<SEC-DOCUMENT>0001104659-24-031761.txt : 20240307
<SEC-HEADER>0001104659-24-031761.hdr.sgml : 20240307
<ACCEPTANCE-DATETIME>20240307104754
ACCESSION NUMBER:		0001104659-24-031761
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240307
DATE AS OF CHANGE:		20240307
EFFECTIVENESS DATE:		20240307

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		24728624

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800 869-6397

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19931228
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>tm244101d5_ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>
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<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>


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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#xa0;N-CSR</b></p>


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<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>


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


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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Morgan Stanley India Investment Fund,&#xa0;Inc.</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>


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  <td style="text-align: center; width: 49%">1585 Broadway, New York, New York</td>
  <td style="text-align: center; width: 2%">&#xa0;</td>
  <td style="text-align: center; width: 49%">10036</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td style="text-align: center">(Address of principal executive offices)</td>
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  <td style="text-align: center"><font style="font-size: 10pt">(Zip
code)</font></td></tr>
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<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">1585 Broadway, 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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant's telephone number, including area code: 212-762-1886</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of fiscal year end: December&#xa0;31,</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of reporting period: December&#xa0;31, 2023</p>


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<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">&#xa0;</p>


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<p style="margin:12pt 0pt 12pt 0pt;"><img src="j2441016_aa001.jpg"></p>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 5pt 0pt; text-align: left;"><font style="font-size:15pt; font-family: Arial, Helvetica;">Morgan Stanley Investment Management Inc.<br>Adviser</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:31pt; font-family: Arial, Helvetica;">Morgan Stanley India Investment Fund, Inc. NYSE: IIF</font></p>
<p style="margin:10pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:16pt; font-family: Arial, Helvetica;">Annual Report</font></p>
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:16pt; font-family: Arial, Helvetica;">December 31, 2023</font></p>
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<p style="margin:12pt 0pt 12pt 0pt;"><img src="j2441016_aa002.jpg"></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Table of Contents (unaudited)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Letter to Stockholders</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Performance Summary</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Portfolio of Investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statement of Assets and Liabilities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">12</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statement of Operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statements of Changes in Net Assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Financial Highlights</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Notes to Financial Statements</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Report of Independent Registered Public Accounting Firm</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">24</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Portfolio Management</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Investment Policy</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Principal Risks</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">34</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Additional Information Regarding the Fund</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">45</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dividend Reinvestment and Cash Purchase Plan</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">46</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Potential Conflicts of Interest</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">47</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 207px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Important Notices</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 25px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">50</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Letter to Stockholders (unaudited)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Performance</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">For the year ended December 31, 2023, the Morgan Stanley India Investment Fund, Inc. (the "Fund") had total returns of 23.41%, based on net asset value, and 20.58% based on market value per share (including reinvestment of distributions), compared to its benchmark, the MSCI India Index (the "Index"), which returned 20.81%. On December 31, 2023, the closing price of the Fund's shares on the New York Stock Exchange was $21.47, representing a 19.38% discount to the Fund's net asset value per share. Past performance is no guarantee of future results.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Please keep in mind that double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Factors Affecting Performance</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;The Fund outperformed the Index for the year ended December 31, 2023. The main contributors to relative performance were the Fund's underweight position in utilities, stock selection in industrials and overweight position in consumer discretionary.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Negative contributions to relative performance came from an overweight allocation to financials, underweight in communication services, and stock selection in the real estate and energy sectors.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management Strategies</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;We started 2023 with the macroeconomic issues outside of India still playing a big role in driving market movements. For the first half of the year, the driving themes were that of a liquidity squeeze resulting in U.S. bank collapses and fears of a U.S. recession, and supply chain disruptions led by the ongoing Russia-Ukraine war still playing out. However, nearer to the final quarter of 2023, emerging markets (EM) assets delivered positive returns, turning on the back of the dovish tilt by major global central banks. After two years of battling what could be called a "great inflation" threat, finally the squeeze from tight financial conditions appeared to be easing, and the prospects of a "Fed pivot" have brightened, with the U.S. Federal Reserve (Fed) signaling that it had reached peak policy rates and could begin rate cuts in 2024. Furthermore, a decisive mandate in favor of the Bharatiya Janata Party in the states of Chhattisgarh, Madhya Pradesh and Rajasthan in December 2023 sparked confidence. Throughout most of 2023, India remained a bright spot within the EM universe, with December 2023 seeing approximately $7 billion<sup>i</sup>&#x200b; of equity inflows from foreign institutional investors &#x2014; the highest among large EMs. </font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The Indian central bank has been proactive over 2022-23, and has done the heavy lifting to ensure price stability. The Monetary Policy Committee's commitment to ensuring that the headline consumer price index (CPI) gradually converges to its medium-term target of 4% has remained undeterred. The government also took steps such as approving a subsidy on liquefied petroleum gas (LPG) cylinders, focusing on supply-side measures through invigorating capital expenditure and staying on its growth-oriented path. These measures along with healthy private sector balance sheets have been instrumental in supporting resilience in the domestic economy, and we expect policy support to remain favorable.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>3</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;India's current account balance remained in deficit, albeit a narrowing one. On a four-quarter annualized basis, the current account deficit narrowed further to 1% of gross domestic product (GDP) in the quarter ended September 2023, its lowest since December 2021, falling from 1.7% of GDP in the quarter ended June 2023.<sup>ii</sup>&#x200b; The GDP data release for the quarter ended September 2023 surprised on the upside, for the third consecutive quarter, and indicated underlying strength in certain segments of the economy. The headline CPI for November 2023 was better than expected and within the Reserve Bank of India's stated comfort band (target band of 2% to 6%), even as it rose sequentially due to sticky food inflation. For the full fiscal-year 2023, the headline CPI remained mostly out of the Reserve Bank of India's comfort zone. Strong domestic demand and easing inflation fears toward the end of the year helped India emerge as one of the best performing markets for 2023. After aggressive selling in 2022, there was a resurgence in foreign institutional investor (FII) inflows, mainly post March 2023. FII inflows stood at $21.2 billion in 2023 compared with an outflow of $17 billion in 2022.<sup>iii</sup>&#x200b; The equity market ended the year with broad-based strength, with most sectors outperforming except for utilities, materials, energy, information technology and financials, which minorly underperformed the index.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;<b>Buoyant domestic demand, external risk, expect continued resilience but with noise around elections:</b> The early part of 2023 saw inflationary pressures and heightened geopolitical risks. By the second half of the year, oil prices falling to more favorable levels, buoyant services exports and strong capital inflows kept the balance of payments and system liquidity in check. Strong earnings supported tax collections, which allowed government capital expenditure to be an impactful tailwind for demand. The September 2023 quarterly GDP data surprised on the upside for the third consecutive quarter, indicating underlying strength in the economy. Production and investment indicators, including consumer durables production and public and private projects under implementation, continued to show strength.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;As of the end of the period, we expected some noise around elections in the immediate future, as has been seen historically in election years. We continued to be watchful of any delay in the capital expenditure cycle arising from a weaker-than-expected political mandate and greater-than-expected external weakness. However, we remained constructive in the medium term as structural factors for sustained growth remain in place.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;<b>Broad-based outperformance:</b> The market saw a decent uptick in the second half of the year with the expectation of a soft landing in the U.S. economy and continued resilience of domestic demand. Both the S&amp;P BSE MidCap Index and S&amp;P BSE SmallCap Index outperformed the overall Nifty 50 Index in the 12-month period.<sup>iv</sup>&#x200b; Looking at sectors for the full-year period, consumer discretionary, consumer staples, health care, communication services, real estate and industrials outperformed the overall Index. The Index's one-year performance rose to 9th (among 24 EM markets represented in the MSCI Emerging Markets Index) versus 12th in 2022 and 5th 2021.<sup>v</sup>&#x200b; The Index outperformed the MSCI Emerging Markets Index by 11.0 percentage points in 2023, adding to 12.1 percentage points in 2022.<sup>v</sup>&#x200b; The currency remained well contained with approximately 40 basis points deterioration against the U.S. dollar for the year overall.<sup>v</sup>&#x200b; FII flows ended the year on a positive note, as did domestic institutional investor flows. Retail participation stayed at elevated levels in 2023, with monthly systematic investment plan inflows touching record high levels in December 2023.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>4</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Letter to Stockholders (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;<b>Political stability and reform focus:</b> Since 2019, the incumbent government has announced policies to lift the share of profits in GDP. It started with a meaningful reduction in the corporate tax rate, making the regime comparable to the rest of Asia. The rate was reduced from 34.9% (effective) to 25.2%, and a special lower rate of 17% was announced for new manufacturing companies.<sup>vi</sup>&#x200b; Furthermore, the government took calibrated, sector-specific steps and, during the pandemic, has undertaken further policies directed at lifting the share of profits in GDP, including production-linked incentive schemes and increased infrastructure investment. These changes implemented since 2019 came on top of some tough reforms in the preceding five years, including the Goods and Services Tax law, the Real Estate (Regulation and Development) Act and the Insolvency and Bankruptcy Code.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;Even as growth headwinds began to build in 2022 and early 2023, policy makers have remained steadfast in their commitment to focus on reforming the supply side, incorporating the use of subsidies if necessary.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;As of the close of the period, we believed this lifting of profits with the objective of kickstarting the investment cycle will remain in focus and is critical for India's medium-term growth prospects.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;<b>Growth outlook:</b> At the period-end, we remained constructive in the medium term on the India investment story. India has continued to show positive growth (in U.S. dollar terms) through periods of global uncertainty, and structural factors &#x2014; such as favorable demographics, a large domestic consumption base, increasing digitalization, a capital expenditure thrust and prudent fiscal position &#x2014; remain as key support factors for sustained buoyancy. As of the close of the period, we were cautiously monitoring near-term dynamics including geopolitical uncertainties, external demand weakness and the outcome of elections both domestically and in other key global markets. While the liquidity squeeze was the driving theme for the early part of 2023, we expect the rate cycle to have peaked. We have drawn confidence from the Reserve Bank of India's aggressive approach to tackling inflation, as core inflation has continued to ease.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The funding of the current account deficit has remained manageable as the capital account remains healthy and the balance of payments has been in surplus over the past three quarters. Further, the inclusion of India's local bonds in the J.P. Morgan Global Bond Index &#x2014; Emerging Markets<sup>vii</sup>&#x200b; beginning in June 2024 will likely be a positive catalyst to trigger capital flows and further enhance external balance sheet strength. Although many structural reforms have been undertaken in the past seven years (Goods and Services Tax, Insolvency and Bankruptcy Code, etc.), we continue to expect the government to undertake the deep-rooted factor market reforms required to provide a positive impulse to the growth momentum.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;2023 had a volatile first quarter, and equities showed sustained pickup from March through the end of the year. Looking beyond the elections in 2024, we expect domestic themes of consumption, improved corporate profitability (gradually improving liquidity and balance sheet repair), supply chain shifts, digitalization, and import substitution to help drive performance.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Sincerely,</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">John H. Gernon<br>President and Principal Executive Officer&#xa0;&#xa0;January 2024</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>i</sup>&#x200b; Source: CLSA Research, as of 17 January 2024.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>ii</sup>&#x200b; Source: Morgan Stanley Research, as of 27 December 2023.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>iii</sup>&#x200b; Source: BNP Paribas as of 18 January 2024.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>iv</sup>&#x200b; The S&amp;P BSE (Bombay Stock Exchange) MidCap Index measures the mid-cap segment of India's stock market. The S&amp;P BSE SmallCap Index measures the small-cap segment of India's stock market. The NIFTY 50 Index measures the performance of 50 large-cap stocks from 13 sectors. It is not possible to invest directly in an index.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>v</sup>&#x200b; Source: Morgan Stanley Research, as of 18 December 2023. The MSCI Emerging Markets Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI Emerging Markets Index currently consists of 24 emerging-market country indices. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. The index does not include any expenses, fees or sales charges, which would lower performance.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>vi</sup>&#x200b; Source: Morgan Stanley Research, as of 31 October 2022.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>vii</sup>&#x200b; The J.P. Morgan Global Bond Index &#x2014; Emerging Markets (GBI EM) is a broad-based index measuring the performance of local currency denominated, fixed rate, government debt issued in emerging markets.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Performance Summary (unaudited)</font></p>
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<p style="margin:0pt 0pt 18pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Performance of $10,000 Investment as of December 31, 2023<br>Over 10 Years</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Average Annual Total Returns as of December 31, 2023<sup>(1)</sup>&#x200b; (unaudited)</b></font></p>
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 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">23.41</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9.73</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11.19</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 78px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Market price</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">20.58</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.51</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10.34</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 78px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">MSCI India Index<sup>(2)</sup>&#x200b;</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">20.81</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11.78</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9.91</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>


