&nbsp;&nbsp;Industries and/or investment types representing less than 5% of total investments.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">**&nbsp;&nbsp;Does not include an open long futures contract with a value of approximately $11,167,000 and unrealized depreciation of approximately $10,000.</FONT></P>
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<P ALIGN="CENTER" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">The accompanying notes are an integral part of the financial statements.</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
</DIV>
<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>7</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Financial Statements</FONT></P>
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<DIV STYLE="margin: 8pt 0pt">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt">Statement of Assets and Liabilities</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="109" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>December 31, 2019<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="490" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Assets:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Investments in Securities of Unaffiliated Issuers, at Value (Cost $241,308)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">295,950</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Investment in Security of Affiliated Issuer, at Value (Cost $2,461)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,461</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Total Investments in Securities, at Value (Cost $243,769)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">298,411</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Foreign Currency, at Value (Cost $16,291)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">16,293</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Receivable for Investments Sold</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,082</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Tax Reclaim Receivable</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">646</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Receivable for Variation Margin on Futures Contract</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">364</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Receivable from Affiliate</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Other Assets</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total Assets</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">316,809</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="7" WIDTH="490" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Liabilities:</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Deferred Capital Gain Country Tax</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,563</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Payable for Investments Purchased</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">942</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Dividends Declared</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">374</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Payable for Advisory Fees</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">291</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Payable for Professional Fees</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">159</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Payable for Custodian Fees</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">69</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Payable for Administration Fees</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Payable for Stockholder Servicing Agent Fees</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Other Liabilities</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">18</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total Liabilities</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,426</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="7" WIDTH="490" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Assets</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Applicable to 13,398,895 Issued and Outstanding $0.01 Par Value Shares (100,000,000 Shares Authorized)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">313,383</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Asset Value Per Share</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">23.39</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="7" WIDTH="490" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Assets Consist of:</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Common Stock</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">134</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Paid-in-Capital</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">264,524</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Total Distributable Earnings</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">48,725</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="381" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Assets</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">313,383</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
</TABLE>

</DIV>
<DIV STYLE="margin: 8pt 0pt">
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="CENTER" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">The accompanying notes are an integral part of the financial statements.</FONT></P>
</DIV>
<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">
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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt">Statement of Operations</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="119" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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, 2019<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="404" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Investment Income:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Dividends from Securities of Unaffiliated Issuers</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">4,164</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Dividends from Security of Affiliated Issuer (Note E)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">59</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total Investment Income</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">4,223</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="7" WIDTH="404" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Expenses:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Advisory Fees (Note B)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,375</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Custodian Fees (Note D)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">259</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Administration Fees (Note C)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">245</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Professional Fees</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">101</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Stockholder Reporting Expenses</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">39</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Stockholder Servicing Agent Fees</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">13</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Directors' Fees and Expenses</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">8</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Other Expenses</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">40</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total Expenses</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">4,080</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Waiver of Administration Fees (Note C)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(147</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Rebate from Morgan Stanley Affiliate (Note E)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(4</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Expenses</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,929</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Investment Income</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">294</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="7" WIDTH="404" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Realized Gain (Loss):</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Investments Sold (Net of $88 of Capital Gain Country Tax)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(3,834</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Foreign Currency Translation</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Futures Contracts</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">866</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Realized Loss</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(2,956</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="7" WIDTH="404" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Change in Unrealized Appreciation (Depreciation):</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Investments (Net of Increase in Deferred Capital Gain Country Tax of $1,563)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,069</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Foreign Currency Translation</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(393</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Futures Contracts</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(429</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Change in Unrealized Appreciation (Depreciation)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">247</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-top: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 2pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Realized Loss and Change in Unrealized Appreciation (Depreciation)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(2,709</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="285" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Decrease in Net Assets Resulting from Operations</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(2,415</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
</TABLE>

</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="CENTER" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">The accompanying notes are an integral part of the financial statements.</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
</DIV>
<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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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="277" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt">Statements of Changes in Net Assets</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="119" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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, 2019<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="119" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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, 2018<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="523" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Increase (Decrease) in Net Assets:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="523" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Operations:</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Net Investment Income (Loss)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">294</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(556</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Net Realized Gain (Loss)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(2,956</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">50,654</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Net Change in Unrealized Appreciation (Depreciation)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">247</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 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 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(160,653</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Decrease in Net Assets Resulting from Operations</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(2,415</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(110,555</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Dividends and Distributions to Stockholders</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(374</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(83,722</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="523" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Capital Share Transactions:</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Repurchase of Shares (226,956 and 615,136 shares)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(4,351</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(16,609</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Decrease in Net Assets Resulting from Capital Share Transactions</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(4,351</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(16,609</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 1pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total Decrease</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(7,140</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(210,886</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="523" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Net Assets:</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Beginning of Period</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">320,523</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 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 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="81" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">531,409</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="277" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>End of Period</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 0pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 0pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">313,383</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 0pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 0pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="81" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 0pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">320,523</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 1pt 0.7pt 0pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
</TABLE>

</DIV>
<DIV STYLE="margin: 8pt 0pt">
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="CENTER" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">The accompanying notes are an integral part of the financial statements.</FONT></P>
</DIV>
<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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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Financial Highlights</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B><I>Selected Per Share Data and Ratios</I></B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="192" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="19" WIDTH="485" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Year Ended December 31,</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" VALIGN="BOTTOM" STYLE="padding: 3pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="89" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 3pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>2019</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="91" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 3pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>2018</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="91" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 3pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>2017</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="91" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 3pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>2016</B><B><SUP>(1)</SUP></B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="91" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 3pt 0.7pt 1pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>2015</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Net Asset Value, Beginning of Period</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">23.52</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">37.32</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">29.36</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">29.07</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">29.23</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Net Investment Income (Loss)<SUP>(2)</SUP></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.02</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.04</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.08</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.16</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Net Realized and Unrealized Gain (Loss)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.17</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(7.83</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">13.06</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 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 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.36</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 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 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.06</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 2pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Total from Investment Operations</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.15</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(7.87</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">12.96</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.28</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.22</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="23" WIDTH="677" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1.5pt 0.7pt 1.5pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Distributions from and/or in excess of:</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Net Investment Income</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.02</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Net Realized Gain</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.03</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(6.07</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(5.05</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(1.14</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.04</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 2pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Total Distributions</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.03</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(6.09</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(5.05</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(1.14</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.04</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 2pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Anti-Dilutive Effect of Share Repurchase Program</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.05</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.16</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.05</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.15</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Net Asset Value, End of Period</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">23.39</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">23.52</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">37.32</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">29.36</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">29.07</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Per Share Market Value, End of Period</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">19.89</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">20.05</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">33.15</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">25.62</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">25.47</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 1pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="23" WIDTH="677" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1.5pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>TOTAL INVESTMENT RETURN:</B><B><SUP>(3)</SUP></B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Market Value</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.66</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(21.95</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">48.83</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">4.85</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(5.08</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Net Asset Value</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.42</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(18.68</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">46.21</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">5.28</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.37</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="23" WIDTH="677" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1.5pt 0.7pt 1.5pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>RATIOS TO AVERAGE NET ASSETS, SUPPLEMENTAL DATA:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Net Assets, End of Period (Thousands)</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">313,383</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">320,523</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">531,409</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">423,331</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">434,641</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Ratio of Expenses Before Expenses Waived by Administrator</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.33</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.35</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.44</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.44</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.41</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Ratio of Expenses After Expenses Waived by Administrator</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.28</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.30</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.39</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.38</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1.36</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Ratio of Net Investment Income (Loss)</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.13</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.27</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.27</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(0.52</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)%<SUP>(4)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Ratio of Rebate from Morgan Stanley Affiliates</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.00</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(5)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.00</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(5)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.00</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(5)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.00</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(5)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">0.00</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%<SUP>(5)</SUP></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="192" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Portfolio Turnover Rate</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">57</FONT></P></TD>
<TD COLSPAN="1" WIDTH="27" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">35</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">47</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">16</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="42" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">47</FONT></P></TD>
<TD COLSPAN="1" WIDTH="29" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">%</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="margin: 12pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(1)&nbsp;&nbsp;Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of the Fund. The Ratio of Expenses After Expenses Waived by Administrator would have been 0.01% higher and the Ratio of Net Investment Loss would have been 0.01% lower had the custodian not reimbursed the Fund.</FONT></P>
<P STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(2)&nbsp;&nbsp;Per share amount is based on average shares outstanding.</FONT></P>
<P STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(3)&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. Total returns are based upon the market value and net asset value on the last business day of each period.</FONT></P>
<P STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(4)&nbsp;&nbsp;The Ratio of Expenses After Expenses Waived by Administrator and Ratio of Net Investment Income (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."</FONT></P>
<P STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(5)&nbsp;&nbsp;Amount is less than 0.005%.</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="CENTER" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">The accompanying notes are an integral part of the financial statements.</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
</DIV>
<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>11</FONT></P>
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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 "Act"). The Fund applies investment company accounting and reporting guidance. The adviser, Morgan Stanley Investment Management Inc. (the "Adviser"), and sub-adviser, Morgan Stanley Investment Management Company (the "Sub-Adviser"), seek long-term capital appreciation through investments primarily in equity securities of Indian issuers.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 Std, 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. 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) &#151; Disclosures Framework &#151; Changes to Disclosure Requirements of Fair Value Measurement ("ASU 2018-13") which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 as permitted by the standard. The impact of the Fund's adoption was limited to changes in the Fund's financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (3) certain portfolio securities may be valued by an outside pricing service/vendor approved by the Fund's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not </FONT></P>
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<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>12</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If the Adviser or Sub-Adviser, each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) when market quotations are not readily available, including circumstances under which the Adviser or Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Directors. Occasionally, developments affecting 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 of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as </FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (6) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Fund's Adviser or a valuation committee, to assist the Directors in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Fund's Adviser has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>2.&nbsp;&nbsp;Fair Value Measurement:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  FASB Accounting Standards Codification<SUP>TM</SUP> ("ASC") 820, "Fair Value Measurement" ("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 </FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;The following is a summary of the inputs used to value the Fund's investments as of December 31, 2019:</FONT></P>
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<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Investment Type</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="95" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Level 1<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Unadjusted<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>quoted<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>prices<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="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Level 2<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Other<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>significant<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>observable<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>inputs<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="94" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Level 3<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Significant<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>unobservable<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>inputs<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="border-bottom: windowtext 1pt none; padding: 2pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>(000)</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Assets:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Common Stocks</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Aerospace &amp; <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Defense</FONT></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,221</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">3,221</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 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="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">6,847</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">6,847</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Automobiles</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12,184</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12,184</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
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<TR>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Banks</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">77,068</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">77,068</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Chemicals</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">5,647</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">5,647</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
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<TR>
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<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">28,424</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">28,424</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
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<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
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<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">20,265</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">20,265</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
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<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Consumer <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Finance</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9,253</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9,253</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
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<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,002</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,002</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
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<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Electric <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Utilities</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">7,714</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">7,714</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
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<TR>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Entertainment</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
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<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10,129</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10,129</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
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<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
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<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Gas Utilities</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,794</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,794</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Health Care <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Providers &amp; <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Services</FONT></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,362</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">11,362</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 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">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">27,962</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">27,962</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Insurance</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">20,652</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">20,652</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 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="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10,248</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10,248</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Pharmaceuticals</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12,282</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">12,282</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Thrifts &amp; <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Mortgage <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Finance</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9,896</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9,896</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 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" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>295,950</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>&#151;</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>&#151;</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>295,950</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Investment Type</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="95" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Level 1<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Unadjusted<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>quoted<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>prices<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="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Level 2<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Other<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>significant<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>observable<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>inputs<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="94" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Level 3<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Significant<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>unobservable<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>inputs<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="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total<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="19" WIDTH="459" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 3pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Assets: (cont'd)</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19" WIDTH="459" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 3pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Short-Term Investment</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,461</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 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 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">2,461</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 1pt 0.7pt 1pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total Assets</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>298,411</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>&#151;</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>&#151;</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>298,411</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" VALIGN="BOTTOM" STYLE="border-top: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-bottom: windowtext 1pt none; border-right-style: none; border-left-style: none; border-top-style: solid; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="19" WIDTH="459" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 3pt 0.7pt 1pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Liabilities:</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Futures <BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Contract</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="57" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="56" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="66" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="48" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="76" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Total</B></FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>$</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>298,401</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>$</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="56" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>&#151;</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>$</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="66" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>&#151;</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>$</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>298,401</B></FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 2pt none; padding: 0pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
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<P ALIGN="LEFT" STYLE="margin: 7pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>3.&nbsp;&nbsp;Foreign Currency Translation and Foreign Investments:</B></FONT><FONT FACE="Times New Roman PS Std, 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 as follows:</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates 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 </FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">included in the reported net realized and unrealized gains (losses) on investment transactions and balances.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 forward 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. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>4.&nbsp;&nbsp;Derivatives:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect </FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. 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. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission ("SEC") rules and regulations, or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser and/or Sub-Adviser seek 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Futures:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an </FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. 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. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts 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 contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.</FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of December 31, 2019:</FONT></P>
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<TR>
<TD COLSPAN="3" WIDTH="64" VALIGN="BOTTOM" STYLE="padding: 12pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="84" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt"><B>Liability Derivatives<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt"><B>Statement of Assets and<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt"><B>Liabilities Location</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="51" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt"><B>Primary Risk<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt"><B>Exposure</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="63" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 2pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt"><B>Value<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt"><B>(000)</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="64" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Futures Contract<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"> &nbsp;</FONT></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="84" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Variation Margin on<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Futures Contract</FONT></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="51" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Equity Risk</FONT></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="31" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">(10</FONT></P></TD>
<TD COLSPAN="1" WIDTH="24" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">)(a)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
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<P ALIGN="LEFT" STYLE="margin: 7pt 0pt 2pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;(a)This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended December 31, 2019 in accordance with ASC 815:</FONT></P>
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<TD COLSPAN="11" WIDTH="237" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Realized Gain (Loss)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
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<TD COLSPAN="3" WIDTH="100" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Primary Risk Exposure</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="75" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Derivative<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Type</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="62" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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="3" WIDTH="100" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Equity Risk</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="75" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Futures Contracts</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="36" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">866</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="11" WIDTH="237" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Change in Unrealized Appreciation (Depreciation)</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="100" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Primary Risk Exposure</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="75" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Derivative<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Type</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="62" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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="3" WIDTH="100" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Equity Risk</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="75" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Futures Contracts</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="36" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">(429</FONT></P></TD>
<TD COLSPAN="1" WIDTH="18" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">)</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 11pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">&nbsp;&nbsp;For the year ended December 31, 2019, the approximate average monthly amount outstanding for each derivative type is as follows:</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 8.5pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Futures Contracts:</B></FONT></P>
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<TR>
<TD COLSPAN="3" WIDTH="127" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 2pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Average monthly notional amount</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 2pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="57" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 2pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">10,727,000</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 2pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>5.&nbsp;&nbsp;Indemnifications:</B></FONT><FONT FACE="Times New Roman PS Std, 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, </FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 0%">
<P ALIGN="LEFT" STYLE="margin: 7pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">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="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>6.&nbsp;&nbsp;Dividends and Distributions to Stockholders:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  Dividends and distributions to stockholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>7.&nbsp;&nbsp;Other:</B></FONT><FONT FACE="Times New Roman PS Std, 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, if any. 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, if any. 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.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>B.&nbsp;&nbsp;Advisory/Sub-Advisory Fees:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, calculated weekly and payable monthly, at an annual rate of 1.10% of the Fund's average weekly net assets.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the 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 Adviser receives from the Fund.</FONT></P>
</DIV>
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</DIV>
<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  The Adviser also serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average weekly net assets. The Adviser 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 may be terminated at any time. For the year ended December 31, 2019, approximately $147,000 of administration fees were waived pursuant to this arrangement.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">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="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  State Street (the "Custodian") also serves as Custodian for the Fund in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Fund as required by the 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>E.&nbsp;&nbsp;Security Transactions and Transactions with Affiliates:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  For the year ended December 31, 2019, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $170,867,000 and $205,484,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 &#151; Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the </FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 0%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the year ended December 31, 2019, advisory fees paid were reduced by approximately $4,000 relating to the Fund's investment in the Liquidity Funds.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2019 is as follows:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="59" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Affiliated<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Investment<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Company</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="89" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Value<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>2018<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="77" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Purchases<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>at Cost<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="78" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Proceeds<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>from Sales<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="72" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Dividend<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Income<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="59" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Liquidity Funds</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="61" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">2,831</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 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: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="49" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">69,486</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="50" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">69,856</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 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: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="44" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">59</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="72" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Affiliated<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Investment<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Company (cont'd)</B></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="80" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Realized <BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Gain (Loss)<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="90" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Change in<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Unrealized<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Appreciation<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>(Depreciation)<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="89" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt"><B>Value<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>2019<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="72" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Liquidity Funds</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="62" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 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: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="61" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">2,461</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 2pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 7pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">During the year ended December 31, 2019, the Fund incurred approximately $24,000 in brokerage commissions with Morgan Stanley &amp; Co. LLC, an affiliate of the Adviser/Administrator, for portfolio transactions executed on behalf of the Fund.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the year ended December 31, 2019, the Fund did not engage in any cross-trade transactions.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 Std, 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.</FONT></P>
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<DIV STYLE="margin: 8pt 0pt">
</DIV>
<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>18</FONT></P>
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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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" in 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 in the four-year period ended December 31, 2019 remains subject to examination by taxing authorities.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2019 and 2018 was as follows:</FONT></P>
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<TR>
<TD COLSPAN="7" WIDTH="167" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>2019 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="167" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>2018 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="76" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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="83" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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="76" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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="83" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 6pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<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: 0pt 0.7pt 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 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 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: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="55" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">374</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="48" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">770</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 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: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="55" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">82,952</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 7pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 0%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">At December 31, 2019, the components of distributable earnings for the Fund on a tax basis were as follows:</FONT></P>
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<TR>
<TD COLSPAN="3" WIDTH="93" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Undistributed<BR></B></FONT><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="93" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Undistributed<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Long-Term<BR></B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>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: 0pt 0.7pt 0pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></TD>
<TD COLSPAN="1" WIDTH="65" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">43</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="20" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">$</FONT></P></TD>
<TD COLSPAN="1" WIDTH="65" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">&#151;</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 7pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">At December 31, 2019, the Fund had available for federal income tax purposes unused long-term capital losses of approximately $2,388,000 that do not have an expiration date.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the stockholders.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 7pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>G.&nbsp;&nbsp;Other:</B></FONT><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">As permitted by the Fund's offering prospectus, 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 NAV. During the year ended December 31, 2019, the Fund repurchased 226,956 of its shares at an average discount of 13.99% from NAV </FONT></P>
</DIV>
<DIV STYLE="clear: both"></DIV>
<DIV STYLE="margin: 8pt 0pt">
</DIV>
<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>19</FONT></P>
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<!-- SEQ.=19,FOLIO='19',FILE='20-5792-6.ea.qxp',USER='Unknown',CD='Mar 03 03:26 2020' -->
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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Since the inception of the program, the Fund has repurchased 12,740,777 of its shares at an average discount of 20.96% from NAV. The Directors regularly monitor the Fund's share repurchase program as part of their review and consideration of the Fund's premium/discount history. 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. You can access information about the monthly share repurchase results through Morgan Stanley Investment Management's website: www.morganstanley.com/im/closedendfundsshareholderreports.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">At December 31, 2019, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 25.7%.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>H.&nbsp;&nbsp;Results of Annual Meeting of Stockholders (unaudited):</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  On June 25, 2019, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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="72" VALIGN="BOTTOM" STYLE="padding: 12pt 0.7pt 3pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>For</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="68" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 12pt 0.7pt 3pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt"><B>Against</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="72" BGCOLOR="#cceeff" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">Jakki L. Haussler</FONT></P></TD>
<TD COLSPAN="1" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">9,399,621</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="52" BGCOLOR="#cceeff" ALIGN="RIGHT" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">1,105,241</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff" VALIGN="BOTTOM" STYLE="padding: 0pt 0.7pt 0pt 0pt">
 &nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" BGCOLOR="#cceeff">&nbsp;</TD>
</TR>
</TABLE>

</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 0%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Federal Tax Notice (unaudited)</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended December 31, 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Fund designated and paid approximately $374,000 as a long-term capital gain distribution.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">In January, the Fund provides tax information to shareholders for the preceding calendar year.</FONT></P>
</DIV>
<DIV STYLE="clear: both"></DIV>
<DIV STYLE="margin: 8pt 0pt">
</DIV>
<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>20</FONT></P>
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<!-- SEQ.=20,FOLIO='20',FILE='20-5792-6.ea.qxp',USER='Unknown',CD='Mar 03 03:26 2020' -->
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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Notes to Financial Statements (cont'd)</FONT></P>
</DIV>
<DIV STYLE="width: 48%; float: left; margin-top: 10pt; margin-right: 3%">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 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/<BR>closedendfundsshareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the Fund's first and third fiscal quarters as an attachment to Form N-PORT. 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. However, the holdings for each money market fund are posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. 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).</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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 providing the information on its public website, www.morganstanley.com/im/<BR>closedendfundsshareholderreports. The Fund provides a complete schedule of portfolio holdings on the public website on a monthly basis at least 15 calendar days after month end and under other conditions as described in the Fund's policy on portfolio holdings disclosure. You may obtain copies of the Fund's monthly website postings by calling toll free 1(800) 231-2608.</FONT></P>
</DIV>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Times New Roman PS Std, 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) 231-2608 or by visiting our website at www.morganstanley.com/im/closedendfundsshareholderreports. This information is also available on the SEC's web site at www.sec.gov.</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Report of Independent Registered Public Accounting Firm</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 11pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>To the Stockholders and Board of Directors of<BR>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Opinion on the Financial Statements</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">We have audited the accompanying statement of assets and liabilities of Morgan Stanley India Investment Fund, Inc. (the "Fund"), including the portfolio of investments, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Morgan Stanley India Investment Fund, Inc. at December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Basis for Opinion</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 12.5pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 7.5pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">&nbsp;&nbsp;<IMG SRC="j2057926_fa004.jpg">
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">We have served as the auditor of one or more Morgan Stanley investment companies since 2000.<BR>Boston, Massachusetts<BR>February 27, 2020</FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Portfolio Management (unaudited)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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 Amay Hattangadi, Managing Director of the Sub-Adviser, and Ruchir Sharma, a Managing Director of the Adviser.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Mr. Hattangadi has been associated with the Sub-Adviser in an investment management capacity since 1997 and began managing the Fund in March 2019. Mr. Sharma has been associated with the Adviser in an investment management capacity since 1996 and began managing the Fund in January 2001.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">In rendering investment advisory services to the Fund, the Adviser uses the portfolio management, research and other resources of a foreign (non-U.S.) affiliate of MSIM Company that is not registered under the Investment Advisers Act of 1940, as amended, and may provide services to the Fund through a "participating affiliate" arrangement, as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser.</FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Investment Policy (unaudited)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B><U>Derivatives</U></B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. A derivative is a financial instrument whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. 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. In addition, proposed regulatory changes by the Securities and Exchange Commission ("SEC") relating to a mutual fund's use of derivatives could potentially limit or impact the Fund's ability to invest in derivatives and adversely affect the value or performance of the Fund or its derivative investments.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be 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 Adviser seeks to use derivatives to further the Fund's investment objective, there is no assurance that the use of derivatives will achieve this result.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><I>Foreign Currency Forward Exchange Contracts.</I></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  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. A foreign currency forward exchange contract ("currency 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. The Fund may also invest in non-deliverable foreign currency forward exchange contracts ("NDFs"). NDFs are similar to other foreign currency forward exchange contracts, but do not require or permit physical delivery of currency upon settlement. Instead, settlement is made in cash based on the difference between the contracted exchange rate and the spot foreign exchange rate at settlement. 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 and proxy 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. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those </FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Investment Policy (unaudited) (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may 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 additional risk that such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken and that currency contracts create exposure to currencies in which the Fund's securities are not denominated. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><I>Futures.</I></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">  A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase or decrease in tandem with the value of the underlying instrument. 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 decision as to whether, when and how to use futures contracts 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 contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><I>Structured Investments.</I></FONT><FONT FACE="Times New Roman PS Std, 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, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or 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="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B><U>Special Risks Related to Cyber Security</U></B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems; compromises to networks or devices that the Fund and its service providers use to service the Fund's operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially resulting in, among other things, financial losses; the inability of Fund stockholders to transact </FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Investment Policy (unaudited) (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">business and the Fund to process transactions; inability to calculate the Fund's NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the Fund invests, which may cause the Fund's investment in such issuers to lose value. There can be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B><U>Market and Geopolitical Risk</U></B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. These price movements, sometimes called volatility, may be greater or less depending on the types of securities a Fund owns and the markets in which the securities trade. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund's portfolio. There is a risk that you may lose money by investing in a Fund.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B><U>Foreign and Emerging Market Securities</U></B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Investing in the securities of foreign issuers, particularly those located in emerging market or developing countries, entails the risk that news and events unique to a country or region will affect those markets and their issuers. The value of the Fund's shares may vary widely in response to political and economic factors affecting companies in foreign countries. These same events will not necessarily have an effect on the U.S. economy or similar issuers located in the United States. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets has increased the probability that adverse developments and conditions in one country or region will affect the stability of economies and financial markets in other countries or regions.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, higher transaction and custody costs, decreased market liquidity and less government and exchange regulation associated with investments in foreign markets. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade </FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Investment Policy (unaudited) (cont'd)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">barriers and other protectionist or retaliatory measures. Economic sanctions could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund's investments in such securities harder to value. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market turmoil. When the Fund holds illiquid investments, its portfolio may be harder to value. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. In addition, the Fund's investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of the investment will fluctuate with the U.S. dollar exchange rates.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B><U>Determination of NAV</U></B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt">The Fund determines the NAV per share as of the close of the NYSE (normally 4:00p.m. Eastern time) on each day that the NYSE is open for business. Shares generally will not be priced on days that the NYSE is closed. If the NYSE is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as a business day and calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day, so long as the Adviser believes there generally remains an adequate market to obtain reliable and accurate market quotations. The Fund may elect to price its shares on days when the NYSE is closed but the primary securities markets on which the Fund's securities trade remain open.</FONT></P>