<p style="margin:9pt 0pt 3.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>Performance data quoted on the graph and table represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested at prices obtained under the Fund's dividend reinvestment plan. For the most recent month-end performance figures, please visit www.morganstanley.com/im/closedendfundsshareholderreports. Investment returns and principal value will fluctuate so that Fund shares, when sold, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The Fund's total returns are based upon the market value and net asset value on the last business day of the period.</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" valign="bottom" style="padding:14pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 238px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Distributions</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 157px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Distributions per share for the period</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.14</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 157px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Distribution Rate at NAV<sup>(3)</sup>&#x200b;</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11.78</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 157px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Distribution Rate at Market Price<sup>(3)</sup>&#x200b;</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14.61</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 157px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">% Premium/(Discount) to NAV<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(19.38</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>


<p style="margin:9pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(1)&#xa0;&#xa0;All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.</i></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(2)&#xa0;&#xa0;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.</i></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(3)&#xa0;&#xa0;The Distribution Rate is based on the Fund's last regular distribution per share in the period (annualized) divided by the Fund's NAV or market price at the end of the period. The Fund's distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and non-dividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.</i></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(4)&#xa0;&#xa0;The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report.</i></font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>9</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments</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" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Shares</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>COMMON STOCKS (102.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Air Freight &amp; Logistics (1.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Delhivery Ltd. (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">716,492</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,349</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Automobile Components (1.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Samvardhana Motherson <br>International Ltd.</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,153,403</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,085</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Automobiles (5.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Bajaj Auto Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">60,671</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,954</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Mahindra &amp; Mahindra Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">518,593</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,771</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,725</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Banks (24.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Axis Bank Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,134,522</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,015</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Federal Bank Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,821,509</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,290</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">ICICI Bank Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,349,745</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">28,079</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">IndusInd Bank Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">272,923</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,239</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">State Bank of India</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,277,129</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,845</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">63,468</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Beverages (1.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">United Breweries Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">225,620</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,837</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Capital Markets (1.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">HDFC Asset Management Co. Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">118,455</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,560</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Chemicals (4.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Aarti Industries Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">569,179</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,440</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Pidilite Industries Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">208,491</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,799</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11,239</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Construction &amp; Engineering (6.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Happy Forgings Ltd. Anchor (a)(b)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">180,472</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,154</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">KEC International Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">616,730</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,364</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Larsen &amp; Toubro Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">255,153</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,805</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17,323</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Finance (9.4%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Bajaj Finance Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">128,498</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11,307</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cholamandalam Investment &amp; <br>Finance Co. Ltd.</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">531,954</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8,046</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mahindra &amp; Mahindra Financial <br>Services Ltd.</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,685,047</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,598</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">24,951</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Electrical Equipment (0.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Hitachi Energy India Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,983</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,643</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Financial Services (1.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Aavas Financiers Ltd. (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">226,730</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,171</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</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" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Shares</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Food Products (1.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Bikaji Foods International Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">495,421</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,249</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Health Care Providers &amp; Services (2.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Apollo Hospitals Enterprise Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">99,727</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,832</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Hotels, Restaurants &amp; Leisure (5.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">MakeMyTrip Ltd. (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">90,237</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,239</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Restaurant Brands Asia Ltd. (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,335,296</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,135</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Zomato Ltd. (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,273,279</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,343</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13,717</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Household Durables (2.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cello World Ltd. (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">189,339</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,791</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cello World Ltd. Anchor (a)(b)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">114,773</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,058</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Crompton Greaves Consumer <br>Electricals Ltd.</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,293,054</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,829</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,678</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Information Technology Services (8.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Infosys Ltd.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,170,405</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21,665</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Insurance (6.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">ICICI Prudential Life Insurance <br>Co. Ltd.</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">794,760</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,103</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">SBI Life Insurance Co. Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">463,783</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,982</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Star Health &amp; Allied Insurance <br>Co. Ltd. (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">469,279</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,013</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16,098</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Office REITs (1.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Embassy Office Parks REIT</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">851,771</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,324</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Oil, Gas &amp; Consumable Fuels (5.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Reliance Industries Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">503,962</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,642</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Personal Care Products (3.2%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Godrej Consumer Products Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">616,404</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8,376</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Pharmaceuticals (4.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Alkem Laboratories Ltd.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">44,277</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,767</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Mankind Pharma Ltd. (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">218,770</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,211</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Piramal Pharma Ltd. (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,774,178</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,957</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,935</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Real Estate Management &amp; Development (1.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Keystone Realtors Ltd. (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">556,139</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,278</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Transportation Infrastructure (1.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">JSW Infrastructure Ltd. (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,625,240</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,068</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL COMMON STOCKS</b> (Cost $188,788)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">272,213</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>


</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>10</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=10,FOLIO='10',FILE='24-4101-6.ca.qxp',USER='',CD='Mar 02 03:53 2024' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (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" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 210px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Shares</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>SHORT-TERM INVESTMENT (9.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 374px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Company (9.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Morgan Stanley Institutional <br>Liquidity Funds &#x2014; Government <br>Portfolio &#x2014; Institutional Class <br>(See Note E) (Cost $25,906)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,906,180</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,906</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL INVESTMENTS (112.5%)</b> (Cost $214,694) (c)(d)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">298,119</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>LIABILITIES IN EXCESS OF OTHER ASSETS (-12.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(33,230</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 210px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>NET ASSETS (100.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 73px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">264,889</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>


<p style="margin:15pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(a)&#xa0;&#xa0;Non-income producing security.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(b)&#xa0;&#xa0;This security is subject to restriction on resale and at December 31, 2023 amounted to approximately $3,212,000, which represents 1.2% of net assets of the Fund.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(c)&#xa0;&#xa0;The approximate fair value and percentage of net assets, $258,903,000 and 97.7%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to Financial Statements.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(d)&#xa0;&#xa0;At December 31, 2023, the aggregate cost for federal income tax purposes is approximately $222,352,000. The aggregate gross unrealized appreciation is approximately $76,088,000 and the aggregate gross unrealized depreciation is approximately $10,981,000, resulting in net unrealized appreciation of approximately $65,107,000.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">REIT&#xa0;&#xa0;Real Estate Investment Trust.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 9pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Portfolio Composition</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 110px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Classification</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 100px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Percentage of<br>Total Investments</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Other*</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">32.6</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Banks</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">21.3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Short-Term Investment</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">8.7</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Consumer Finance</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">8.4</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Information Technology Services</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">7.3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Construction &amp; Engineering</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.8</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Insurance</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.4</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Automobiles</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 110px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Oil, Gas &amp; Consumable Fuels</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 110px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total Investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 72px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">100.0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 20px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>


<p style="margin:10pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">*&#xa0;&#xa0;Industries and/or investment types representing less than 5% of total investments.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>11</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Statements</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;">Statement of Assets and Liabilities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 123px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>December 31, 2023<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 490px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments in Securities of Unaffiliated Issuers, at Value (Cost $188,788)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">272,213</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investment in Security of Affiliated Issuer, at Value (Cost $25,906)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,906</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Investments in Securities, at Value (Cost $214,694)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">298,119</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency, at Value (Cost $8,684)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8,682</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Receivable from Affiliate</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">44</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends Receivable</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">@</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other Assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">12</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Assets</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">306,857</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 490px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Liabilities:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends Payable</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">31,191</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Deferred Capital Gain Country Tax</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,416</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Advisory Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">256</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Custodian Fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">56</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Professional Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">22</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Administration Fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Stockholder Servicing Agent Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other Liabilities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Liabilities</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">41,968</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 490px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Applicable to 9,946,873 Issued and Outstanding $0.01 Par Value Shares (1,000,000 Shares Authorized)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">264,889</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Asset Value Per Share</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">26.63</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 490px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets Consist of:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Common Stock</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">99</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Paid-in-Capital</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">190,731</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Distributable Earnings</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">74,059</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">264,889</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>


<p style="margin:3pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">@ Amount is less than $500.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>12</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=12,FOLIO='12',FILE='24-4101-6.da.qxp',USER='',CD='Mar 02 03:53 2024' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Statements (cont'd)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;">Statement of Operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 119px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Year Ended<br>December 31, 2023<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 430px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Income:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends from Securities of Unaffiliated Issuers (Net of $491 of Foreign Taxes Withheld)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,960</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends from Security of Affiliated Issuer (Note E)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">180</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Investment Income</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,140</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 430px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Expenses:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Advisory Fees (Note B)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,912</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Custodian Fees (Note D)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">217</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Administration Fees (Note C)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">212</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Professional Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">182</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Stockholder Reporting Expenses</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">45</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Stockholder Servicing Agent Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Directors' Fees and Expenses</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">54</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Expenses</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,643</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Waiver of Administration Fees (Note C)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(123</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Rebate from Morgan Stanley Affiliate (Note E)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(6</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Expenses</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,514</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Investment Loss</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,374</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 430px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Realized Gain (Loss):</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments Sold (Net of $4,162 of Capital Gain Country Tax)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">30,806</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency Translation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Realized Gain</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">30,764</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 430px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Change in Unrealized Appreciation (Depreciation):</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments (Net of Increase in Deferred Capital Gain Country Tax of $2,802)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,904</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency Translation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(6</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Change in Unrealized Appreciation (Depreciation)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,898</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Realized Gain and Change in Unrealized Appreciation (Depreciation)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">50,662</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 311px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Increase in Net Assets Resulting from Operations</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49,288</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>


</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>13</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=13,FOLIO='13',FILE='24-4101-6.da.qxp',USER='',CD='Mar 02 03:53 2024' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Statements (cont'd)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 277px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;">Statements of Changes in Net Assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 119px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Year Ended<br>December 31, 2023<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 119px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Year Ended<br>December 31, 2022<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 523px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Increase (Decrease) in Net Assets:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 523px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Operations:</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 277px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net Investment Loss</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,374</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2,126</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 277px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net Realized Gain</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">30,764</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">32,102</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 277px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net Change in Unrealized Appreciation (Depreciation)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,898</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(66,221</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 277px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Increase (Decrease) in Net Assets Resulting from Operations</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49,288</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(36,245</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 277px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends and Distributions to Stockholders</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(31,191</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(41,854</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 523px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Capital Share Transactions:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 277px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Repurchase of Shares (560,864 and 537,487 shares)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(11,696</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(12,900</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 277px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Decrease in Net Assets Resulting from Capital Share Transactions</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(11,696</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(12,900</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 277px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Increase (Decrease)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,401</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(90,999</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 523px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 277px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Beginning of Period</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">258,488</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">349,487</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 277px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>End of Period</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">264,889</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">258,488</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>


</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>14</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=14,FOLIO='14',FILE='24-4101-6.da.qxp',USER='',CD='Mar 02 03:53 2024' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Highlights</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>Selected Per Share Data and Ratios</i></b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 485px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Year Ended December 31,</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 192px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 91px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2023</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 91px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2022</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 91px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 91px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2020</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2019</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Net Asset Value, Beginning of Period</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">24.60</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">31.64</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">25.25</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">23.39</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">23.52</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Investment Income (Loss)<sup>(1)</sup>&#x200b;</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.13</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.21</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.08</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.02</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Realized and Unrealized Gain (Loss)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.04</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(3.10</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">7.50</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.92</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total from Investment Operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">4.91</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(3.30</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">7.29</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.84</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="23" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; width: 677px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Distributions from and/or in Excess of:</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Investment Income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)<sup>(2)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Realized Gain</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(3.14</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(3.78</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(1.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.03</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total Distributions</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(3.14</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(3.98</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(1.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)<sup>(2)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.03</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Anti-Dilutive Effect of Share Repurchase Program</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.10</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.02</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.05</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Net Asset Value, End of Period</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">26.63</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">24.60</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">31.64</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">25.25</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">23.39</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Per Share Market Value, End of Period</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">21.47</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">20.30</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">26.70</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">21.21</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">19.89</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="23" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; width: 677px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>TOTAL INVESTMENT RETURN:<sup>(3)</sup>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Market Value</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">20.58</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(9.70</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">30.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">6.65</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.66</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Asset Value</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">23.41</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(7.66</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">29.82</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">7.97</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="23" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; width: 677px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Net Assets, End of Period (Thousands)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">264,889</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">258,488</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">349,487</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">285,779</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">313,383</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Expenses Before Expenses Waived by Administrator</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.38</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.37</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.41</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Expenses After Expenses Waived by Administrator</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.32</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.28</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.37</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.28</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Net Investment Income (Loss)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.52</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.68</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.73</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.40</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.10</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 192px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Rebate from Morgan Stanley Affiliates</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)</sup>&#x200b;</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<tr>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Portfolio Turnover Rate</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">38</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">23</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">41</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">46</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 29px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">57</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>


<p style="margin:12pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1)&#xa0;&#xa0;Per share amount is based on average shares outstanding.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2)&#xa0;&#xa0;Amount is less than $0.005 per share.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(3)&#xa0;&#xa0;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 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(4)&#xa0;&#xa0;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 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(5)&#xa0;&#xa0;Amount is less than 0.005%.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>15</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 adviser, Morgan Stanley Investment Management Inc. (the "Adviser"), and 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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>A.&#xa0;&#xa0;Significant Accounting Policies:</b>  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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>1.&#xa0;&#xa0;Security Valuation:</b>  (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 </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">more reputable brokers/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/dealers; (3) fixed income 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. If the Adviser and Sub-Adviser, each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, 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 </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>16</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (5) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) 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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;In connection with Rule 2a-5 of the Act, the Directors have designated the Fund's Adviser as its valuation designee. The valuation designee has responsibility for 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, as valuation designee, 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>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>2.&#xa0;&#xa0;Fair Value Measurement:</b>  Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Level 1 &#x2013; unadjusted quoted prices in active markets for identical investments</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Level 2 &#x2013; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Level 3 &#x2013; 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>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>17</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The following is a summary of the inputs used to value the Fund's investments as of December 31, 2023:</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Type</b></font></p></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 3<br>Significant<br>unobservable<br>inputs<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<tr>
<td colspan="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 439px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Common Stocks</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Air Freight &amp; <br>Logistics</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,349</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,349</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Automobile <br>Components</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,085</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,085</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Automobiles</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,725</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,725</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Banks</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">63,468</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">63,468</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Beverages</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,837</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,837</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Capital <br>Markets</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,560</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,560</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Chemicals</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11,239</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11,239</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Construction &amp; <br>Engineering</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17,323</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17,323</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Consumer <br>Finance</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">24,951</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">24,951</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Electrical <br>Equipment</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,643</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,643</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Financial <br>Services</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,171</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,171</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Food Products</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,249</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,249</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Health Care <br>Providers &amp; <br>Services</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,832</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,832</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Hotels, <br>Restaurants &amp; <br>Leisure</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,239</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,478</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13,717</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Household <br>Durables</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,791</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,887</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,678</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</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" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Type</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 84px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 3<br>Significant<br>unobservable<br>inputs<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 439px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets: (cont'd)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 439px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Common Stocks (cont'd)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Information <br>Technology <br>Services</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21,665</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21,665</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Insurance</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16,098</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16,098</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Office REITs</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,324</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,324</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oil, Gas &amp; <br>Consumable <br>Fuels</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,642</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,642</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Personal Care <br>Products</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8,376</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8,376</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Pharmaceuticals</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,935</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,935</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Real Estate <br>Management &amp; <br>Development</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,278</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,278</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Transportation <br>Infrastructure</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,068</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,068</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Common <br>Stocks</b></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>10,098</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>262,115</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>272,213</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 439px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Short-Term Investment</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Investment <br>Company</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,906</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,906</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Assets</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>36,004</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>262,115</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>298,119</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>


<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>3.&#xa0;&#xa0;Foreign Currency Translation and Foreign Investments:</b>  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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2014;&#xa0;&#xa0;investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2014;&#xa0;&#xa0;investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>18</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;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 included in the reported net realized and unrealized gains (losses) on investment transactions and balances.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;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 </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">cause the Fund to experience delays or other difficulties in effecting transactions.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>4.&#xa0;&#xa0;Indemnifications:</b>  The Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>5.&#xa0;&#xa0;Dividends and Distributions to Stockholders:</b>  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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>6.&#xa0;&#xa0;Other:</b>  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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>B.&#xa0;&#xa0;Advisory/Sub-Advisory Fees:</b>  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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>19</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>C.&#xa0;&#xa0;Administration Fees:</b>  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, 2023, approximately $123,000 of administration fees were waived pursuant to this arrangement.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 portion of the fee the Administrator receives from the Fund.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>D.&#xa0;&#xa0;Custodian Fees:</b>  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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>E.&#xa0;&#xa0;Security Transactions and Transactions with Affiliates:</b>  For the year ended December 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $100,717,000 and $149,206,000, respectively. </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">There were no purchases and sales of long-term U.S. Government securities for the year ended December 31, 2023.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds &#x2014; Government Portfolio (the "Liquidity Fund"), 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 advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2023, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Fund.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">A summary of the Fund's transactions in shares of affiliated investments during the year ended December 31, 2023 is as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 55px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Affiliated <br>Investment <br>Company</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 93px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Value<br>December 31, <br>2022<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Purchases <br>at Cost<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 78px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Proceeds <br>from Sales<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 74px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Dividend <br>Income<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 55px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Liquidity Fund</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 65px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">42,206</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">39,758</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">56,058</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 46px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">180</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
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<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Affiliated <br>Investment <br>Company (cont'd)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Realized <br>Gain (Loss)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 92px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Change in <br>Unrealized <br>Appreciation <br>(Depreciation) <br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 93px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Value<br>December 31, <br>2023<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 72px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Liquidity Fund</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 65px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">25,906</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>


<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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, 2023, the Fund did not engage in any cross-trade transactions.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>20</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>F.&#xa0;&#xa0;Federal Income Taxes:</b>  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>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">FASB ASC 740-10, "Income Taxes &#x2014; 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 that 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, 2023 remains subject to examination by taxing authorities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 2023 and 2022 was as follows:</font></p>
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<td colspan="7" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 168px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2023 Distributions <br>Paid From: </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 166px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2022 Distributions <br>Paid From: </b></font></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 78px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ordinary <br>Income <br>(000) </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 82px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Long-term<br>Capital<br>Gain<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ordinary<br>Income<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 82px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Long-term<br>Capital<br>Gain<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,832</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">28,359</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,351</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">39,503</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>


</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2023.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">At December 31, 2023, the components of distributable earnings for the Fund on a tax basis were as follows:</font></p>
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<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 128px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Undistributed Ordinary<br>Income<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 130px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Undistributed<br>Long-term Capital Gain<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 100px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,737</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 102px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,217</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>