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<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" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Dividend Reinvestment and Cash Purchase Plan (unaudited)</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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 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" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Times New Roman PS Std, 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 505000<BR>Louisville, Kentucky 40233<BR>1 (800) 231-2608</FONT></P>
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<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>28</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>&nbsp;&nbsp;</B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 13pt">April 2019</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Privacy Notice (unaudited)</B></FONT></P>
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<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 20pt"><B>FACTS</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1119" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 6pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 12pt"><B>WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<TD COLSPAN="3" WIDTH="76" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt"><B>Why?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1119" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt"><B>What?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">The types of personal information we collect and share depend on the product or service you have with us. This information can include:<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> Social Security number and income<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> investment experience and risk tolerance<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> checking account number and wire transfer instructions</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt"><B>How?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1119" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt; height: 18pt">&nbsp;</P>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Reasons we can share your personal information</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 4pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Does MSIM share?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 4pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Can you limit this sharing?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>For our everyday business purposes &#151;<BR></B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Yes</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">No</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>For our marketing purposes &#151; <BR></B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">to offer our products and services to you</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Yes</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">No</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>For joint marketing with other financial companies</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">No</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">We don't share</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>For our affiliates' everyday business purposes &#151; <BR></B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">information about your transactions and experiences</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Yes</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">No</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<TD COLSPAN="3" WIDTH="547" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>For our affiliates' everyday business purposes &#151; <BR></B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">information about your creditworthiness</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">No</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">We don't share</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<TR>
<TD COLSPAN="3" WIDTH="547" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>For our affiliates to market to you</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">No</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">We don't share</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<TR>
<TD COLSPAN="3" WIDTH="547" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>For non-affiliates to market to you</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="101" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">No</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="138" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">We don't share</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt"><B>Questions?</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 14pt">&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>&nbsp;&nbsp;</B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 13pt">April 2019</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Privacy Notice (unaudited) </B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><I>continued</I></FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Who we are</B></FONT></P>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Who is providing this notice?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="643" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P ALIGN="LEFT" STYLE="margin: 3pt 0pt 4pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>What we do</B></FONT></P>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>How does MSIM protect my personal information?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="643" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>How does MSIM collect my personal information?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="643" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">We collect your personal information, for example, when you<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> open an account or make deposits or withdrawals from your account<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> buy securities from us or make a wire transfer<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> give us your contact information<BR></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Why can't I limit all sharing?</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="643" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Federal law gives you the right to limit only<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> sharing for affiliates' everyday business purposes &#151; information about your creditworthiness<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> affiliates from using your information to market to you<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> sharing for non-affiliates to market to you<BR></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>30</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 14pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>&nbsp;&nbsp;</B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 13pt">April 2019</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Privacy Notice (unaudited) </B></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><I>continued</I></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 4pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Definitions</B></FONT></P>
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<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Affiliates</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="643" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Companies related by common ownership or control. They can be financial and non-financial companies.<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><I> Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley &amp; Co.</I></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="247" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Non-affiliates</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="643" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">Companies not related by common ownership or control. They can be financial and non-financial companies.<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><I> MSIM does not share with non-affiliates so they can market to you.</I></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="247" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Joint marketing</B></FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="643" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 0pt 0.7pt 6pt 0pt">
<FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt">A formal agreement between non-affiliated financial companies that together market financial products or services to you.<BR></FONT><FONT FACE="Wingdings" STYLE="font-size: 12pt">n</FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><I> MSIM doesn't jointly market</I></FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
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<P ALIGN="LEFT" STYLE="margin: 3pt 0pt 4pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Other important information</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>Vermont:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 6pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt"><B>California:</B></FONT><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 10pt"> Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates 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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<DIV STYLE="margin: 8pt 0pt">
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<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>31</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Director and Officer Information (unaudited)</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt">Independent Directors:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="124" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Name, Birth Year<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">and Address of<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Independent Director</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="46" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Position(s)<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Held with<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Registrant</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="74" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Length of<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Time<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Served*</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1224" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Principal Occupation(s) During Past 5 Years<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">and Other Relevant Professional Experience</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="69" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Number of<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Funds<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">in Fund<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Complex<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Overseen<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">by <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Independent <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Director**</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1244" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Other Directorships Held by<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Independent Director***</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="124" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Nancy C. Everett<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">c/o Perkins Coie LLP<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Counsel to the Independent Directors<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1155 Avenue of the Americas<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1955</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="46" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Director</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="74" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since January 2015</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1224" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Chief Executive Officer, Virginia Commonwealth University Investment Company (since November 2015); Owner OBIR, LLC (institutional investment management consulting) (since June 2014); formerly, Managing Director, BlackRock, Inc. (February 2011-December 2013); and Chief Executive Officer, General Motors Asset Management (a/k/a Promark Global Advisors, Inc.) (June 2005-May 2010). </FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="53" ALIGN="RIGHT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">87</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1244" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Formerly, Member of Virginia Commonwealth University School of Business Foundation (2005-2016); Member of Virginia Commonwealth University Board of Visitors (2013-2015); Member of Committee on Directors for Emerging Markets Growth Fund, Inc. (2007-2010); Chairperson of Performance Equity Management, LLC (2006-2010); and Chairperson, GMAM Absolute Return Strategies Fund, LLC (2006-2010). </FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="124" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Jakki L. Haussler<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">c/o Perkins Coie LLP<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Counsel to the Independent Directors<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1155 Avenue of the Americas<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1957</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="46" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Director</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="74" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since January 2015</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1224" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Chairman, Opus Capital Group (since 1996); formerly, Chief Executive Officer, Opus Capital Group (1996-2019); Director, Capvest Venture Fund, LP (May 2000-December 2011); Partner, Adena Ventures, LP (July 1999-December 2010); Director, The Victory Funds (February 2005-July 2008). </FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="53" ALIGN="RIGHT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">87</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1244" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Director of Service Corporation International and Member, Audit Committee and Investment Committee; Director of Cincinnati Bell Inc. and Member, Audit Committee and Governance and Nominating Committee; Chairman of Northern Kentucky University and Member, Investment Committee; Member of Chase College of Law Transactional Law Practice Center Board of Advisors; Director of Best Transport; Director of Chase College of Law Board of Visitors; formerly, Member, University of Cincinnati Foundation Investment Committee; Member, Miami University Board of Visitors (2008-2011); Trustee of Victory Funds (2005-2008) and Chairman, Investment Committee (2007-2008) and Member, Service Provider Committee (2005-2008).</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
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<DIV STYLE="margin: 8pt 0pt">
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<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>32</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Director and Officer Information (unaudited) (cont'd)</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt">Independent Directors (cont'd):</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="124" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Name, Birth Year<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">and Address of<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Independent Director</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="46" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Position(s)<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Held with<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Registrant</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="74" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Length of<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Time<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Served*</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1224" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Principal Occupation(s) During Past 5 Years<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">and Other Relevant Professional Experience</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="69" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Number of<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Funds<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">in Fund<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Complex<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Overseen<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">by <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Independent <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Director**</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1244" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Other Directorships Held by<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Independent Director***</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="124" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Joseph J. Kearns<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">c/o Perkins Coie LLP<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Counsel to the Independent Directors<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1155 Avenue of the Americas<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1942</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="46" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Director</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="74" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since August 1994</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1224" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Senior Adviser, Kearns &amp; Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of various Morgan Stanley Funds (since August 1994); CFO of the J. Paul Getty Trust. </FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="53" ALIGN="RIGHT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">87</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1244" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Prior to August 10, 2016, Director of Electro Rent Corporation (equipment leasing); Prior to December 31, 2013, Director of The Ford Family Foundation.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="124" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Patricia Maleski<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">c/o Perkins Coie LLP<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Counsel to the Independent Directors<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">1155 Avenue of the Americas<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1960</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="46" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Director</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="74" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since January 2017</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1224" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Managing Director, JPMorgan Asset Management (2004-2016); Oversight and Control Head of Fiduciary and Conflicts of Interest Program (2015-2016); Chief Control Officer-Global Asset Management (2013-2015); President, JPMorgan Funds (2010- 2013); Chief Administrative Officer (2004-2013); various other positions including Treasurer and Board Liaison (since 2001). </FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="53" ALIGN="RIGHT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt; white-space: nowrap"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">87</FONT></P></TD>
<TD COLSPAN="1" WIDTH="8" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
</TD>
<TD COLSPAN="1" WIDTH="8">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1228" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">None.</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">*&nbsp;&nbsp;This is the earliest date the Director began serving the Morgan Stanley Funds. Each Director serves an indefinite term, until his or her successor is elected.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">**&nbsp;&nbsp;The Fund Complex includes (as of December 31, 2019) all open-end and closed-end funds (including all of their portfolios) advised by Morgan Stanley Investment Management Inc. (the "Adviser") and any funds that have an adviser that is an affiliated person of the Adviser (including, but not limited to, Morgan Stanley AIP GP LP).</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">***&nbsp;&nbsp;This includes any directorships at public companies and registered investment companies held by the Director at any time during the past five years.</FONT></P>
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<DIV STYLE="margin: 8pt 0pt">
</DIV>
<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>33</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>Morgan Stanley India Investment Fund, Inc.</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" STYLE="font-size: 9pt"><B>December 31, 2019</B></FONT></P>
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<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 19pt">Director and Officer Information (unaudited) (cont'd)</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 13pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 10pt">Executive Officers:</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR>
<TD COLSPAN="3" WIDTH="163" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Name, Birth Year and Address of Executive Officer</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="134" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Position(s)<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Held with<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Registrant</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="252" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Length of<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Time Served*</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1312" ALIGN="CENTER" VALIGN="BOTTOM" STYLE="border-bottom: windowtext 1pt none; padding: 0pt 0.7pt 0pt 0pt; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom-style: solid">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Principal Occupation(s) During Past 5 Years</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="163" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">John H. Gernon<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">522 </FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Fifth Avenue<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1963</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="134" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">President and Principal Executive Officer</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="252" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since September 2013</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1312" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">President and Principal Executive Officer of the Equity and Fixed Income Funds and the Morgan Stanley AIP Funds (since September 2013) and the Liquidity Funds and various money market funds (since May 2014) in the Fund Complex; Managing Director of the Adviser; Head of Product (since 2006).</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="163" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Timothy J. Knierim<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">522 </FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Fifth Avenue<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1959</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="134" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Chief Compliance Officer</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="252" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since <BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">December 2016</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1312" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Managing Director of the Adviser and various entities affiliated with the Adviser; Chief Compliance Officer of various Morgan Stanley Funds and the Adviser (since December 2016) and Chief Compliance Officer of Morgan Stanley AIP GP LP (since 2014). Formerly, Managing Director and Deputy Chief Compliance Officer of the Adviser (2014-2016); and formerly, Chief Compliance Officer of Prudential Investment Management, Inc. (2007-2014).</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="163" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Francis J. Smith<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">522 </FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Fifth Avenue<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1965</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="134" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Treasurer and Principal Financial Officer</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="252" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Treasurer since July 2003 and Principal Financial Officer since September 2002 </FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1312" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="163" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Mary E. Mullin<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">522 </FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Fifth Avenue<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1967</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="134" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Secretary</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="252" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since June 1999</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1312" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
<TR>
<TD COLSPAN="3" WIDTH="163" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Michael J. Key<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">522 </FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Fifth Avenue<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">New York, NY 10036<BR></FONT><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Birth Year 1979</FONT></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="134" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Vice President</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="252" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Since June 2017</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
<TD COLSPAN="3" WIDTH="1312" ALIGN="LEFT" VALIGN="TOP" STYLE="padding: 3pt 0.7pt 6pt 0pt">
<P STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">Vice President of the Equity and Fixed Income Funds, Liquidity Funds, various money market funds and the Morgan Stanley AIP Funds in the Fund Complex (since June 2017); Executive Director of the Adviser; Head of Product Development for Equity and Fixed Income Funds (since August 2013).</FONT></P></TD>
<TD COLSPAN="1">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 7pt">*&nbsp;&nbsp;This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves a one-year term, until his or her successor is elected and qualifies.</FONT></P>
</DIV>
<DIV STYLE="margin: 8pt 0pt">
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<P ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman PS, Times New Roman, Times"><BR>34</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Adviser and Administrator</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 2pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt">Morgan Stanley Investment Management Inc.<BR>522 Fifth Avenue<BR>New York, New York 10036</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 1pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Sub-Adviser</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 2pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt">Morgan Stanley Investment Management Company<BR>23 Church Street<BR>16-01 Capital Square, Singapore 049481</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 1pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Custodian</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 2pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, Massachusetts 02111</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 1pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Stockholder Servicing Agent</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 2pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt">Computershare Trust Company, N.A.<BR>P.O. Box 505000<BR>Louisville, Kentucky 40233</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Legal Counsel</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 2pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt">Dechert LLP<BR>1095 Avenue of the Americas<BR>New York, New York 10036</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 1pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Counsel to the Independent Directors</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 2pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt">Perkins Coie LLP<BR>1155 Avenue of the Americas<BR>New York, New York 10036</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 1pt 0pt 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt"><B>Independent Registered Public Accounting Firm</B></FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 2pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 9pt">Ernst &amp; Young LLP<BR>200 Clarendon Street<BR>Boston, Massachusetts 02116</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt">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/closedendfundsshareholderreports. All investments involve risks, including the possible loss of principal.</FONT></P>
<P ALIGN="LEFT" STYLE="margin: 0pt 0pt 3pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 6pt">&copy; 2020 Morgan Stanley</FONT></P>
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<P ALIGN="LEFT" STYLE="margin: 0pt"><FONT FACE="Arial, Helvetica" STYLE="font-size: 8pt">CEIIFANN<BR>2932226 EXP. 02.28.21</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2. Code of Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant
has adopted a code of ethics (the &quot;Code of Ethics&quot;) that applies to its principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
are employed by the registrant or a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No information
need be disclosed pursuant to this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#8217;s Code of Ethics is attached hereto as Exhibit 13 A.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> &nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> &nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Audit Committee Financial Expert.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The registrant's Board of Directors has determined that Joseph
J. Kearns, an &#8220;independent&#8221; Trustee, is an &#8220;audit committee financial expert&quot; serving on its audit committee.
Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an &quot;expert&quot;
for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being
designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee
financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations,
and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation
or identification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Principal Accountant Fees and Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><B>2019</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Registrant</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><B>Covered Entities<SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; font-weight: bold; text-align: left">Audit Fees</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">65,533</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Non-Audit Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.125in">Audit-Related Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.125in">Tax Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,125</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">535,939</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.125in">All Other Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">30,000</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total Non-Audit Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">565,939</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">70,658</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">565,939</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><B>2018</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 82%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Registrant</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><B>Covered Entities<SUP>(1)</SUP></B></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; font-weight: bold; text-align: left">Audit Fees</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">70,533</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Non-Audit Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.125in">Audit-Related Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.125in">Tax Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,125</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8,773,935</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.125in">All Other Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">18,115</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total Non-Audit Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,125</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8,792,050</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">75,658</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8,792,050</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">N/A- Not applicable, as not required by
Item 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Covered Entities include the Adviser (excluding sub-advisors)
and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify; padding-right: 0.2in">Audit-Related Fees represent assurance and related services provided that
are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by
the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon
procedures engagements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Tax Fees represent tax compliance, tax planning and tax
advice services provided in connection with the preparation and review of the Registrant&#8217;s tax returns.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">Tax Fees represent tax compliance, tax planning and tax
advice services provided in connection with the review of Covered Entities' tax returns.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(5)</SUP></TD><TD STYLE="text-align: justify">All other fees represent project management for future
business applications and improving business and operational processes.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">(e)(1) The audit committee&#8217;s pre-approval policies and
procedures are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUDIT AND NON-AUDIT SERVICES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRE-APPROVAL POLICY AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MORGAN STANLEY FUNDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED AND AMENDED JULY 23, 2004
<FONT STYLE="font-size: 10pt">AND JUNE 15 AND 16, 2016<SUP>3</SUP></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Statement of Principles</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee of the Board is required to review and,
in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities
in order to assure that services performed by the Independent Auditors do not impair the auditor&#8217;s independence from the
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC has issued rules specifying the types of services that
an independent auditor may not provide to its audit client, as well as the audit committee&#8217;s administration of the engagement
of the independent auditor. The SEC&#8217;s rules establish two different approaches to pre-approving services, which the SEC considers
to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the
Audit Committee (&#8220;<U>general pre-approval</U>&#8221;); or require the specific pre-approval of the Audit Committee or its
delegate (&#8220;<U>specific pre-approval</U>&#8221;). The Audit Committee believes that the combination of these two approaches
in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors.
As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval
by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to
be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also
require specific pre-approval by the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The appendices to this Policy describe the Audit, Audit-related,
Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12&nbsp;months
from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit
Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining
specific pre-approval from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved
services from time to time, based on subsequent determinations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of this Policy is to set forth the policy and procedures
by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee&#8217;s responsibilities
to pre-approve services performed by the Independent Auditors to management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&#8217;s Independent Auditors have reviewed this Policy
and believes that implementation of the Policy will not adversely affect the Independent Auditors&#8217; independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> This Audit Committee Audit and Non-Audit Services
Pre-Approval Policy and Procedures (the &#8220;<U>Policy</U>&#8221;), adopted as of the date above, supersedes and replaces all
prior versions that may have been adopted from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Delegation</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As provided in the Act and the SEC&#8217;s rules, the Audit
Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is
delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Audit Services</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The annual Audit services engagement terms and fees are subject
to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures
required to be performed by the Independent Auditors to be able to form an opinion on the Fund&#8217;s financial statements. These
other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance
on the systems of internal control, and consultations relating to the audit. The Audit Committee will approve, if necessary, any
changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the annual Audit services engagement approved
by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that
only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated
with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC
or other documents issued in connection with securities offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee has pre-approved the Audit services in Appendix
B.1. All other Audit services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by any member
of the Audit Committee to which pre-approval has been delegated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Audit-related Services</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Audit-related services are assurance and related services that
are reasonably related to the performance of the audit or review of the Fund&#8217;s financial statements and, to the extent they
are Covered Services, the Covered Entities or that are traditionally performed by the Independent Auditors. Because the Audit Committee
believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the
SEC&#8217;s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related
services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified
as &#8220;Audit services&#8221;; assistance with understanding and implementing new accounting and financial reporting guidance
from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to
respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting
requirements under Forms N-SAR and/or N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee has pre-approved the Audit-related services
in Appendix B.2. All other Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit Committee
(or by any member of the Audit Committee to which pre-approval has been delegated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Tax Services</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee believes that the Independent Auditors can
provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax
planning and tax advice without impairing the auditor&#8217;s independence, and the SEC has stated that the Independent Auditors
may provide such services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the preceding paragraph, the Audit Committee has
pre-approved the Tax Services in Appendix B.3. All Tax services in Appendix B.3 must be specifically pre-approved by the Audit
Committee (or by any member of the Audit Committee to which pre-approval has been delegated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>All Other Services</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee believes, based on the SEC&#8217;s rules
prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted.
Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified
as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and
are consistent with the SEC&#8217;s rules on auditor independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee has pre-approved the All Other services
in Appendix B.4. Permissible All Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee
(or by any member of the Audit Committee to which pre-approval has been delegated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><B>Pre-Approval Fee Levels or Budgeted Amounts</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-approval fee levels or budgeted amounts for all services
to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding
these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall
relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><B>Procedures</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All requests or applications for services to be provided by
the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund&#8217;s Principal
Financial and Accounting Officer and must include a detailed description of the services to be rendered. The Fund&#8217;s Principal
Financial and Accounting Officer will determine whether such services are included within the list of services that have received
the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered
by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee
or Chairman of the Audit Committee will be submitted to the Audit Committee by the Fund&#8217;s Principal Financial and Accounting
Officer, who, after consultation with the Independent Auditors, will discuss whether the request or application is consistent with
the SEC&#8217;s rules on auditor independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee has designated the Fund&#8217;s
Principal Financial and Accounting Officer to monitor the performance of all services provided by the Independent Auditors
and to determine whether such services are in compliance with this Policy. The Fund&#8217;s Principal Financial and
Accounting Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. Both the
Fund&#8217;s Principal Financial and Accounting Officer and management will immediately report to the chairman of the Audit
Committee any breach of this Policy that comes to the attention of the Fund&#8217;s Principal Financial and Accounting
Officer or any member of management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD><B>Additional Requirements</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee has determined to take additional measures
on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor&#8217;s
independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships
between the Independent Auditors and the Fund, consistent with the PCAOB&#8217;s Ethics and Independence Rule 3526, and discussing
with the Independent Auditors its methods and procedures for ensuring independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><B>Covered Entities</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Covered Entities include the Fund&#8217;s investment adviser(s)
and any entity controlling, controlled by or under common control with the Fund&#8217;s investment adviser(s) that provides ongoing
services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund&#8217;s audit
committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements
relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Morgan Stanley Funds</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Investment Management Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Investment Management Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Investment Management Private Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Asset &amp; Investment Trust Management
Co., Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Investment Management Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Services Company, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Distribution, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley AIP GP LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Morgan Stanley Alternative Investment Partners LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Smith Barney LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Capital Management
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Morgan Stanley Asia Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)(2) Beginning with non-audit service contracts entered into
on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the
services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services
were pre-approved by the audit committee pursuant to the Audit Committee&#8217;s pre-approval policies and procedures (attached
hereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(g) See table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h) The audit committee of the Board of Directors has considered
whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is
compatible with maintaining the auditors' independence in performing audit services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Audit Committee of Listed Registrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) The registrant has a separately-designated standing audit
committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joseph J. Kearns, Jakki L. Haussler, Michael F. Klein and W.
Allen Reed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Schedule of Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) See Item 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registrant&#8217;s and its Investment
Advisor&#8217;s Proxy Voting Policies and Procedures are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>September 2019</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MORGAN STANLEY INVESTMENT MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY VOTING POLICY AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>I &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 5.2pt">Morgan Stanley Investment Management&#8217;s
policy and procedures for voting proxies, the Proxy Voting Policy and Procedures (the &#8220;Policy&#8221;) with respect to securities
held in the accounts of clients applies to those Morgan Stanley Investment Management (&quot;MSIM&quot;) entities that provide
discretionary investment management services and for which a MSIM entity has authority to vote proxies. For purposes of this Policy,
clients shall include: Morgan Stanley U.S. registered investment companies, other Morgan Stanley pooled investment vehicles, and
MSIM separately managed accounts (including accounts for Employee Retirement Income Security (&#8220;ERISA&#8221;) clients and
ERISA- equivalent clients). This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues and
standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The MSIM entities covered by this Policy currently include the
following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan
Stanley Investment Management Company, Morgan Stanley Investment Management (Japan) Co. Limited and Morgan Stanley</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Management Private Limited (each a &#8220;MSIM Affiliate&#8221;
and collectively referred to as the &#8220;MSIM Affiliates&#8221; or as &#8220;we&#8221; below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each MSIM Affiliate will use its best efforts to vote proxies
as part of its authority to manage, acquire and dispose of account assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 8.85pt">With respect to the U.S. registered investment companies sponsored, managed or advised by any
MSIM Affiliate (the &#8220;MSIM Funds&#8221;), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted
under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board of Directors/Trustees
of the MSIM Funds.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 20.85pt">For other pooled investment vehicles (e.g., UCITS), each MSIM Affiliate will vote proxies under
this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority,
as authorized by the relevant governing board.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 8.85pt">For separately managed accounts (including ERISA and ERISA-equivalent clients), each MSIM Affiliate
will vote proxies under this Policy pursuant to authority granted under the applicable investment advisory agreement or investment
management agreement. Where a MSIM Affiliate has the authority to vote proxies on behalf of ERISA and ERISA-equivalent clients,
the MSIM Affiliate must do so in accordance with its fiduciary duties under ERISA (and the Internal Revenue Code).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 20.85pt">In certain situations, a client or its fiduciary may reserve the authority to vote proxies for
itself or an outside party or may provide a MSIM Affiliate with a statement of proxy voting policy. The MSIM Affiliate will comply
with the client&#8217;s policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 5.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 5.2pt">A MSIM Affiliate will not vote proxies unless
the investment management agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate
to vote proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSIM Affiliates will vote proxies in a prudent and diligent
manner and in the best interests of clients, including beneficiaries of and participants in a client&#8217;s benefit plan(s) for
which the MSIM Affiliates manage assets, consistent with the objective of maximizing long-term investment returns (&#8220;Client
Proxy Standard&#8221;) and this Policy. In addition to voting proxies of portfolio companies, MSIM routinely engages with the management
or board of companies in which we invest on a range of environmental, social and governance issues. Governance is a window into
or proxy for management and board quality. MSIM engages with companies where we have larger positions, voting issues are material
or where we believe we can make a positive impact on the governance structure. MSIM&#8217;s engagement process, through private
communication with companies, allows us to understand the governance structures at investee companies and better inform our voting
decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Retention and Oversight of Proxy Advisory Firms</U>
 &#8211; Institutional Shareholder Services (&#8220;ISS&#8221;) and Glass Lewis (together with other proxy research providers
as we may retain from time to time, the &#8220;Research Providers&#8221;) are independent advisers that specialize in
providing a variety of fiduciary-level proxy-related services to institutional investment managers, plan sponsors,
custodians, consultants, and other institutional investors. The services provided include in-depth research, global issuer
analysis, and voting recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSIM has retained Research Providers to analyze proxy issues
and to make vote recommendations on those issues. While we review the recommendations of one or more Research Providers in making
proxy voting decisions, we are in no way obligated to follow such recommendations. MSIM votes all proxies based on its own proxy
voting policies in the best interests of each client. In addition to research, ISS provides vote execution, reporting, and recordkeeping
services to MSIM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of MSIM&#8217;s ongoing oversight of the Research Providers,
MSIM performs periodic due diligence on the Research Providers. Topics of the reviews include, but are not limited to, conflicts
of interest, methodologies for developing their policies and vote recommendations, and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting Proxies for Certain Non-U.S. Companies - Voting proxies
of companies located in some jurisdictions may involve several problems that can restrict or prevent the ability to vote such proxies
or entail significant costs. These problems include, but are not limited to: (i) proxy statements and ballots being written in
a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability
of holders outside the issuer&#8217;s jurisdiction of organization to exercise votes; (iv) requirements to vote proxies in person;
(v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting;
and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions. As a result, we vote
clients&#8217; non-U.S. proxies on a best efforts basis only, after weighing the costs and benefits of voting such proxies, consistent
with the Client Proxy Standard. ISS has been retained to provide assistance in connection with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">voting non-U.S. proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Securities Lending</U> <B>- </B>MSIM Funds or any other investment
vehicle sponsored, managed or advised by a MSIM affiliate may participate in a securities lending program through a third party
provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender (<I>i.e.</I>,
a MSIM Fund or another investment vehicle sponsored, managed or advised by a MSIM affiliate) is not entitled to vote the lent shares
at the company meeting. In general, MSIM believes the revenue received from the lending program outweighs the ability to vote and
we will not recall shares for the purpose of voting. However, in cases in which MSIM believes the right to vote outweighs the revenue
received, we reserve the right to recall the shares on loan on a best efforts basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>II &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Proxy
Voting Guidelines</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To promote consistency in voting proxies on behalf of our
clients, we follow this Policy (subject to any exception set forth herein). The Policy addresses a broad range of issues, and
provides general voting parameters on proposals that arise most frequently. However, details of specific proposals vary, and
those details affect particular voting decisions, as do factors specific to a given company. Pursuant to the procedures set
forth herein, we may vote in a manner that is not in accordance with the following general guidelines, provided the vote is
approved by the Proxy Review Committee (see Section III) and is consistent with the Client Proxy Standard. Morgan Stanley AIP
GP LP (&quot;Morgan Stanley AIP&quot;) will follow the procedures as described in Appendix A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We endeavor to integrate governance and proxy voting policy
with investment goals, using the vote to encourage portfolio companies to enhance long-term shareholder value and to provide a
high standard of transparency such that equity markets can value corporate assets appropriately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We seek to follow the Client Proxy Standard for each client.
At times, this may result in split votes, for example when different clients have varying economic interests in the outcome of
a particular voting matter (such as a case in which varied ownership interests in two companies involved in a merger result in
different stakes in the outcome).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also may split votes at times based on differing views of
portfolio managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may abstain on matters for which disclosure is inadequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Routine Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support routine management proposals. The following
are examples of routine management proposals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Approval of financial statements and auditor reports if delivered with an unqualified auditor&#8217;s opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>General updating/corrective amendments to the charter, articles of association or bylaws, unless we believe that such amendments
would diminish shareholder rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Most proposals related to the conduct of the annual meeting, with the following exceptions. We generally oppose proposals that
relate to &#8220;the transaction of such other business which may come before the meeting,&#8221; and open-ended requests for adjournment.
However, where management specifically states the reason for requesting an adjournment and the requested adjournment would facilitate
passage of a proposal that would otherwise be supported under this Policy (i.e., an uncontested corporate transaction), the adjournment
request will be supported. We do not support proposals that allow companies to call a special meeting with a short (generally two
weeks or less) time frame for review.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support shareholder proposals advocating confidential
voting procedures and independent tabulation of voting results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><U>Election of directors</U>: Votes on board nominees can involve balancing a variety of considerations. In vote decisions,
we may take into consideration whether the company has a majority voting policy in place that we believe makes the director vote
more meaningful. In the absence of a proxy contest, we generally support the board&#8217;s nominees for director except as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD>We consider withholding support from or voting against a nominee if we believe a direct conflict exists between the interests
of the nominee and the public shareholders, including failure to meet fiduciary standards of care and/or loyalty. We may oppose
directors where we conclude that actions of directors are unlawful, unethical or negligent. We consider opposing individual board
members or an entire slate if we believe the board is entrenched and/or dealing inadequately with performance problems; if we believe
the board is acting with insufficient independence between the
board and management; or if we believe the board has not been sufficiently forthcoming with information on key governance or other
material matters.

</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD>We consider withholding support from or voting against interested directors if the company&#8217;s board does not meet market
standards for director independence, or if otherwise we believe board independence is insufficient. We refer to prevalent market
standards as promulgated by a stock exchange or other authority within a given market
(e.g., New York Stock Exchange or Nasdaq rules for most U.S. companies, and The Combined Code on Corporate Governance in the United
Kingdom). Thus, for an NYSE company with no controlling shareholder, we would expect that at a minimum a majority of directors should
be independent as defined by NYSE. Where we view market standards as inadequate, we may withhold votes based on stronger independence
standards. Market standards notwithstanding, we generally do not view long board tenure alone as a basis to classify
a director as non-independent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">i.</TD><TD>At a company with a shareholder or group that controls the company by virtue of a majority economic interest in the
                                                              company, we have a reduced expectation for board independence, although we believe the presence of independent directors can
                                                              be helpful, particularly in staffing the audit committee, and at times we may withhold support from or vote against a nominee
                                                              on the view the board or its committees are not sufficiently independent. In markets where board independence is not the norm
                                                              (e.g. Japan), however, we consider factors including whether a board of a controlled company includes independent members who
                                                              can be expected to look out for interests of minority holders.

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD>We consider withholding support from or voting against a nominee if he or she is affiliated with a major shareholder that has
representation on a board disproportionate to its economic interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD>Depending on market standards, we consider withholding support from or voting against a nominee who is interested and who is
standing for election as a member of the company&#8217;s compensation/remuneration, nominating/governance or audit committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD>We consider withholding support from or voting against nominees if the term for which they are nominated is excessive. We consider
this issue on a market-specific basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e.</TD><TD>We consider withholding support from or voting against nominees if in our view there has been insufficient board renewal (turnover),
particularly in the context of extended poor company performance. Also, if the board has failed to consider diversity, including
but not limited to, gender and ethnicity, in its board composition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">f.</TD><TD>We consider withholding support from or voting against a nominee standing for election if the board has not taken action to
implement generally accepted governance practices for which there is a &#8220;bright line&#8221; test. For example, in the context
of the U.S. market, failure to eliminate a dead hand or slow hand poison pill would be seen as a basis for opposing one or more
incumbent nominees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">g.</TD><TD>In markets that encourage designated audit committee financial experts, we consider voting against members of an audit committee
if no members are designated as such. We also consider voting against the audit committee members if the company has faced financial
reporting issues and/or does not put the auditor up for ratification by shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">h.</TD><TD>We believe investors should have the ability to vote on individual nominees, and may abstain or vote against a slate of nominees
where we are not given the opportunity to vote on individual nominees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">i.</TD><TD>We consider withholding support from or voting against a nominee who has failed to attend at least 75% of the nominee&#8217;s
board and board committee meetings within a given year without a reasonable excuse. We also consider opposing nominees if the company
does not meet market standards for disclosure on attendance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">j.</TD><TD>We consider withholding support from or voting against a nominee who appears overcommitted, particularly through service on
an excessive number of boards. Market expectations are incorporated into this analysis; for U.S. boards, we generally oppose election
of a nominee who serves on more than five public company boards (excluding
investment companies), or public company CEOs that serve on more than two outside boards given level of time commitment required
in their primary job.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">k.</TD><TD>We consider withholding support from or voting against a nominee where we believe executive remuneration practices are poor,
particularly if the company does not offer shareholders a separate &#8220;say-on-pay&#8221; advisory vote on pay.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><U>Discharge of directors&#8217; duties</U>: In markets where an annual discharge of directors' responsibility is a routine
agenda item, we generally support such discharge. However, we may vote against discharge or abstain from voting where there are
serious findings of fraud or other unethical behavior for which the individual bears responsibility. The annual discharge of responsibility
represents shareholder approval of disclosed actions taken by the board during the year and may make future shareholder action
against the board difficult to pursue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><U>Board independence</U>: We generally support U.S. shareholder proposals requiring that a certain percentage (up to 66&#8532;%)
of the company&#8217;s board members be independent directors, and promoting all-independent audit, compensation and nominating/governance
committees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><U>Board diversity:</U> We consider on a case-by-case basis shareholder proposals urging diversity of board membership with
respect to gender, race or other factors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><U>Majority voting</U>: We generally support proposals requesting or requiring majority voting policies in election of directors,
so long as there is a carve-out for plurality voting in the case of contested elections.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><U>Proxy access</U>: We consider proposals on procedures for inclusion of shareholder nominees and to have those nominees included
in the company&#8217;s proxy statement and on the company&#8217;s proxy ballot on a case-by-case basis. Considerations include
ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a
group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD><U>Reimbursement for dissident nominees:</U> We generally support well-crafted U.S. shareholder proposals that would provide
for reimbursement of dissident nominees elected to a board, as the cost to shareholders in electing such nominees can be factored
into the voting decision on those nominees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD><U>Proposals to elect directors more frequently</U>: In the U.S. public company context, we usually support shareholder and
management proposals to elect all directors annually (to &#8220;declassify&#8221; the board), although we make an exception to
this policy where we believe that long-term shareholder value may be harmed by this change given particular circumstances at the
company at the time of the vote on such proposal. As indicated above, outside the United States we generally support greater accountability
to shareholders that comes through more frequent director elections, but recognize that many markets embrace longer term lengths, sometimes
for valid reasons given other aspects of the legal context in electing boards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD><U>Cumulative voting</U>: We generally support proposals to eliminate cumulative voting in the U.S. market context. (Cumulative
voting provides that shareholders may concentrate their votes for one or a handful of candidates, a system that can enable a minority
bloc to place representation on a board.) U.S. proposals to establish cumulative voting in the election of directors generally
will not be supported.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Separation
                                                               of Chairman and CEO positions</U></FONT>: We vote on shareholder proposals to separate the Chairman and CEO positions and/or
                                                               to appoint an independent Chairman based in part on prevailing practice in particular markets, since the context for such a
                                                               practice varies. In many non-U.S. markets, we view separation of the roles as a market standard practice, and support
                                                               division of the roles in that context. In the United States, we consider such proposals on a case-by-case basis, considering,
                                                               among other things, the existing board leadership structure, company performance, and any evidence of entrenchment or
                                                               perceived risk that power is overly concentrated in a single individual.</P> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD><U>Director retirement age and term limits</U>: Proposals setting or recommending director retirement ages or director term
limits are voted on a case-by-case basis that includes consideration of company performance, the rate of board renewal, evidence
of effective individual director evaluation processes, and any indications of entrenchment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD><U>Proposals to limit directors&#8217; liability and/or broaden indemnification of officers and directors:</U> Generally, we
will support such proposals provided that an individual is eligible only if he or she has not acted in bad faith, with gross negligence
or with reckless disregard of their duties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Statutory Auditor Boards</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The statutory auditor board, which is separate
from the main board of directors, plays a role in corporate governance in several markets. These boards are elected by
shareholders to provide assurance on compliance with legal and accounting standards and the company&#8217;s articles of
association. We generally vote for statutory auditor nominees if they meet independence standards. In markets that require
disclosure on attendance by internal statutory auditors, however, we consider voting against nominees for these positions who
failed to attend at least 75% of meetings in the previous year. We also consider opposing nominees if the company does not
meet market standards for disclosure on attendance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">D.</TD><TD STYLE="text-align: justify">Corporate Transactions and Proxy Fights</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We examine proposals relating to mergers, acquisitions
and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations)
on a case-by-case basis in the interests of each fund or other account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Proposals for mergers or other significant transactions
that are friendly and approved by the Research Providers usually are supported if there is no portfolio manager objection. We also
analyze proxy contests on a case-by-case basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">E.</TD><TD STYLE="text-align: justify">Changes in Capital Structure</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. We generally support the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Management and shareholder proposals aimed at eliminating unequal voting rights, assuming fair economic treatment of classes
of shares we hold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>U.S. management proposals to increase the authorization of existing classes of common stock (or securities convertible into
common stock) if: (i) a clear business purpose is stated that we can support and the number of shares requested is reasonable in
relation to the purpose for which authorization is requested; and/or (ii) the authorization does not exceed 100% of shares currently
authorized and at least 30% of the total new authorization will be outstanding. (We consider proposals that do not meet these criteria
on a case-by-case basis.)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>U.S. management proposals to create a new class of preferred stock or for issuances of preferred stock up to 50% of issued
capital, unless we have concerns about use of the authority for anti-takeover purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals in non-U.S. markets that in our view appropriately limit potential dilution of existing shareholders. A major consideration
is whether existing shareholders would have preemptive rights for any issuance under a proposal for standing share issuance authority.