<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>G.&#xa0;&#xa0;Other:</b>  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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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, 2023, the Fund repurchased 560,864 of its shares at an average discount of 18.50% from NAV. Since the inception of the program, the Fund has repurchased 14,195,199 of its shares at an average discount of 20.36% 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 </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>21</font></p>
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<!-- SEQ.=21,FOLIO='21',FILE='24-4101-6.ea.qxp',USER='',CD='Mar 02 03:53 2024' -->
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Directors.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">At December 31, 2023, 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 10.4%.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>H.&#xa0;&#xa0;Results of Annual Meeting of Stockholders (unaudited):</b>  On June 22, 2023, 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 style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Election of Directors by all stockholders:</font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; width: 72px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Against</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 72px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Nancy C. Everett</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,435,701</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">838,332</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 72px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Eddie A. Grier</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,456,123</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">817,910</font></p></td>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>I.&#xa0;&#xa0;Market Risk:</b>  The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy and financial markets. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), 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, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in market </font></p>
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<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate pre-existing risks to the Fund. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund and its investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments, which may in turn impact valuation, the Fund's ability to sell securities and/or its ability to meet redemptions.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Federal Tax Notice (unaudited)</b></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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, 2023.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund designated and paid approximately $28,359,000 as a long-term capital gain distribution.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">For federal income tax purposes, the following information is furnished with respect to the Fund's earnings for its taxable year ended December 31, 2023. When distributed, certain earnings may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designated up to a maximum of approximately $2,272,000 as taxable at this lower rate.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund intends to pass through foreign tax credits of approximately $4,648,000 and has derived net income from sources within foreign countries amounting to approximately $6,616,000.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">In January, the Fund provides tax information to shareholders for the preceding calendar year.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Report of Independent Registered Public Accounting Firm</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>To the Stockholders and the Board of Directors of <br>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Opinion on the Financial Statements</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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, 2023, 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 the Fund at December 31, 2023, 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 style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Basis for Opinion</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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 style="margin:0pt 0pt 24pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;<img src="j2441016_fa005.jpg">
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">We have served as the auditor of one or more Morgan Stanley investment companies since 2000.<br>Boston, Massachusetts<br>February 29, 2024</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>24</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio Management (unaudited)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund is managed within the Emerging Markets Equity team. The team consists of portfolio managers and analysts. The current member of the team jointly and primarily responsible for the day-to-day management of the Fund's Portfolio is Amay Hattangadi, Managing Director of the Sub-Adviser.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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. Hattangadi will remain a portfolio manager of the Fund, and works closely with lead analyst Saurabh Mishra along with other Mumbai-based investment analysts.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">In rendering investment advisory services to the Fund, the Adviser uses portfolio management, research and other resources of a foreign (non-U.S.) affiliate of MSIM Inc. 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 style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>25</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund's investment objective is long-term capital appreciation. The Fund's investment objective is a fundamental policy of the Fund that may not be changed without the approval of a majority of the Fund's outstanding voting securities. As used herein, a "majority of the Fund's outstanding voting securities" means the lesser of (i) 67% of the shares represented at a meeting at which holders of more than 50% of the outstanding shares are represented, and (ii) more than 50% of the outstanding shares. The Fund seeks to achieve its objective by investing primarily in equity securities (i) of companies organized in, or for which the principal securities trading market is in, India, (ii) denominated in Rupees and issued by companies to finance operations in India or (iii) of companies that alone or on a consolidated basis derive 50% or more of their annual revenues primarily from either goods produced, sales made or services performed in India (collectively, "Indian issuers"). Currently, the Fund relies solely on the factors set forth in (i) and (iii) when investing in equity securities of Indian issuers and intends to continue to do so in the future. Income is not a consideration in selecting investments or an investment objective.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Under normal market conditions, substantially all, but not less than 80%, of the Fund's total assets will be invested in equity securities of Indian issuers. Equity securities are defined as common or preferred stocks (including convertible preferred stock), bonds, notes or debentures convertible into common or preferred stock, stock purchase warrants or rights, equity interests in trusts or partnerships or American, Global or other types of Depositary Receipts. Determinations as to eligibility will be made by the Adviser based on publicly available information and inquiries made to the companies. The Fund's 80% policy is a fundamental policy of the Fund that may not be changed without the approval of a majority of the Fund's outstanding voting securities. There is no assurance the Fund will be able to achieve its investment objective.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund's definition of Indian issuers includes companies that may have characteristics and business relationships common to companies in other countries. As a result, the value of the securities of these companies may reflect economic and market forces applicable to other countries, as well as in India. The Fund believes, however, that investment in these companies will be appropriate because the Fund will invest only in those companies which, in its view, have sufficiently strong exposure to economic and market forces in India and, therefore, their value will tend to reflect developments in India to a greater extent than developments in other countries. For example, the Fund may invest in companies organized and located outside of India when these companies meet one of the elements of the Fund's definition of Indian issuer and so long as the Fund believes at the time of investment that the value of the company's securities will principally reflect conditions in India.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund invests its assets over a broad spectrum of the Indian economy, including, as conditions warrant from time to time, trade, financial and business services, transport and communications, manufacturing, textiles, food processing and construction. In selecting industries and companies for investment, the Adviser will consider overall growth prospects, competitive positions in export markets, technologies, research and development, productivity, labor costs, raw material costs and sources, profit margins, returns on investment, capital resources, government regulation, management and other factors. The Fund does not invest more than 25% of its total assets in any one industry.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">To the extent that the Fund's assets are not invested in equity securities of Indian issuers, the remainder of its assets may be invested in (i) debt securities of Indian issuers, (ii) debt securities issued or guaranteed by the Indian Government or an Indian governmental </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>26</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">entity and (iii) short-term and medium-term debt securities of the type described below under "Temporary Investments." The Fund's assets may be invested in debt securities when the Fund believes that, based upon factors such as relative interest rate levels and foreign exchange rates, debt securities offer opportunities for long-term capital appreciation. It is likely that many of the debt securities in which the Fund will invest will be unrated and, whether or not rated, the debt securities may have speculative characteristics. The Fund will not, however, invest in debt securities rated below investment grade or, if unrated, considered by the Adviser to be of less than investment grade quality. However, there may be no readily available trading market for these securities and the Fund may not be able readily to dispose of such securities at prices that approximate those at which the Fund could sell securities if they were more widely traded. Currently, the market in debt securities of Indian issuers, excluding debt securities issued or guaranteed by the Indian government or a government entity, is not significant. In addition, for temporary defensive purposes, the Fund may invest less than 80% of its total assets in equity securities of Indian issuers.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may invest indirectly in securities of Indian issuers through sponsored or unsponsored American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other types of depositary receipts (which, together with ADRs and GDRs, are hereinafter collectively referred to as "Depositary Receipts"), to the extent such Depositary Receipts become available. Depositary Receipts may not necessarily be denominated in the same currency as the underlying securities. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. ADRs are dollar-denominated Depositary Receipts typically issued by a U.S. financial institution which evidence an ownership interest in a security or pool of securities issued by a foreign corporation. ADRs are listed and traded in the United States. GDRs and other types of Depositary Receipts are typically issued by foreign banks or trust companies, although they also may be issued by U.S. financial institutions, and evidence ownership interests in a security or pool of securities issued by either a foreign or a U.S. corporation. Generally, Depositary Receipts in registered form are designed for use in the U.S. securities market and Depositary Receipts in bearer form are designed for use in securities markets outside the United States. Depositary Receipts may be "sponsored" or "unsponsored." Sponsored Depositary Receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored Depositary Receipts may be established by a depositary without participation by the underlying issuer. Holders of unsponsored Depositary Receipts generally bear all the costs associated with establishing unsponsored Depositary Receipts. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. For purposes of the Fund's investment policies, the Fund's investments in Depositary Receipts will be deemed to be an investment in the underlying securities, except that ADRs may be deemed to be issued by a U.S. issuer.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund generally purchases and holds securities for long-term capital appreciation and does not generally trade for short-term gain. Accordingly, it is anticipated that the annual portfolio turnover rate normally will not exceed 60%, although, in any particular year, market conditions could result in portfolio activity at a greater or lesser rate than anticipated. The portfolio turnover rate for a year is calculated by dividing the lesser of sales or purchases of portfolio securities during that year by the average monthly value of the fund's portfolio securities, excluding money market instruments. The rate of portfolio turnover will not be a limiting factor when the Fund deems it appropriate to purchase or sell securities for the Fund.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>27</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Foreign Institutional Investor Authorization</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">A foreign investor is permitted to invest in India either under the foreign direct investment ("FDI") route or under the foreign venture capital route as a foreign venture capital fund or under foreign portfolio investment route as a foreign institutional investor ("FII"). An FII is permitted to invest in the Indian primary and secondary market as per the provisions of the Securities and Exchange Board of India (Foreign Institutional Investor) Regulations 1995 (as amended from time to time) (the "Regulations") and the Government of India guidelines issued by the Ministry of Finance on September 14, 1992, only after obtaining registration as an FII. The Regulations provide detailed guidelines relating to the registration process of FIIs and sub-accounts. At the time of granting a certificate of registration, the Securities and Exchange Board of India ("SEBI") takes into account among others, the track record of the FII and its professional competence and financial soundness. Further, FIIs seeking registration must be registered with the securities commission or any other regulatory organization for stock markets in its home jurisdiction. Pursuant to an amendment to the Regulations in May 2008, the FII and sub-account registration is made permanent unless suspended or cancelled by SEBI. Also, an FII and a sub-account which has been registered with SEBI prior to the said amendment is required to file information in Form A and in Form AA in the case of an FII and sub-account respectively, at least three months prior to the date of expiry of the earlier license.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Adviser and the Fund each obtained a registration certificate from SEBI on April 21, 1993 and April 15, 1994, respectively, and each registration has been renewed as required.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">A registered FII is permitted to invest in securities which are listed or to be listed on the primary and secondary market, exchange-traded funds, unlisted securities, mutual funds, government securities and corporate debts (listed or unlisted ) or such other securities and on such terms and conditions as provided in the Regulations. The Regulations also provide for certain investment restrictions, including a ceiling of 10% of the total issued share capital of any one company subject to a ceiling of aggregate investment by all FIIs of 24% of the total issued share capital of the company. This limit of 24% may be increased to the relevant sectoral cap/ceiling of FDI in respect of the said company with the passing of a special resolution, voted favorably on by at least three-fourths of the shareholders present and voting, by the company in a general meeting. The 10% limitation will apply to each sub-account managed under the Adviser's FII authorization, including the Fund. Only registered FIIs and offshore mutual funds which comply with certain statutory conditions may make direct portfolio investments in exchange traded Indian securities. Income, gains and initial capital are freely repatriable subject to payment of applicable Indian taxes, including withholding, securities transaction and capital gains tax (wherever applicable).</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Derivatives</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to seek to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of securities listed herein to the extent they have economic characteristics similar to such securities. 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 </font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. 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 SEC relating to a closed-end 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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Following is a description of the derivative instruments and techniques that the Fund may use and their associated risks:</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Foreign Currency Forward Exchange Contracts.</i> &#xa0;In connection with its investments in foreign securities, the Fund also may enter into contracts with banks, brokers/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 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>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>29</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Futures.</i> &#xa0;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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Structured Investments.</i> &#xa0;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 style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Foreign and Emerging Market Securities</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Investments in foreign markets entail special risks such as currency, political (including geopolitical), 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 </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>30</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade 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 or illiquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Investments may also become less liquid as a result of governmental, regulatory or other similar actions. When the Fund holds illiquid investments, its portfolio may be harder to value and the Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded or liquid. As a result, the Fund may have to sell other investments or engage in borrowing or other similar transactions as necessary to raise funds to meet its obligations and the Fund's ability to make dividend distributions may be adversely affected. In addition, the Fund's investments that become less liquid or illiquid may also decline in value, potentially suddenly and significantly, thus adversely impacting the Fund. 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 style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Non-Publicly Traded Securities</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Securities in which the Fund may invest include those that are neither listed on a stock exchange nor traded over-the-counter ("OTC"). As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which may be applicable if their securities were publicly traded. If such securities are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Although as a general matter there is no limitation on the Fund's investments in non-publicly traded securities, the Fund does not intend to invest more than 25% of its total assets in non-publicly traded securities.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Other Investment Companies</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may invest its assets in securities of other open- and closed-end investment companies. As a stockholder in an investment company, the Fund will bear its ratable share of that investment company's expenses, and will remain subject to payment of the Fund's advisory and other fees and expenses with respect to assets so invested. Holders of common shares will therefore be subject to additional expenses to the extent that the Fund invests in other investment companies. Expenses will be taken into account when evaluating the investment merits of an investment in an investment company relative to available investments. In addition, the </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>31</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">securities of other investment companies may also be leveraged and will therefore be subject to certain leverage risks. The net asset value and market value of leveraged securities will be more volatile and the yield to stockholders will tend to fluctuate more than the yield generated by unleveraged securities. Investment companies may have investment policies that differ from those of the Fund.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Temporary Investments</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">During periods in which the Adviser believes that changes in economic, financial or political conditions make it advisable, the Fund may, for temporary defensive purposes, reduce its holdings in equity and other securities and invest in certain short-term (less than 12 months to maturity) and medium-term (not greater than five years to maturity) debt securities or hold cash. The short-term and medium-term debt securities in which the Fund may invest consist of (a) obligations of the U.S. or Indian governments, their respective agencies or instrumentalities; (b) bank deposits and bank obligations (including certificates of deposit, time deposits and bankers' acceptances) of U.S. or Indian banks denominated in any currency; (c) floating rate securities and other instruments denominated in any currency issued by international development agencies; (d) finance company and corporate commercial paper and other short-term corporate debt obligations of U.S. and Indian corporations; and (e) repurchase agreements with banks and broker/dealers with respect to such securities. The Fund intends to invest for temporary defensive purposes only in short-term and medium-term debt securities that are rated A or better by Standard &amp; Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. ("S&amp;P"), or Moody's Investors Service, Inc. ("Moody's") or that the Adviser believes to be of comparable quality, i.e., subject to relatively low risk of loss of interest or principal. The Fund may invest more than 20% and possibly up to 100% of its assets in temporary investments for temporary defensive purposes, including due to political, market or other factors affecting markets in India.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Repurchase agreements with respect to the securities described in the preceding paragraph are contracts under which a buyer of a security simultaneously commits to resell the security to the seller at an agreed upon price and date. Under a repurchase agreement, the seller is required to maintain the value of the securities subject to the repurchase agreement at not less than their repurchase price. The Adviser monitors the values of such securities daily to determine that the values equal or exceed the repurchase price including accrued interest. Repurchase agreements may involve risks in the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Loans of Portfolio Securities</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may lend its portfolio securities to brokers, dealers, banks and other institutional investors. By lending its portfolio securities, the Fund attempts to increase its net investment income through the receipt of interest on the cash collateral with respect to the loan or fees received from the borrower in connection with the loan. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. The Fund employs an agent to implement the securities lending program and the agent receives a fee from the Fund for its services. The Fund will not lend more than 33 1/3% of the value of its net assets.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may lend its portfolio securities consistent with the Fund's investment objective so long as the terms, structure and the aggregate amount of such loans are not inconsistent with the Investment Company Act or the rules and regulations or interpretations of the SEC thereunder, which currently require that (i) the borrower pledge and maintain with the Fund collateral consisting of liquid, </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>32</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">unencumbered assets having a value at all times not less than 100% of the value of the securities loaned; (ii) the borrower add to such collateral whenever the price of the securities loaned rises (i.e., the borrower "marks to market" on a daily basis); (iii) the loan be made subject to termination by the Fund at any time; and (iv) the Fund receives a reasonable return on the loan (which may include the Fund investing any cash collateral in interest bearing short-term investments), any distributions on the loaned securities and any increase in their market value. In addition, voting rights may pass with the loaned securities, but the Fund will retain the right to call any security in anticipation of a vote that the Adviser deems material to the security on loan.