We generally consider market-specific guidance in making these decisions; for example, in the U.K. market we usually follow Association
of British Insurers&#8217; (&#8220;ABI&#8221;) guidance, although company-specific factors may be considered and for example, may
sometimes lead us to voting against share authorization proposals even if they meet ABI guidance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Management proposals to authorize share repurchase plans, except in some cases in which we believe there are insufficient protections
against use of an authorization for anti-takeover purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Management proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred
stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Management proposals to effect stock splits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Management proposals to effect reverse stock splits if management proportionately reduces the authorized share amount set forth
in the corporate charter. Reverse stock splits that do not adjust proportionately to the authorized share amount generally will
be approved if the resulting increase in authorized shares coincides with the proxy guidelines set forth above for common stock
increases.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Management dividend payout proposals, except where we perceive company payouts to shareholders as inadequate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We generally oppose
the following (notwithstanding management support):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals to add classes of stock that would substantially dilute the voting interests of existing shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals to increase the authorized or issued number of shares of existing classes of stock that are unreasonably dilutive,
particularly if there are no preemptive rights for existing shareholders. However, depending on market practices, we consider voting
for proposals giving general authorization for issuance of shares not subject to pre-emptive rights if the authority is limited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals that authorize share issuance at a discount to market rates, except where authority for such issuance is de minimis,
or if there is a special situation that we believe justifies such authorization (as may be the case, for example, at a company
under severe stress and risk of bankruptcy).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals relating to changes in capitalization by 100% or more.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consider on a case-by-case basis shareholder proposals to
increase dividend payout ratios, in light of market practice and perceived market weaknesses, as well as individual company payout
history and current circumstances. For example, currently we perceive low payouts to shareholders as a concern at some Japanese
companies, but may deem a low payout ratio as appropriate for a growth company making good use of its cash,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">notwithstanding the broader market concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeover Defenses
and Shareholder Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1. <U>Shareholder rights plans:</U> We generally
support proposals to require shareholder approval or ratification of shareholder rights plans (poison pills). In voting on
rights plans or similar takeover defenses, we consider on a case-by-case basis whether the company has demonstrated a need
for the defense in the context of promoting long-term share value; whether provisions of the defense are in line with
generally accepted governance principles in the market (and specifically the presence of an adequate qualified offer
provision that would exempt offers meeting certain conditions from the pill); and the specific context if the proposal is
made in the midst of a takeover bid or contest for control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">2. <U>Supermajority voting requirements:</U> We
generally oppose requirements for supermajority votes to amend the charter or bylaws, unless the provisions protect minority
shareholders where there is a large shareholder. In line with this view, in the absence of a large shareholder we support
reasonable shareholder proposals to limit such supermajority voting requirements. Also, we oppose provisions that do not
allow shareholders any right to amend the charter of bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">3. <U>Shareholders right to call a special meeting:</U>
We consider proposals to enhance a shareholder&#8217;s rights to call meetings on a case-by-case basis. At large-cap U.S. companies,
we generally support efforts to establish the right of holders of 10% or more of shares to call special meetings, unless the board
or state law has set a policy or law establishing such rights at a threshold that we believe to be acceptable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">4. <U>Written consent rights:</U> In the U.S. context,
we examine proposals for shareholder written consent rights on a case-by-case basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">5. <U>Reincorporation:</U> We consider management
and shareholder proposals to reincorporate to a different jurisdiction on a case-by-case basis. We oppose such proposals if we
believe the main purpose is to take advantage of laws or judicial precedents that reduce shareholder rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">6. <U>Anti-greenmail provisions:</U> Proposals relating
to the adoption of anti-greenmail provisions will be supported, provided that the proposal: (i) defines greenmail; (ii) prohibits
buyback offers to large block holders (holders of at least 1% of the outstanding shares and in certain cases, a greater amount)
not made to all shareholders or not approved by disinterested shareholders; and (iii) contains no anti-takeover measures or other
provisions restricting the rights of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">7. <U>Bundled proposals:</U> We may consider opposing
or abstaining on proposals if disparate issues are &#8220;bundled&#8221; and presented for a single vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">G. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support management proposals for selection or
ratification of independent auditors. However, we may consider opposing such proposals with reference to incumbent audit
firms if the company has suffered from serious accounting irregularities and we believe rotation of the audit firm is
appropriate, or if fees paid to the auditor for non-audit-related services are excessive. Generally, to determine if
non-audit fees are excessive, a 50% test will be applied (i.e., non-audit-related fees should be less than 50% of the total
fees paid to the auditor). We generally vote against proposals to indemnify auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive and Director
Remuneration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally support the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals for employee equity compensation plans and other employee ownership plans, provided that our research does not indicate
that approval of the plan would be against shareholder interest. Such approval may be against shareholder interest if it authorizes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">excessive dilution and shareholder cost, particularly
in the context of high usage (&#8220;run rate&#8221;) of equity compensation in the recent past; or if there are objectionable
plan design and provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals relating to fees to outside directors, provided the amounts are not excessive relative to other companies in
                                                                                                             the country or industry, and provided that the structure is appropriate within the market context. While stock-based
                                                                                                             compensation to outside directors is positive if moderate and appropriately structured, we are wary of significant stock option awards or other performance-based awards for outside directors, as well as provisions that could result in significant
forfeiture of value on a director&#8217;s decision to resign from a board (such forfeiture can undercut director
independence).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals for employee stock purchase plans that permit discounts, but only for grants that are part of a broad-based employee
plan, including all non-executive employees, and only if the discounts are limited to a reasonable market standard or less.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Proposals for the establishment of employee retirement and severance plans, provided that our research does not indicate that
approval of the plan would be against shareholder interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>We generally oppose retirement plans and bonuses for non-executive directors and independent statutory auditors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>In the U.S. context, we generally vote against shareholder proposals requiring shareholder approval of all severance agreements,
but we generally support proposals that require shareholder approval for agreements in excess of three times the annual
compensation (salary and bonus) or proposals that require companies to adopt a provision requiring an executive to receive
accelerated vesting of equity awards if there is a change of control <B>and </B>the executive is terminated. We generally
oppose shareholder proposals that would establish arbitrary caps on pay. We consider on a case-by-case basis shareholder
proposals that seek to limit Supplemental Executive Retirement Plans (SERPs), but support such shareholder proposals where we
consider SERPs excessive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Shareholder proposals advocating stronger and/or particular pay-for-performance models will be evaluated on a case-by-case
basis, with consideration of the merits of the individual proposal within the context of the particular company and its labor markets,
and the company&#8217;s current and past practices. While we generally support emphasis on long-term components of senior executive
pay and strong linkage of pay to performance, we consider factors including whether a proposal may be overly prescriptive, and the impact of the proposal,
if implemented as written, on recruitment and retention.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>We generally support proposals advocating reasonable senior executive and director stock ownership guidelines and holding requirements
for shares gained in executive equity compensation programs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD>We generally support shareholder proposals for reasonable &#8220;claw-back&#8221; provisions that provide for company recovery
of senior executive bonuses to the extent they were based on achieving financial benchmarks that were not actually met in light
of subsequent restatements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD>Management proposals effectively to re-price stock options are considered on a case-by-case basis. Considerations include the
company&#8217;s reasons and justifications for a re-pricing, the company&#8217;s competitive position, whether senior executives
and outside directors are excluded, potential cost to shareholders, whether the re-pricing or share exchange is on a value-for-value
basis, and whether vesting requirements are extended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD>Say-on-Pay: We consider proposals relating to an advisory vote on remuneration on a case-by-case basis. Considerations include
a review of the relationship between executive remuneration and performance based on operating trends and total shareholder return
over multiple performance periods. In addition, we review remuneration structures
and potential poor pay practices, including relative magnitude of pay, discretionary bonus awards, tax gross ups,
change-in-control features, internal pay equity and peer group construction. As long-term investors, we support remuneration
policies that align with long-term shareholder returns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social and Environmental
Issues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 5.15pt">Shareholders in the United States and
certain other markets submit proposals encouraging changes in company disclosure and practices related to particular social
and environmental matters. As MSIM believes that relevant social and environmental issues can influence risk and return, we
consider how to vote on proposals related to social and environmental issues on a case-by-case basis by determining the
relevance of social and environmental issues identified in the proposal and their likely impacts on shareholder value. We
generally support proposals that, if implemented, would enhance useful disclosure, such as disclosures aligned with SASB
(Sustainability Accounting Standards Board) and the TCFD (Task Force on Climate-related Financial Disclosures) and proposals
that aim to reduce or mitigate a company&#8217;s impact on the global climate. We generally vote against proposals requesting
reports or actions that we believe are duplicative, related to matters not material to the business, or that would impose
unnecessary or excessive costs. In reviewing proposals on social and environmental issues, we consider a company&#8217;s
current disclosures and our understanding of the company&#8217;s management of material social and environmental issues in
comparison to peers. We seek to balance concerns on reputational and other risks that lie behind a proposal against costs of
implementation, while considering appropriate shareholder and management prerogatives. We may abstain from voting on
proposals that do not have a readily determinable financial impact on shareholder value and we may oppose proposals that
intrude excessively on management prerogatives and/or board discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 5.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 5.15pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 5.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds of Funds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain MSIM Funds advised by an MSIM Affiliate invest
only in other MSIM Funds. If an underlying fund has a shareholder meeting, in order to avoid any potential conflict of
interest, such proposals will be voted in the same proportion as the votes of the other shareholders of the underlying fund,
unless otherwise determined by the Proxy Review Committee. In markets where proportional voting is not available we will not
vote at the meeting, unless otherwise determined by the Proxy Review Committee. Other MSIM Funds invest in unaffiliated
funds. If an unaffiliated underlying fund has a shareholder meeting and the MSIM Fund owns more than 25% of the voting shares
of the underlying fund, the MSIM Fund will vote its shares in the unaffiliated underlying fund in the same proportion as the
votes of the other shareholders of the underlying fund to the extent possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">III &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration
of the Policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The MSIM Proxy Review Committee (the &#8220;Committee&#8221;)
has overall responsibility for the Policy. The Committee consists of investment professionals who represent the different investment
disciplines and geographic locations of MSIM, and is chaired by the director of the Global Stewardship Team (&#8220;GST&#8221;).