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">There may be risks of delay and costs involved in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. These delays and costs could be greater for foreign securities. However, loans will be made only to borrowers deemed by the Adviser to be creditworthy and when, in the judgment of the Adviser, the income which can be earned from such securities loans justifies the attendant risk. All relevant facts and circumstances, including the creditworthiness of the broker, dealer or institution, will be considered in making decisions with respect to the lending of securities, subject to review by the Fund's Board. The Fund also bears the risk that the reinvestment of collateral will result in a principal loss. Finally, there is the risk that the price of the securities will increase while they are on loan and the collateral will not be adequate to cover their value.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Pricing of Securities</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Certain of the Fund's securities may be valued by an outside pricing service approved by the Board. The pricing service/vendor may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolio securities valued by such pricing service. Pricing services value securities assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Determination of NAV</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund determines the NAV per share as of the close of the NYSE (normally 4:00 p.m. Eastern time) on each day that the NYSE 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 style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>33</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-Diversification.</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund is non-diversified, which means that the Fund may invest a greater percentage of its assets in a smaller number of issuers than diversified funds. A fund that is classified as non-diversified may be more susceptible to an adverse event affecting a single issuer or portfolio investment than a diversified portfolio and a decline in the value of that issuer's securities or that portfolio investment may cause the Fund's overall value to decline to a greater degree than a diversified portfolio.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risks of Investing in Equity Securities of Indian Companies</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The value of the Fund's investments in securities of Indian companies may be affected by certain risks and considerations not typically associated with investing in securities of U.S. issuers, including (a) controls on foreign investment and limitations on repatriation of invested capital and on the Fund's ability to exchange Rupees for U.S. dollars, (b) greater price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets, (c) currency devaluations and other currency exchange rate fluctuations, (d) more substantial governmental involvement in the economy, (e) higher rates of inflation and (f) greater political, economic and social uncertainty. In addition, accounting, auditing and financial reporting standards in India are different from U.S. standards and, therefore, disclosure of certain material information may not be made and less information may be available to the Fund and other investors than would be the case if the Fund's investments were restricted to securities of U.S. issuers. There is also generally less governmental regulation of the securities industry in India, and less enforcement of regulatory provisions relating thereto, than in the United States. Moreover, it may be more difficult to obtain a judgment in a court outside the United States. The Fund will be subject to withholding taxes, including withholding taxes imposed on dividends, interest and realized capital gains by the government of India.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">India's guidelines under which foreign investors may invest in securities of Indian companies are evolving. There can be no assurance that these investment control regimes will not change in a way that makes it more difficult or impossible for the Fund to achieve its investment objective or repatriate its income, gains and initial capital from India. In addition, India may require withholding on dividends paid on portfolio securities and on realized capital gains. There can be no assurance that restrictions on repatriation of the Fund's income, gains or initial capital from India will not occur.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Securities of Indian companies will generally be denominated in foreign currency, mainly the Rupee. Accordingly, the value of the Fund will fluctuate depending on the rate of exchange between the U.S. dollar and such foreign currency. India's securities markets are susceptible to being influenced by large investors trading significant blocks of securities. In addition, India also has less developed clearance and settlement procedures, which can cause settlements to be significantly delayed. In addition, the Indian stock exchanges have in the past been subject to closure, broker defaults and broker strikes, and there can be no certainty that this will not recur. Furthermore, significant delays are common in registering transfers of securities and the Fund may be unable to sell securities until the registration process is completed and may experience delays in receipt of dividends and other entitlements.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Indian population is composed of diverse religious, linguistic and ethnic groups. Religious and border disputes persist in India. Moreover, India has from time to time experienced civil unrest and hostilities with neighboring countries, such as Pakistan. The Indian </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>34</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">government has confronted separatist movements in several Indian states. If the Indian government is unable to control the violence and disruption associated with these tensions, the results could destabilize the economy, which could adversely affect private sector companies and the Fund.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Political and economic structures in India are undergoing significant evolution and rapid development, and may lack the social, political and economic stability characteristic of the United States. The risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the values of investments in India and the availability of additional investments. The laws in India relating to limited liability of corporate shareholders, fiduciary duties of officers and directors, and the bankruptcy of state enterprises are generally less well developed than or different from such laws in the United States. Additionally, Monsoons and natural disasters also can affect the value of investments in Indian companies.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign and Emerging Market Securities</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Investments in foreign markets entail special risks such as currency, political (including geopolitical), economic and market risks. There also may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction and custody costs, decreased market liquidity and less government and exchange regulation associated with investments in foreign markets. 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. 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, companies, entities and/or individuals, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. 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 or illiquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Investments may also become less liquid or illiquid as a result of governmental, regulatory or other similar actions. When the Fund holds illiquid investments, its portfolio may be harder to value and the Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded or liquid. As a result, the Fund may have to sell other investments or engage in borrowing or other similar transactions as necessary to raise funds to meet its obligations and the Fund's ability to make dividend distributions may be adversely affected. In addition, the Fund's investments that become less liquid or illiquid may also decline in value, potentially suddenly and significantly, thus adversely impacting the Fund. The risks of investing in emerging market countries are greater than the risks associated with investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>35</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">record keeping and therefore, material information related to an investment may not be available or reliable. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets 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 those investments will fluctuate with U.S. dollar exchange rates. To the extent hedged by the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange 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 securities between the date on which the contract is entered into and the date it matures. 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 foreign currency forward exchange contracts create exposure to currencies in which the Fund's securities are not denominated. The use of foreign currency forward exchange 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. Economic sanctions or other similar measures, may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar measures could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities, negatively impact the value of liquidity of the Fund's investments, significantly delay or prevent the settlement of the Fund's securities tranasctions, force the Fund to sell or otherwise dispose of investments at inopportune times or prices, or impair the Fund's ability to meet its investment objective or invest in accordance with its investment strategies.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may, but is not required to, use derivatives and other similar instruments for a variety of purposes, including hedging, risk management, portfolio management or to seek to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of securities listed herein to the extent they have economic characteristics similar to such securities. 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. Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of the underlying asset or instrument and may be subject to 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, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. 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.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 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>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>36</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The derivative instruments and techniques that the Fund may use include:</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Futures.</i> &#xa0;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. While the value of a futures contract tends to increase or decrease in tandem with the value of the underlying instrument, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. 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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Options.</i> &#xa0;If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or contract, such as a swap agreement or futures contract, on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or foreign currency, or swap or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Index Options.</i> &#xa0;Call and put options on indices operate similarly to options on securities. Rather than the right to buy or sell a single security at a specified price, options on an index give the holder the right to receive, upon exercise of the option, an amount of cash determined by reference to the difference between the value of the underlying index and the strike price. The underlying index may be a broad-based index or a narrower market index. Unlike many options on securities, all settlements are in cash. The settlement amount, which the writer of an index option must pay to the holder of the option upon exercise, is generally equal to the difference between the strike price of the option and the value of the underlying index, multiplied by a specified multiplier. The multiplier determines the size of the investment position the option represents. Gain or loss to the Fund on index options transactions will depend, in part, on price movements of the underlying index generally or in a particular segment of the index rather than price movements of individual components of the index. As with other options, the Fund may close out its position in index options through closing purchase transactions and closing sale transactions provided that a liquid secondary market exists for such options.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>37</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Swaps.</i> &#xa0;The Fund may enter into OTC swap contracts or cleared swap transactions. An OTC swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Certain swaps have begun trading on exchanges called swap execution facilities. Exchange trading is expected to increase liquidity of swaps trading. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis. The Fund may pay fees or incur costs each time it enters into, amends or terminates a swap agreement.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund's use of swaps may include those based on the credit of an underlying security, commonly referred to as "credit default swaps." Where the Fund is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by a third-party on the debt obligation. If no default occurs, the Fund would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed upon) value of a referenced debt obligation upon the default or similar event of the issuer of the referenced debt obligation.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Currency Derivatives.</i> &#xa0;Investments in currency derivatives may substantially change the Fund's exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the Adviser expects. In addition, investments in currency derivatives, to the extent that they reduce the Fund's exposure to currency risks, may also reduce the Fund's ability to benefit from favorable changes in currency exchange rates. The Fund is not required to hedge any portfolio holding with the use of currency derivatives. Accordingly, Fund shareholders would bear the risk of currency fluctuations with respect to unhedged portfolio positions.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Foreign currency derivatives may involve, for example, the purchase of foreign currencies for U.S. dollars or the maintenance of short positions in foreign currencies. Foreign currency derivatives may involve the Fund agreeing to exchange an amount of a currency it does not currently own for another currency at a future date. The Fund would typically engage in such a transaction in anticipation of a decline in the value of the currency it sells relative to the currency that the Fund has contracted to receive in the exchange. The Adviser's success in these transactions will depend principally on its ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>38</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Foreign currency forward exchange contracts and currency futures and options contracts may be used for non-hedging purposes in seeking to meet the Fund's investment objective, such as when the Adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the Fund's investment portfolio. Investing in foreign currencies for purposes of gaining from projected changes in exchange rates, as opposed to hedging currency risks applicable to the Fund's holdings, further increases the Fund's exposure to foreign securities losses. There is no assurance that the Adviser's use of currency derivatives will benefit the Fund or that they will be, or can be, used at appropriate times.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Structured Investments.</i> &#xa0;The Fund also may invest a portion of their 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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Regulatory Matters.</i> &#xa0;Regulatory developments affecting the exchange-traded and OTC derivatives markets may impair the Fund's ability to manage or hedge its investment portfolio through the use of derivatives. In particular, in October 2020, the SEC adopted a final rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinded and withdrew the guidance of the SEC and its staff regarding asset segregation and cover transactions previously applicable to the Funds' derivatives and other transactions. These requirements may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. The rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk ("VaR") leverage limit, certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless the fund qualifies as a "limited derivatives user." Under the rule, when the Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether the Fund is a limited derivatives user, but for funds subject to the VaR testing, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection with the rule regarding use of securities lending collateral that may limit the Funds' securities lending activities. These requirements may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>39</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules promulgated thereunder may limit the ability of the Fund to enter into one or more exchange-traded or OTC derivatives transactions.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund's use of derivatives may also be limited by the requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company for U.S. federal income tax purposes.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Depositary Receipts</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Depositary receipts represent an ownership interest in securities of foreign companies (an "underlying issuer") that are deposited with a depositary. Depositary receipts are not necessarily denominated in the same currency as the underlying securities. Depositary receipts include American depositary receipts ("ADRs"), global depositary receipts ("GDRs") and other types of depositary receipts (which, together with ADRs and GDRs, are hereinafter collectively referred to as "Depositary Receipts"). ADRs are dollar-denominated Depositary Receipts typically issued by a U.S. financial institution and evidence an ownership interest in a security or pool of securities issued by a foreign issuer. ADRs are listed and traded in the United States. ADRs also include American depositary shares. GDRs and other types of Depositary Receipts are typically issued by foreign banks or trust companies, although they also may be issued by U.S. financial institutions, and evidence ownership interests in a security or pool of securities issued by either a foreign or a U.S. corporation. Generally, Depositary Receipts in registered form are designed for use in the U.S. securities market and Depositary Receipts in bearer form are designed for use in securities markets outside the United States.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Depositary Receipts may be "sponsored" or "unsponsored." Sponsored Depositary Receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored Depositary Receipts may be established by a depositary without participation by the underlying issuer. Holders of unsponsored Depositary Receipts generally bear all the costs associated with establishing unsponsored Depositary Receipts. In addition, the issuers of the securities underlying unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. For purposes of the Fund's investment policies, the Fund's investments in Depositary Receipts will be deemed to be an investment in the underlying securities, except that ADRs may be deemed to be issued by a U.S. issuer.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investment Company Securities</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Investment company securities are equity securities and include securities of other open-end, closed-end and unregistered investment companies, including foreign investment companies, hedge funds, exchange-traded funds ("ETFs") and money market funds. The Fund may, to the extent noted in the Fund's non-fundamental limitations, invest in investment company securities as may be permitted by (i) the 1940 Act; (ii) the rules and regulations promulgated by the SEC under the 1940 Act; or (iii) an exemption or other relief applicable to the Fund from provisions of the 1940 Act. The 1940 Act generally prohibits an investment company from acquiring more than 3% of the outstanding voting shares of an investment company and limits such investments to no more than 5% of the Fund's total assets in any one investment company and no more than 10% in any combination of investment companies. The 1940 Act also prohibits the Fund from acquiring in the aggregate more than 10% of the outstanding voting shares of any registered closed-end investment company. The Fund may invest in investment company securities of investment companies managed by the </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>40</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Adviser or its affiliates to the extent permitted under the 1940 Act or as otherwise authorized by the SEC. To the extent the Fund invests a portion of its assets in investment company securities, those assets will be subject to the risks of the purchased investment company's portfolio securities, and a shareholder in the Fund will bear not only their proportionate share of the expenses of the Fund, but also, indirectly the expenses of the purchased investment company.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-Publicly Traded Securities, Private Placements and Restricted Securities</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may invest in securities that are neither listed on a stock exchange nor traded OTC, including privately placed and restricted securities. Such unlisted securities may involve a higher degree of business and financial risk that can result in substantial losses. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which might be applicable if their securities were publicly traded. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability of the Fund to arrive at a fair value for certain securities at certain times and could make it difficult for the Fund to sell certain securities. If such securities are required to be registered under the securities laws of one or more jurisdictions before being sold, the Fund may be required to bear the expenses of registration.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may purchase equity securities, in a private placement, that are issued by issuers who have outstanding, publicly-traded equity securities of the same class ("private investments in public equity" or "PIPEs"). Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Loans of Portfolio Securities</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may lend its portfolio securities to brokers, dealers, banks and other institutional investors. By lending its portfolio securities, the Fund attempts to increase its net investment income through the receipt of interest on the cash collateral with respect to the loan or fees received from the borrower in connection with the loan. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. The Fund employs an agent to implement the securities lending program and the agent receives a fee from the Fund for its services. The Fund will not lend more than 33 1/3% of the value of its total assets.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may lend its portfolio securities so long as the terms, structure and the aggregate amount of such loans are not inconsistent with the 1940 Act or the rules and regulations or interpretations of the SEC thereunder, which currently require that (i) the borrower pledge and maintain with the Fund collateral consisting of liquid, unencumbered assets having a value not less than 100% of the value </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>41</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">of the securities loaned; (ii) the borrower adds to such collateral whenever the price of the securities loaned rises (i.e., the borrower "marks-to-market" on a daily basis); (iii) the loan be made subject to termination by the Fund at any time; and (iv) the Fund receives a reasonable return on the loan (which may include the Fund investing any cash collateral in interest bearing short-term investments), any distributions on the loaned securities and any increase in their market value. In addition, voting rights may pass with the loaned securities, but the Fund will retain the right to call any security in anticipation of a vote that the Adviser deems material to the security on loan.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Loans of securities involve a risk that the borrower may fail to return the securities or may fail to maintain the proper amount of collateral, which may result in a loss of money by the Fund. There may be risks of delay and costs involved in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. These delays and costs could be greater for foreign securities. However, loans will be made only to borrowers deemed by the Adviser to be creditworthy and when, in the judgment of the Adviser, the income that can be earned from such securities loans justifies the attendant risk. All relevant facts and circumstances, including the creditworthiness of the broker, dealer, bank or institution, will be considered in making decisions with respect to the lending of securities, subject to review by the Fund's Board of Directors. The Fund also bears the risk that the reinvestment of collateral will result in a principal loss. Finally, there is the risk that the price of the securities will increase while they are on loan and the collateral will not be adequate to cover their value.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market and Geopolitical Risk</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The value of your investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. Price movements, sometimes called volatility, may be greater or less depending on the types of securities the Fund owns and the markets in which the securities trade. Volatility and disruption in financial markets and economies may be sudden and unexpected, expose the Fund to greater risk, including risks associated with reduced market liquidity and fair valuation, and adversely affect the Fund's operations. For example, the Adviser potentially will be prevented from executing investment decisions at an advantageous time or price as a result of any domestic or global market disruptions and reduced market liquidity may impact the Fund's ability to sell securities to meet redemptions.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The increasing interconnectivity between global economies and markets increases the likelihood that events or conditions in one region, sector, industry, market or with respect to one company may adversely impact issuers in a different country, region, sector, industry or market. For example, adverse developments in the banking or financial services sector could impact companies operating in various sectors or industries and adversely impact the Fund's investments. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics), 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, health emergencies, 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. Inflation rates may change frequently and significantly because of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>42</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">may change). Changes in expected inflation rates may adversely affect market and economic conditions, the Fund's investments and an investment in the Fund. Other financial, economic and other global market and social developments or disruptions may result in similar adverse circumstances, and 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 (which may last for extended periods). In general, the securities or other instruments that the Adviser believes represent an attractive investment opportunity or in which the Fund seeks to invest may be unavailable entirely or in the specific quantities sought by the Fund. As a result, the Fund may need to obtain the desired exposure through a less advantageous investment, forgo the investment at the time or seek to replicate the desired exposure through a derivative transaction or investment in another investment vehicle. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund's portfolio. There is a risk that you may lose money by investing in the Fund.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., the novel coronavirus outbreak, epidemics and other pandemics), terrorism, conflicts and social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies and financial markets and the Adviser's investment advisory activities and services of other service providers, which in turn could adversely affect the Fund's investments and other operations.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Government and other public debt, including municipal obligations in which the Fund may invest, can be adversely affected by large and sudden changes in local and global economic conditions that result in increased debt levels. Although high levels of government and other public debt do not necessarily indicate or cause economic problems, high levels of debt may create certain systemic risks if sound debt management practices are not implemented. A high debt level may increase market pressures to meet an issuer's funding needs, which may increase borrowing costs and cause a government or public or municipal entity to issue additional debt, thereby increasing the risk of refinancing. A high debt level also raises concerns that the issuer may be unable or unwilling to repay the principal or interest on its debt, which may adversely impact instruments held by the Fund that rely on such payments. Governmental and quasi-governmental responses to certain economic or other conditions may lead to increasing government and other public debt, which heighten these risks. Unsustainable debt levels can lead to declines in the value of currency and can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturns, can generate or contribute to an economic downturn or cause other adverse economic or market developments, such as increases in inflation or volatility. Increasing government and other public debt may adversely affect issuers, obligors, guarantors or instruments across a variety of asset classes.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Global events may negatively impact broad segments of businesses and populations cause a significant negative impact on the performance of the Fund's investments, and adversely affect and increase the volatility of the Fund's share price, exacerbate pre-existing political, social and economic risks to the Fund. The Fund's operations may be interrupted as a result, which may contribute to the negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund's investment performance. In addition, government actions (such as changes to interest rates) could have unintended economic and market consequences that adversely affect the Fund's investments.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>43</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Principal Risks (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Special Risks Related to Cyber Security.</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 shareholders, potentially resulting in, among other things, financial losses; the inability of Fund shareholders to transact 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>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>44</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Additional Information Regarding the Fund (unaudited)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Fundamental Investment Restrictions</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The following restrictions are fundamental policies of the Fund that may not be changed without the approval of the holders of a majority of the Fund's outstanding voting securities. Except in the case of borrowings, if a percentage restriction on investment or use of assets set forth below is adhered to at the time a transaction is effected, later changes will not be considered a violation of the restriction. Also, if the Fund receives from an issuer of securities held by the Fund subscription rights to purchase securities of that issuer, and if the Fund exercises such subscription rights at a time when the Fund's portfolio holdings of securities of that issuer would otherwise exceed the limits set forth below, it will not constitute a violation if, prior to the time the Fund is considered to be obligated to purchase additional securities upon exercise of such rights, the Fund has sold at least as many securities of the same class and value as it would receive on exercise of such rights.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">As a matter of fundamental policy:</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">1.&#xa0;&#xa0;The Fund will not invest more than 25% of its total assets in a particular industry (including for this purpose any securities issued by a government other than the U.S. government).</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">2.&#xa0;&#xa0;The Fund may not make any investment for the purpose of exercising control or management.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">3.&#xa0;&#xa0;The Fund may not buy or sell commodities or commodity contracts or real estate or interests in real estate, except that it may purchase and sell futures contracts on stock indices and foreign currencies, securities which are secured by real estate or commodities, and securities of companies which invest or deal in real estate or commodities.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">4.&#xa0;&#xa0;The Fund may not make loans, except that the Fund may (i) buy and hold debt instruments in accordance with its investment objective and policies, (ii) enter into repurchase agreements to the extent permitted under applicable law, and (iii) make loans of portfolio securities.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">5.&#xa0;&#xa0;The Fund may not act as an underwriter except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under applicable securities laws.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">6.&#xa0;&#xa0;The Fund may issue senior securities or borrow money in an amount not in excess of 33 1/3% of the Fund's total assets (not including the amount borrowed).</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">7.&#xa0;&#xa0;The Fund may purchase securities on margin and engage in short sales of securities.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Dividend Reinvestment and Cash Purchase Plan (unaudited)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Morgan Stanley India Investment Fund, Inc.<br>Computershare Trust Company, N.A.<br>P.O. Box 43078<br>Providence, Rhode Island 02940-3078<br>1 (800) 231-2608</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>46</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Potential Conflicts of Interest (unaudited)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">As a diversified global financial services firm, Morgan Stanley, the parent company of the Adviser, engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker/dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley's interests or the interests of its clients may conflict with the interests of the Fund. Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with the Morgan Stanley Funds, any new or successor funds, programs, accounts or businesses (other than funds, programs, accounts or businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. ("Eaton Vance Investment Accounts")), the "MS Investment Accounts," and, together with the Eaton Vance Investment Accounts, the "Affiliated Investment Accounts") with a wide variety of investment objectives that in some instances may overlap or conflict with the Fund's investment objectives and present conflicts of interest. In addition, Morgan Stanley or the Adviser may also from time to time create new or successor Affiliated Investment Accounts that may compete with the Fund and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The discussions below with respect to actual, apparent and potential conflicts of interest also may be applicable to or arise from the Eaton Vance Investment Accounts whether or not specifically identified.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Material Non-public Information.</i> &#xa0;It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the Adviser. If such information becomes available, the Adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. Morgan Stanley has established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley. In limited circumstances, however, including for purposes of managing business and reputational risk, and subject to policies and procedures and any applicable regulations, Morgan Stanley personnel, including personnel of the investment adviser, on one side of an information barrier may have access to information and personnel on the other side of the information barrier through "wall crossings." The Adviser faces conflicts of interest in determining whether to engage in such wall crossings. Information obtained in connection with such wall crossings may limit or restrict the ability of the Adviser to engage in or otherwise effect transactions on behalf of the Fund (including purchasing or selling securities that the Adviser may otherwise have purchased or sold for the Fund in the absence of a wall crossing).</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Investments by Morgan Stanley and its Affiliated Investment Accounts.</i> &#xa0;In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the Adviser and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of the Fund or its shareholders. The Fund's investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of investment opportunities among the Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the Adviser. Certain Affiliated Investment Accounts may provide for </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>47</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Potential Conflicts of Interest (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the Adviser to favor such other accounts. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, the Adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the Adviser, including the Fund, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the Adviser.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Investments by Separate Investment Departments.</i> &#xa0;The entities and individuals that provide investment-related services for the Fund and certain other MS Investment Accounts (the "MS Investment Department") may be different from the entities and individuals that provide investment-related services to Eaton Vance Investment Accounts (the "Eaton Vance Investment Department" and, together with the MS Investment Department, the "Investment Departments"). Although Morgan Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other Investment Department on certain matters relating to investment research and certain other activities. An Eaton Vance Investment Account could trade in advance of the Fund (and vice versa), might complete trades more quickly and efficiently than the Fund, and/or achieve different execution than the Fund on the same or similar investments made contemporaneously, even when the Investment Departments shared research and viewpoints that led to that investment decision. Any sharing of information or resources between the Investment Department servicing the Fund and the Eaton Vance Investment Department may result, from time to time, in the Fund simultaneously or contemporaneously seeking to engage in the same or similar transactions as an account serviced by the other Investment Department and for which there are limited buyers or sellers on specific securities, which could result in less favorable execution for the Fund than such Affiliated Investment Account.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Payments to Broker/Dealers and Other Financial Intermediaries.</i> &#xa0;The Adviser and/or the Distributor may pay compensation, out of their own funds and not as an expense of the Fund, to certain Financial Intermediaries (which may include affiliates of the Adviser and the Distributor), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the Fund and/or shareholder servicing. The prospect of receiving, or the receipt of, additional compensation, as described above, by Financial Intermediaries may provide such Financial Intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Fund over other investment options with respect to which these Financial Intermediaries do not receive additional compensation (or receives lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Fund or the amount that the Fund receives to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any disclosures provided by Financial Intermediaries as to their compensation.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Morgan Stanley Trading and Principal Investing Activities.</i> &#xa0;Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for the Fund's holdings, although these activities could have an adverse impact on the value of one or more of the Fund's investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and potentially adverse to, that of the Fund.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>48</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Potential Conflicts of Interest (unaudited) (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Morgan Stanley's Investment Banking and Other Commercial Activities.</i> &#xa0;Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with the Fund and with respect to investments that the Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by the Fund. Morgan Stanley may give advice and provide recommendations to persons competing with the Fund and/or any of the Fund's investments that are contrary to the Fund's best interests and/or the best interests of any of its investments.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Morgan Stanley may be engaged to act as a financial advisor to a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in connection with such transactions. Morgan Stanley's compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, the Fund may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to a merger or an acquisition.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>General Process for Potential Conflicts.</i> &#xa0;All of the transactions described above involve the potential for conflicts of interest between the Adviser, related persons of the Adviser and/or their clients. The Investment Advisers Act of 1940, as amended (the "Advisers Act") the 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, the Adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. The Adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>49</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Important Notices (unaudited)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Reporting to Shareholders</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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 and annual reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley makes these reports available on its public website, www.morganstanley.com/im. 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 and monthly holding for each money market fund on Form N-MFP. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to stockholders, but makes the complete schedule of portfolio holdings for the Fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may, however, obtain Form N-PORT filings (as well as the Form N-CSR, N-CSRS and N-MFP 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 style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">In addition to filing a complete schedule of portfolio holdings with the SEC each fiscal quarter, 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>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Proxy Voting Policies and Procedures and Proxy Voting Record</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">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. This information is also available on the SEC's web site at www.sec.gov.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Share Repurchase Program</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">You can access information about the monthly share repurchase results through Morgan Stanley Investment Management's website: www.morganstanley.com/im.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>50</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice (unaudited)&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">April 2021</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:20pt; font-family: Arial, Helvetica;"><b>FACTS</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:12pt; font-family: Arial, Helvetica;"><b>WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>Why?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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>
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<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 141px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>What?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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 style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> Social Security number and income<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> investment experience and risk tolerance<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> checking account number and wire transfer instructions</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>How?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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>
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<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&#xa0;</p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Reasons we can share your personal information</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 101px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Does MSIM share?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 138px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Can you limit this sharing?</b></font></p></td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our everyday business purposes &#x2014;<br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our marketing purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">to offer our products and services to you</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For joint marketing with other financial companies</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our investment management affiliates' everyday business purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">information about your transactions, experiences, and creditworthiness</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 547px; text-align: left;">
<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our affiliates' everyday business purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">information about your transactions and experiences</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our affiliates' everyday business purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">information about your creditworthiness</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>51</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice (unaudited) (cont'd)&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">April 2021</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 547px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Reasons we can share your personal information</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 101px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Does MSIM share?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 138px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Can you limit this sharing?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our investment management affiliates to market to you</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our affiliates to market to you</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For non-affiliates to market to you</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 138px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&#xa0;</p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>To limit our sharing</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 1119px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com<br><b>Please note:<br></b>If you are a <i>new</i> customer, we can begin sharing your information 30 days from the date we sent this notice. When you are <i>no longer</i> our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>Questions?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com</font></p></td>
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<p style="margin:3pt 0pt 8.25pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Who we are</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Who is providing this notice?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (<i>see</i> Investment Management Affiliates definition below)</font></td>
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<p style="margin:3pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>What we do</b></font></p>
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<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 247px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>How does MSIM protect my personal information?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>How does MSIM collect my personal information?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We collect your personal information, for example, when you<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> open an account or make deposits or withdrawals from your account<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> buy securities from us or make a wire transfer<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> give us your contact information<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.</font></td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>52</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice (unaudited) (cont'd)&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">April 2021</font></p>
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<p style="margin:0pt 0pt 8.25pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>What we do</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Why can't I limit all sharing?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Federal law gives you the right to limit only<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> sharing for affiliates' everyday business purposes &#x2014; information about your creditworthiness<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> affiliates from using your information to market to you<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> sharing for non-affiliates to market to you<br>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">&#xa0;</td>
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<p style="margin:3pt 0pt 8.25pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Definitions</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investment Management Affiliates</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">MSIM Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley &amp; Co.</font></p></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 247px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Affiliates</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Companies related by common ownership or control. They can be financial and non-financial companies.<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 247px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-affiliates</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Companies not related by common ownership or control. They can be financial and non-financial companies.<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><i> MSIM does not share with non-affiliates so they can market to you.</i></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 247px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Joint marketing</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><i> MSIM doesn't jointly market</i></font></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>