Because proxy voting is an investment responsibility and may affect shareholder value, and because of their knowledge of companies
and markets, portfolio managers and other members of investment staff play a key role in proxy voting, although the Committee has
final authority over proxy votes. The GST administers and implements the Policy, as well as monitoring services provided by the
proxy advisory firms and other research providers used in the proxy voting process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The GST Director is responsible for identifying issues that
require Committee deliberation or ratification. The GST, working with advice of investment teams and the Committee, is responsible
for voting on routine items and on matters that can be addressed in line with these Policy guidelines. The GST has responsibility
for voting case-by-case where guidelines and precedent provide adequate guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee may periodically review and has the authority
to amend, as necessary, the Policy and establish and direct voting positions consistent with the Client Proxy Standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GST and members of the Committee may take into account Research
Providers&#8217; recommendations and research as well as any other relevant information they may request or receive, including
portfolio manager and/or analyst comments and research, as applicable. Generally, proxies related to securities held in client
accounts that are managed pursuant to quantitative, index or index-like strategies (&quot;Index Strategies&quot;) will be voted
in the same manner as those held in actively managed accounts, unless economic interests of the accounts differ. Because accounts
managed using Index Strategies are passively managed accounts, research from portfolio managers and/or analysts related to securities
held in these accounts may not be available. If the affected securities are held only in accounts that are managed pursuant to
Index Strategies, and the proxy relates to a matter that is not described in this Policy, the GST will consider all available information
from the Research Providers, and to the extent that the holdings are significant, from the portfolio managers and/or analysts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Committee Procedures</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee meets at least quarterly, and reviews and considers
changes to the Policy at least annually. Through meetings and/or written communications, the Committee is responsible for monitoring
and ratifying &#8220;split votes&#8221; (i.e., allowing certain shares of the same issuer that are the subject of the same proxy
solicitation and held by one or more MSIM portfolios to be voted differently than other shares) and/or &#8220;override voting&#8221;
(i.e., voting all MSIM portfolio shares in a manner contrary to the Policy). The Committee will review developing issues and approve
upcoming votes, as appropriate, for matters as requested by GST. The Committee reserves the right to review voting decisions at
any time and to make voting decisions as necessary to ensure the independence and integrity of the votes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Material Conflicts of Interest</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the procedures discussed above, if the GST Director
determines that an issue raises a material conflict of interest, the GST Director may request a special committee (&#8220;Special
Committee&#8221;) to review, and recommend a course of action with respect to, the conflict(s) in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A potential material conflict of interest could exist in the
following situations, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The issuer soliciting the vote is a client of MSIM or an affiliate of MSIM and the vote is on a matter that materially affects
the issuer.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>2.</TD><TD>The proxy relates to Morgan Stanley common stock or any other security issued by Morgan Stanley or its affiliates except if
echo voting is used, as with MSIM Funds, as described herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Morgan Stanley has a material pecuniary interest in the matter submitted for a vote (e.g., acting as a financial advisor to
a party to a merger or acquisition for which Morgan Stanley will be paid a success fee if completed).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>One of Morgan Stanley&#8217;s independent directors or one of MSIM Funds&#8217; directors also serves on the board of directors
or is a nominee for election to the board of directors of a company held by a MSIM Fund or affiliate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the GST Director determines that an issue raises a potential
material conflict of interest, depending on the facts and circumstances, the issue will be addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>If the matter relates to a topic that is discussed in this Policy, the proposal will be voted as per the Policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>If the matter is not discussed in this Policy or the Policy indicates that the issue is to be decided case-by-case, the proposal
will be voted in a manner consistent with the Research Providers, provided that all the Research Providers consulted have the same
recommendation, no portfolio manager objects to that vote, and the vote is consistent with MSIM&#8217;s Client Proxy Standard.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>If the Research Providers&#8217; recommendations differ, the GST Director will refer the matter to a Special Committee to vote
on the proposal, as appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Special Committee shall be comprised of the GST Director,
and at least two portfolio managers (preferably members of the Committee), as approved by the Committee. The GST Director may
request non-voting participation by MSIM&#8217;s General Counsel or his/her designee and the Chief Compliance Officer or his/her
designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the research provided by Research Providers, the Special Committee may request analysis from MSIM Affiliate
investment professionals and outside sources to the extent it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C1">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Proxy Voting Reporting</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The GST will document in writing all Committee and Special Committee
decisions and actions, which documentation will be maintained by the GST for a period of at least six years. To the extent these
decisions relate to a security held by a MSIM Fund, the GST will report the decisions to each applicable Board of Trustees/Directors
of those MSIM Funds (the &quot;Board&quot;) at each Board&#8217;s next regularly scheduled Board meeting. The report will contain
information concerning decisions made during the most recently ended calendar quarter immediately preceding the Board meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, to the extent that Committee and Special Committee
decisions and actions relate to a security held by other pooled investment vehicles, the GST will report the decisions to the relevant
governing board of the pooled investment vehicle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSIM will promptly provide a copy of this Policy to any client
requesting it. MSIM will also, upon client request, promptly provide a report indicating how each proxy was voted with respect
to securities held in that client&#8217;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSIM&#8217;s Legal Department, in conjunction with GST and GST
IT for MSIM Fund reporting and with the AIP investment team for AIP Closed-End 40 Act Fund reporting, is responsible for filing
an annual Form N-PX on behalf of each MSIM Fund and AIP Closed-End 40 Act Fund for which such filing is required, indicating how
all proxies were voted with respect to each such fund&#8217;s holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also, MSIM maintains voting records of individual agenda items
a company meetings in a searchable database on its website on a rolling 12-month basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, ISS provides vote execution, reporting and recordkeeping
services to MSIM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.2pt; color: #0F0F0F">IV Recordkeeping</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.8pt 0pt 5.2pt">Records are retained in accordance <FONT STYLE="color: #0F0F0F">with
Morgan Stanley&#8217;s <B><U>Global Information Management Policy</U></B><FONT STYLE="font-weight: normal">,</FONT> which establishes
general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and
other information of legal or operational significance. The <B><U>Global Information Management Policy</U></B> incorporates Morgan
Stanley&#8217;s <B><U>Master Retention Schedule</U></B><FONT STYLE="font-weight: normal">,</FONT> which lists various record classes
and associated retention periods on a global basis</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.8pt 0pt 5.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.8pt 0pt 5.2pt">Approved by the Board September 2015, September
27-28, 2016, September 27-28, 2017, October 3-4, 2018 and September 24-25, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C1"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C1"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Appendix A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Appendix A applies to the following accounts managed by Morgan
Stanley AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate
accounts; (iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP&#8217;s Custom Advisory
Portfolio Solutions service. Generally, AIP will follow the guidelines set forth in Section II of MSIM&#8217;s Proxy Voting Policy
and Procedures. To the extent that such guidelines do not provide specific direction, or AIP determines that consistent with the
Client Proxy Standard, the guidelines should not be followed, the Proxy Review Committee has delegated the voting authority to
vote securities held by accounts managed by AIP to the Fund of Hedge Funds investment team, the Private Markets investment team
or the Portfolio Solutions team of AIP. A summary of decisions made by the applicable investment teams will be made available to
the Proxy Review Committee for its information at the next scheduled meeting of the Proxy Review Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In certain cases, AIP may determine to abstain from determining
(or recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should
be voted), such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to
the affected account(s) that might result from adopting or rejecting (as the case may be) the measure in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Waiver of Voting Rights</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For regulatory reasons, AIP may either 1) invest in a class
of securities of an underlying fund (the &#8220;Fund&#8221;) that does not provide for voting rights; or 2) waive 100% of its voting
rights with respect to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1</TD><TD>Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting
in a similar capacity for or on behalf of the Fund (each individually a &#8220;Designated Person,&#8221; and collectively, the
 &#8220;Designated Persons&#8221;), which may include, but are not limited to, voting on the election or removal of a Designated
Person in the event of such Designated Person&#8217;s death, disability, insolvency, bankruptcy, incapacity, or other event
requiring a vote of interest holders of the Fund to remove or replace a Designated Person; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which
may include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon
the occurrence of an event described in the Fund&#8217;s organizational documents; provided, however, that, if the Fund&#8217;s
organizational documents require the consent of the Fund&#8217;s general partner or manager, as the case may be, for any such termination
or continuation of the Fund to be effective, then AIP may exercise its voting rights with respect to such matter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">Item 8.</TD><TD STYLE="text-align: justify"> Portfolio Managers of Closed-End Management Investment
Companies</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Morgan Stanley India Investment Fund,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FUND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">PORTFOLIO MANAGEMENT. As of the date of
this report, the Fund is managed by members of the Emerging Markets Equity team. The team consists of portfolio managers and analysts.
Current members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio and the overall
execution of the strategy of the Fund are Ruchir Sharma, a Managing Director of the Adviser and Amay Hattangadi, a Managing Director
of the Sub-Adviser. Mr. Sharma has been associated with the Adviser in an investment management capacity since October 1996 and
joined the team managing the Fund in January 2001. Mr. Hattangadi has been associated with the Sub-Adviser or its affiliates in
an investment management capacity since 1997 and began managing the Fund in March 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The composition of the team may change
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>OTHER ACCOUNTS MANAGED BY THE PORTFOLIO
MANAGERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Mr. Sharma managed five other registered
investment companies with a total of approximately $1.5 billion in assets; seven pooled investment vehicles other than registered
investment companies with a total of approximately $4.6 billion in assets; and 15 other accounts with a total of approximately
$3.9 billion in assets. Of these other accounts, five accounts with a total of approximately $1.5 billion in assets had performance-based
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Mr. Hattangadi managed four other registered
investment company with a total of approximately $1.5 billion in assets; seven pooled investment vehicles other than registered
investment companies with a total of approximately $4.6 billion in assets; and 15 other accounts with a total of approximately
$7.8 billion in assets. Of these other accounts, five accounts with a total of approximately $1.5 billion in assets had performance-based
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Because the portfolio managers manages
assets for other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension
plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts
of interest. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the
Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio manager may have an incentive
to favor the higher and/or performance-based fee accounts over the Fund. In addition, a conflict of interest could exist to the
extent the Adviser has proprietary investments in certain accounts, where portfolio managers have personal investments in certain
accounts or when certain accounts are investment options in the Adviser&#8217;s employee benefits and/or deferred compensation
plans. The portfolio managers may have an incentive to favor these accounts over others. If the Adviser manages accounts that engage
in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the
Fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.
The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address
these and other conflicts of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><I>Portfolio Manager Compensation Structure</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Morgan Stanley&#8217;s compensation
structure is based on a total reward system of base salary and incentive compensation, which is paid either in the form of
cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and
partially as mandatory deferred compensation. Deferred compensation granted to Investment Management employees are generally
granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP and equity-based awards in the
form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the terms
of such awards are determined annually by the Compensation, Management Development and Succession Committee of the Morgan
Stanley Board of Directors<FONT STYLE="font-family: Times New Roman, Times, Serif"><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Base salary compensation</U></I>.
Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><I><U>Incentive compensation</U>.