<p style="margin:3pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Other important information</b></font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Vermont:</b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> 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 style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>California:</b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> 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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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>53</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Directors and Officers Information (unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Independent Directors:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 127px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Name, Address and Birth<br>Year of Independent Director</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 46px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Position(s)<br>Held with<br>Registrant</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 163px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Length of<br>Time <br>Served*</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1206px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Principal Occupation(s) During Past 5 Years<br>and Other Relevant Professional Experience</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 67px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Number of<br>Funds<br>in Fund<br>Complex<br>Overseen <br>by<br>Independent<br>Director**</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1597px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Other Directorships Held by <br>Independent Director During <br>Past 5 Years***</font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Frances L. Cashman<br>c/o Perkins Coie LLP<br>Counsel to the Independent<br>Directors<br>1155 Avenue of the Americas<br>22nd Floor<br>New York, NY 10036<br>Birth Year: 1961</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since February 2022</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1206px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Chief Executive Officer, Asset Management Portfolio, Delinian Ltd. (financial information) (May 2021-Present); Executive Vice President and various other roles, Legg Mason &amp; Co. (asset management) (2010- 2020); Managing Director, Stifel Nicolaus (2005-2010). </font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">88</font></p></td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1597px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Formerly, Trustee and Investment Committee Member, GeorgiaTech Foundation (since June 2019); Trustee and Chair of Marketing Committee, and Member of Investment Committee, Loyola Blakefield (2017-2023); Trustee, MMI Gateway Foundation (2017-2023); Director and Investment Committee Member, Catholic Community Foundation Board (2012-2018); Director and Investment Committee Member, St. Ignatius Loyola Academy (2011-2017).</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Nancy C. Everett <br>c/o Perkins Coie LLP <br>Counsel to the Independent <br>Directors <br>1155 Avenue of the Americas <br>22nd Floor <br>New York, NY 10036 <br>Birth Year: 1955 </font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since January 2015</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1206px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Chairperson of the Equity Investment Committee (since January 2021); Director or Trustee of various Morgan Stanley Funds (since January 2015); 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">&#xa0;</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">88</font></p></td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1597px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>54</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Directors and Officers Information (unaudited) (cont'd)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Independent Directors (cont'd):</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 127px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Name, Address and Birth <br>Year of Independent Director</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 46px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Position(s)<br>Held with<br>Registrant</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 163px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Length of<br>Time <br>Served*</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1206px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Principal Occupation(s) During Past 5 Years<br>and Other Relevant Professional Experience</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 67px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Number of<br>Funds<br>in Fund<br>Complex<br>Overseen <br>by<br>Independent<br>Director**</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1597px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Other Directorships Held by <br>Independent Director During <br>Past 5 Years***</font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Eddie A. Grier <br>c/o Perkins Coie LLP <br>Counsel to the Independent <br>Directors <br>1155 Avenue of the Americas <br>22nd Floor <br>New York, NY 10036 <br>Birth Year: 1955 </font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since February 2022</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1206px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Dean, Santa Clara University Leavey School of Business (since July 2021); Dean, Virginia Commonwealth University School of Business (2010-2021); President and various other roles, Walt Disney Company (entertainment and media) (1981-2010). </font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">88</font></p></td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1597px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director, Witt/Keiffer, Inc. (executive search) (since 2016); Director, NuStar GP, LLC (energy) (since August 2021); Director, Sonida Senior Living, Inc. (residential community operator) (2016-2021); Director, NVR, Inc. (homebuilding) (2013-2020); Director, Middleburg Trust Company (wealth management) (2014-2019); Director, Colonial Williamsburg Company (2012-2021); Regent, University of Massachusetts Global (since 2021); Director and Chair, ChildFund International (2012-2021); Trustee, Brandman University (2010-2021); Director, Richmond Forum (2012-2019). </font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Jakki L. Haussler <br>c/o Perkins Coie LLP <br>Counsel to the Independent Directors <br>1155 Avenue of the Americas <br>22nd Floor <br>New York, NY 10036 <br>Birth Year: 1957 </font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since January 2015</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1206px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Chairperson of the Audit Committee (since January 2023) and Director or Trustee of various Morgan Stanley Funds (since January 2015); 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">&#xa0;</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">88</font></p></td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1597px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director, Vertiv Holdings Co. (VRT) (since August 2022); Director of Cincinnati Bell Inc. and Member, Audit Committee and Chairman, Governance and Nominating Committee (2008-2021); Director of Service Corporation International and Member, Audit Committee and Investment Committee; Director, Barnes Group Inc. (since July 2021); Member of Chase College of Law Center for Law and Entrepreneurship Board of Advisors; Director of Best Transport (2005-2019); Director of Chase College of Law Board of Visitors; formerly, Member, University of Cincinnati Foundation Investment Committee. </font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
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</div>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>55</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Directors and Officers Information (unaudited) (cont'd)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Independent Directors (cont'd):</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 127px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Name, Address and Birth <br>Year of Independent Director</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 46px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Position(s)<br>Held with<br>Registrant</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 163px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Length of<br>Time <br>Served*</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1206px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Principal Occupation(s) During Past 5 Years<br>and Other Relevant Professional Experience</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 67px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Number of<br>Funds<br>in Fund<br>Complex<br>Overseen <br>by<br>Independent<br>Director**</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1597px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Other Directorships Held by <br>Independent Director During <br>Past 5 Years***</font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Joseph J. Kearns <br>c/o Perkins Coie LLP <br>Counsel to the Independent Directors <br>1155 Avenue of the Americas <br>22nd Floor <br>New York, NY 10036 <br>Birth Year: 1942 </font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since August 1994 (Retired December 31, 2023.)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1206px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Senior Adviser, Kearns &amp; Associates LLC (investment consulting); Chairperson of the Audit Committee (2006-2022) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006); CFO of the J. Paul Getty Trust (1982-1999).</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">88</font></p></td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1597px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director, Rubicon Investments (since February 2019); Prior to August 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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Patricia A. Maleski <br>c/o Perkins Coie LLP <br>Counsel to the Independent Directors <br>1155 Avenue of the Americas <br>22nd Floor <br>New York, NY 10036 <br>Birth Year: 1960 </font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since January 2017</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1206px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Director or Trustee of various Morgan Stanley Funds (since January 2017); Managing Director, JPMorgan Asset Management (2004-2016); Oversight and Control Head of Fiduciary and Conflicts of Interest Program (2015-2016); Chief Control Officer &#x2014; 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">&#xa0;</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">88</font></p></td>
<td colspan="1" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 1597px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Formerly, Trustee (January 2022 to March 2023), Treasurer (January 2023 to March 2023), and Finance Committee (January 2022 to March 2023).</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>