</I>In addition to base compensation, portfolio managers may receive discretionary year-end compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">Incentive compensation
may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&#8226; Cash Bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&#8226; Deferred Compensation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #231F20">A mandatory program that defers a portion of incentive compensation
into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and
other conditions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #231F20">&middot;</FONT></TD><TD STYLE="text-align: left">IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants&#8217;
interests with the interests of the Advisor&#8217;s clients. For eligible employees, a portion of their deferred compensation is
mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available
pursuant to the plan, which are funds advised by Investment Management. Portfolio managers are required to notionally invest a
minimum of 25% of their account balance in the designated funds that they manage and are included in the IMAP notional investment
fund menu.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">Deferred compensation awards are typically subject to vesting over a multi-year period and are
subject to cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of
obligation to the Company, including failure to comply with internal compliance, ethics or risk management standards, and failure
or refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information,
and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an employee&#8217;s act
or omission (including with respect to direct supervisory responsibilities) causes a restatement of the Firm&#8217;s consolidated
financial results, constitutes a violation of the Firm&#8217;s global risk management principles, policies and standards, or causes
a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control
policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Investment Management compensates employees
based on principles of pay-for-performance, market competitiveness and risk management. Eligibility for, and the amount of any,
discretionary compensation is subject to a multi-dimensional process. Specifically, consideration is given to one or more of the
following factors, which can vary by portfolio management team and circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Revenue and profitability of the business and/or each fund/accounts managed by the portfolio manager</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Revenue and profitability of the Firm</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Return on equity and risk factors of both the business units and Morgan Stanley</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Assets managed by the portfolio manager</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">External market conditions</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">New business development and business sustainability</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Contribution to client objectives</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">The pre-tax investment performance of the funds/accounts managed by the portfolio manager (which
may, in certain cases, be measured against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Individual contribution and performance</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Further, the Firm&#8217;s Global
Incentive Compensation Discretion Policy requires compensation managers to consider only legitimate, business related factors
when exercising discretion in determining variable incentive compensation, including <FONT STYLE="font-size: 10pt">adherence
to Morgan Stanley&#8217;s core values, conduct, disciplinary actions in the current performance year, risk management and
risk outcomes. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019, the portfolio
managers did not own any shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">Item 9.</TD><TD STYLE="text-align: justify"> Closed-End Fund Repurchases</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRANT PURCHASE OF EQUITY SECURITIES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 20%"><FONT STYLE="font-size: 10pt">Period</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(a) Total Number of Shares (or Units) Purchased</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(b) Average Price Paid per Share (or Unit)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">January&nbsp;2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">February&nbsp;2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">March 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;8,478</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">April 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">May 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;19,657</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">June 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">July 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;10,061</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">August 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;28,387</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">September 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;41,910</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">October 2019</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;40,750</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-size: 10pt">November 2019</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;60,815</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">December 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;16,898</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;226,956</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">Item&#8239;10.</TD><TD STYLE="text-align: justify"> Submission of Matters to a Vote of Security Holders</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There have been no material changes to the procedures by which
shareholders may recommend nominee to the Fund&#8217;s Board of Directors since the Fund last provided disclosure in response to
this item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">Item 11.</TD><TD STYLE="text-align: justify"> Controls and Procedures</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) The registrant&#8217;s principal executive officer and principal
financial officer have concluded that the registrant&#8217;s disclosure controls and procedures are sufficient to ensure that information
required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls
and procedures as of a date within 90 days of the filing date of the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) There were no changes in the registrant's internal control
over financial reporting that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">occurred during the second fiscal quarter period covered by
this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Item 12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Disclosure
                                         of Securities Lending Activities for Closed-End Management Investment Companies.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">For the fiscal year ended December
                                         31, 2019, the Fund earned income and incurred the following costs and expenses as a result
                                         of its securities lending activities:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center">Fund</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Gross<BR>
 Income<SUP>1</SUP></FONT></TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Revenue<BR>
 Split<SUP>2</SUP></FONT></TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Cash<BR>
 Collateral<BR>
 Management<BR>
 Fees<SUP>3</SUP></FONT></TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Administrative<BR>
 Fees<SUP>4</SUP></FONT></TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Indemnification<BR>
</P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Fees<SUP>5</SUP></FONT></P></TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center">Rebates to<BR>
 Borrowers</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center">Other<BR>
 Fees</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center">Total Costs<BR>
 of the<BR>
 Securities<BR>
 Lending<BR>
 Activities</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-size: 10pt; text-align: center">Net Income<BR>
 from the<BR>
 Securities<BR>
 Lending<BR>
 Activities</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">India Investment Fund,&nbsp;Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">N/A</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Gross income includes income from the reinvestment of
cash collateral.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: justify">Revenue split represents the share of revenue generated
by the securities lending program and paid to State Street.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in; text-align: left"><SUP>3</SUP></TD><TD STYLE="text-align: justify">Cash collateral management fees include fees deducted
from a pooled cash collateral reinvestment vehicle that are not included in the revenue split.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in; text-align: left"><SUP>4</SUP></TD><TD STYLE="text-align: justify">These administrative fees are not included in the revenue
split.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in; text-align: left"><SUP>5</SUP></TD><TD STYLE="text-align: justify">These indemnification fees are not included in the revenue
split.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Pursuant to an agreement between the Fund and State Street Bank and Trust Company (&#8220;State Street&#8221;), the Fund may
lend its securities through State Street as securities lending agent to certain qualified borrowers. As securities lending agent
of the Fund, State Street administers the Fund&#8217;s securities lending program. These services include arranging the loans of
securities with approved borrowers and their return to the Fund upon loan termination, negotiating the terms of such loans, selecting
the securities to be loaned and monitoring dividend activity relating to loaned securities. State Street also marks to market daily
the value of loaned securities and collateral and may require additional collateral as necessary from borrowers. State Street may
also, in its capacity as securities lending agent, invest cash received as collateral in pre-approved investments in accordance
with the Securities Lending Authorization Agreement. State Street maintains records of loans made and income derived therefrom
and makes available such records that the Fund deems necessary to monitor the securities lending program.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">Item 13.</TD><TD STYLE="text-align: justify"> Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) The Code of Ethics for Principal Executive and Senior Financial
Officers is attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley India Investment Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">/s/ John H. Gernon</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">John H. Gernon</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February 18, 2020</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">/s/ John H. Gernon</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">John H. Gernon</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February 18, 2020</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">/s/ Francis Smith</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Francis Smith</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February 18, 2020</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.25in; text-transform: uppercase; text-align: left">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>tm205792d5_ex99-codeeth.htm
<DESCRIPTION>EX-99.CODEETH
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.CODEETH</B></P>

<P STYLE="margin-right: 0.5in; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: right">EXHIBIT
13 a</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5in; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>CODE
OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS<BR>
adopted SEPTEMBER 28, 2004, As AMended September 20, 2005, december 1, 2006, January 1, 2008 , SEPTEMBER 25, 2008 and april 23,
2009 And March 18, 2010</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD STYLE="text-align: left">This Code of Ethics (the &#8220;Code&#8221;) for the investment companies within the Morgan Stanley
complex identified in Exhibit A (collectively, &#8220;Funds&#8221; and each, a &#8220;Fund&#8221;) applies to each Fund&#8217;s
Principal Executive Officer, President, Principal Financial Officer and Treasurer (or persons performing similar functions) (&#8220;Covered
Officers&#8221; each of whom are set forth in Exhibit B) for the purpose of promoting:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">full, fair, accurate, timely and understandable disclosure in reports and documents that a company
files with, or submits to, the Securities and Exchange Commission (&#8220;SEC&#8221;) and in other public communications made by
the Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">compliance with applicable laws and governmental rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">accountability for adherence to the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">Each Covered Officer
should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well
as apparent conflicts of interest. Any question about the application of the Code should be referred to the General Counsel or
his/her designee (who is set forth in Exhibit C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>II.</B></TD><TD STYLE="text-align: justify"><B>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B><I>Overview</I></B>.
A &#8220;conflict of interest&#8221; occurs when a Covered Officer&#8217;s private interest interferes, or appears to interfere,
with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a
member of his family, receives improper personal benefits as a result of his position with the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Certain conflicts of
interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions
in the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;) and the Investment Advisers Act of 1940 (&#8220;Investment
Advisers Act&#8221;). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or
sale of securities or other property) with the Fund because of their status as &#8220;affiliated persons&#8221; (as defined in
the Investment Company Act) of the Fund. The Fund&#8217;s and its investment adviser&#8217;s compliance programs and procedures
are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat
or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the General
Counsel determines that any violation of such programs and procedures is also a violation of this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Although typically
not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship
between the Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code
recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the investment
adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the
Fund and its investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship
between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers
of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act,
such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds&#8217; Boards of Directors/Trustees
(&#8220;Boards&#8221;) that the Covered Officers may also be officers or employees of one or more other investment companies covered
by this or other codes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Other conflicts of
interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act
and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers
should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered
Officer should not be placed improperly before the interest of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Covered Officer
must not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">use his personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Fund whereby the Covered Officer would benefit personally (directly or indirectly);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">cause the Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Fund; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">use material non-public knowledge of portfolio transactions made or contemplated for, or actions
proposed to be taken by, the Fund to trade personally or cause others to trade personally in contemplation of the market effect
of such transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Covered Officer must, at the time of
signing this Code, report to the General Counsel all affiliations or significant business relationships outside the Morgan Stanley
complex and must update the report annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Conflict of interest
situations should always be approved by the General Counsel and communicated to the relevant Fund or Fund&#8217;s Board. Any activity
or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer
if an immediate member of the Covered Officer&#8217;s family living in the same household engages in such an activity or has such
a relationship. Examples of these include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">service or significant business relationships as a director on the board of any public or private
company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">accepting directly or indirectly, anything of value, including gifts and gratuities in excess of $100 per year from any person
or entity with which the Fund has current or prospective business dealings, not including occasional meals or tickets for theatre
or sporting events or other similar entertainment; provided it is business-related, reasonable in cost, appropriate as to time
and place, and not so frequent as to raise any question of impropriety;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any ownership interest in, or any consulting or employment relationship with, any of the Fund&#8217;s
service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
Officer&#8217;s employment, such as compensation or equity ownership.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>III.</B></TD><TD STYLE="text-align: justify"><B>Disclosure and Compliance</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">Each Covered Officer should familiarize himself/herself with the disclosure and compliance requirements
generally applicable to the Funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about
the Fund to others, whether within or outside the Fund, including to the Fund&#8217;s Directors/Trustees and auditors, or to governmental
regulators and self-regulatory organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">each Covered Officer should, to the extent appropriate within his area of responsibility, consult
with other officers and employees of the Funds and their investment advisers with the goal of promoting full, fair, accurate, timely
and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications
made by the Funds; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>IV.</B></TD><TD STYLE="text-align: justify"><B>Reporting and Accountability</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Covered Officer
must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in
writing to the Boards that he has received, read and understands the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">annually thereafter affirm to the Boards that he has complied with the requirements of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">not retaliate against any other Covered Officer, other officer or any employee of the Funds or
their affiliated persons for reports of potential violations that are made in good faith; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">notify the General Counsel promptly if he/she knows or suspects of any violation of this Code.
Failure to do so is itself a violation of this Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The General Counsel
is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to
interpret this Code in any particular situation. However, any waivers<SUP>2</SUP> sought by a Covered Officer must be considered
by the Board of the relevant Fund or Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Funds will follow
these procedures in investigating and enforcing this Code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the General Counsel will take all appropriate action to investigate any potential violations reported
to him;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><SUP>2</SUP></B> Item 2 of Form N-CSR defines &quot;waiver&quot;
as &quot;the approval by the registrant of a material departure from a provision of the code of ethics.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required
to take any further action;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any matter that the General Counsel believes is a violation will be reported to the relevant Fund's
Audit Committee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if the directors/trustees/managing general partners who are not &#8220;interested persons&#8221; as defined by the
                                                                                                             Investment Company Act (the &#8220;Independent Directors/Trustees/Managing General Partners&#8221;) of the relevant Fund
                                                                                                             concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate
                                                                                                             modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its
                                                                                                             board; or a recommendation to dismiss the Covered Officer or other
appropriate disciplinary actions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the Independent Directors/Trustees/Managing General Partners of the relevant Fund will be responsible
for granting waivers of this Code, as appropriate; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any changes to or waivers of this Code will, to the extent required, be disclosed as provided by
SEC rules.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>V.</B></TD><TD STYLE="text-align: justify"><B>Other Policies and Procedures</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Code shall be
the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms
applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds&#8217;
investment advisers, principal underwriters, or other service providers govern or purport to govern the behavior or activities
of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict
with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which
case the requirements of such law will govern. The Funds&#8217; and their investment advisers&#8217; and principal underwriters&#8217;
codes of ethics under Rule 17j-1 under the Investment Company Act and Morgan Stanley&#8217;s Code of Ethics are separate requirements
applying to the Covered Officers and others, and are not part of this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>VI.</B></TD><TD STYLE="text-align: justify"><B>Amendments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any amendments to this
Code, other than amendments to Exhibits A, B or C, must be approved or ratified by a majority vote of the Board of each Fund, including
a majority of Independent Directors/Trustees/Managing General Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>VII.</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All reports and records
prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors/Trustees/Managing
General Partners of the relevant Fund or Funds and their counsel, the relevant Fund or Funds and their counsel and the relevant
investment adviser and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><B>VIII.</B></TD><TD STYLE="text-align: justify"><B>Internal Use</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Code is intended
solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance,
or legal conclusion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I have read and understand the terms of the above Code. I recognize
the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the
above Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MORGAN STANLEY
FUNDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> at</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231F20"><B>December 31, 2019</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For a current list of the Morgan Stanley Funds, please contact
the Legal Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Equity and Fixed Income Funds</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Money Market Funds</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Covered Officers</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">John H. Gernon &#8211;President and Principal
Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Francis Smith &#8211; Principal Financial
Officer and Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>General Counsel's Designee - Chief
Legal Officer</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mary E. Mullin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>tm205792d5_ex99-cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.25in; text-transform: uppercase; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in"><B>Exhibit
99. CERT&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 30%; text-align: left"></TD><TD STYLE="text-align: right; width: 30%"><B>EXHIBIT</B> <B>13 B1</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE
OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, John H. Gernon, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form N-CSR of Morgan Stanley India Investment Fund, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>evaluated the effectiveness of the registrant&#8217;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>disclosed in this report any change in the registrant&#8217;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&#8217;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: left">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee
of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>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&#8217;s ability to record, process, summarize, and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s
internal controls over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Date: February 18, 2020</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ John H. Gernon</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">John H. Gernon</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Executive Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 30%; text-align: left"></TD><TD STYLE="text-align: right; width: 30%"><B>EXHIBIT</B> <B>13 B2</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL FINANCIAL
OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Francis Smith, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form N-CSR of Morgan Stanley India Investment Fund, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>evaluated the effectiveness of the registrant&#8217;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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>disclosed in this report any change in the registrant&#8217;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&#8217;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee
of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>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&#8217;s ability to record, process, summarize, and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s
internal controls over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Date: February 18, 2020</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Francis Smith</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Francis Smith</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>


</BODY>
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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>tm205792d5_ex99-906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.25in; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.906CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification Pursuant to 18 U.S.C. Section
1350,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Adopted Pursuant to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Section 906 of the Sarbanes&#45;Oxley Act
of 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley India Investment Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Report on Form N-CSR
(the &#8220;Report&#8221;) of the above-named issuer for the period ended <FONT STYLE="color: #231F20">December 31, 2019</FONT>
that is accompanied by this certification, the undersigned hereby certifies that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">Date: February 18, 2020</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%">/s/ John H. Gernon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">John H. Gernon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Principal Executive Officer</TD></TR>
</TABLE>


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification Pursuant to 18 U.S.C. Section
1350,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Adopted Pursuant to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Section 906 of the Sarbanes&#45;Oxley Act
of 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley India Investment Fund, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Report on Form N-CSR
(the &#8220;Report&#8221;) of the above-named issuer for the period ended <FONT STYLE="color: #231F20">December 31, 2019</FONT>
that is accompanied by this certification, the undersigned hereby certifies that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">Date: February 18, 2020 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 50%">/s/ Francis Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Francis Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Principal Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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