<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">*&#xa0;&#xa0;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 style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">**&#xa0;&#xa0;The Fund Complex includes (as of December 31, 2023) 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 style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">***&#xa0;&#xa0;This includes any directorships at public companies and registered investment companies held by the Directors at any time during the past five years. </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>56</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley India Investment Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>December 31, 2023</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Directors and Officers Information (unaudited) (cont'd)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Executive Officers:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 163px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Name, Address and Birth Year of Executive Officer</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 134px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Position(s) <br>Held with<br>Registrant</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 250px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Length of<br>Time Served*</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 878px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Principal Occupation(s) During Past 5 Years</font></p></td>
<td colspan="1">&#xa0;</td>
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<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">John H. Gernon<br>1585 Broadway<br>New York, NY 10036<br>Birth Year: 1963</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 134px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">President and Principal Executive Officer</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 250px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since September 2013</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 878px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">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.</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Deidre A. Downes<br>1633 Broadway<br>New York, NY 10019<br>Birth Year: 1977</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 134px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Chief Compliance Officer</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 250px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since November 2021</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 878px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Executive Director of the Adviser (since January 2021) and Chief Compliance Officer of various Morgan Stanley Funds (since November 2021). Formerly, Vice President and Corporate Counsel at PGIM and Prudential Financial (October 2016-December 2020).</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Francis J. Smith<br>750 Seventh Avenue<br>New York, NY 10019<br>Birth Year: 1965</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 134px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Treasurer and Principal Financial Officer</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 250px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Treasurer since July 2003 and Principal Financial Officer since September 2002</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 878px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Mary E. Mullin<br>1633 Broadway<br>New York, NY 10019<br>Birth Year: 1967</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 134px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Secretary</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 250px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since June 1999</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 878px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Managing Director of the Adviser and various entities affiliated with the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 163px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Michael J. Key<br>1585 Broadway<br>New York, NY 10036<br>Birth Year: 1979</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 134px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 250px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Since June 2017</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 878px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">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); Managing Director of the Adviser; Head of Product Development for Equity and Fixed Income Funds (since August 2013).</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">The Fund does not make available copies of its statement of additional information because the Fund's shares are not continuously offered, which means that the statement of additional information of the Fund has not been updated after completion of the Fund's offerings and the information contained in the Fund's statement of additional information may have become outdated.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">*&#xa0;&#xa0;This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>57</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Adviser and Administrator</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Morgan Stanley Investment Management Inc.<br>1585 Broadway<br>New York, New York 10036</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Sub-Adviser</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Morgan Stanley Investment Management Company<br>23 Church Street<br>16-01 Capital Square, Singapore 049481</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Custodian</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">State Street Bank and Trust Company<br>One Congress Street<br>Boston, Massachusetts 02114</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Stockholder Servicing Agent</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Computershare Trust Company, N.A.<br>P.O. Box 505000<br>Louisville, Kentucky 40233</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Legal Counsel</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Dechert LLP<br>1095 Avenue of the Americas<br>New York, New York 10036</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Counsel to the Independent Directors</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Perkins Coie LLP<br>1155 Avenue of the Americas,<br>22nd Floor<br>New York, New York 10036</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Ernst &amp; Young LLP<br>200 Clarendon Street<br>Boston, Massachusetts 02116</font></p>
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<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:6pt; font-family: Arial, Helvetica;">For additional Fund information, including the Fund's net asset value per share and information regarding the investments comprising the Fund's portfolio, please call toll free 1 (800) 231-2608 or visit our website at www.morganstanley.com/im. All investments involve risks, including the possible loss of principal.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:6pt; font-family: Arial, Helvetica;">&#xa9; 2024 Morgan Stanley</font></p>
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</p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">CEIIFANN<br>6339048 EXP 02.28.25</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">The
registrant has adopted a code of ethics (the &#x201c;Code of Ethics&#x201d;) 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.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">No
information need be disclosed pursuant to this paragraph.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Not
applicable.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Not
applicable.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Not
applicable.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">(1)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">The
registrant&#x2019;s Code of Ethics is attached hereto as Exhibit&#xa0;13 A.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Not
applicable.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Not
applicable.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The registrant&#x2019;s Board of Directors has
determined that Jakki L. Haussler, an &#x201c;independent&#x201d; Trustee, is an &#x201c;audit committee financial expert&#x201d; 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 &#x201c;expert&#x201d; for any purpose, including without limitation for the purposes of Section&#xa0;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">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; 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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)(b)(c)(d)&#xa0;and (g). Based on fees billed
for the periods shown:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>2023</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Registrant</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Covered
    Entities<sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Audit Fees</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">72,359</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Non-Audit Fees</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Audit-Related Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(2)</sup>&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(2)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Tax Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup>&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(4)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">All Other Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,627,962</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(5)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Non-Audit Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,627,962</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72,359</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,627,962</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>2022</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: center; font-size: 10pt">&#xa0;</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Registrant</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Covered
    Entities<sup>(1)</sup></b></font></td><td style="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Audit Fees</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">72,359</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font-size: 10pt">&#xa0;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 14%; font-size: 10pt; text-align: right">&#xa0;</td><td style="width: 1%; font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Non-Audit Fees</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Audit-Related Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(2)</sup>&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(2)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Tax Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(3)</sup>&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(4)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">All Other Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,778,872</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>(5)</sup>&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Non-Audit Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,778,872</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72,359</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,778,872</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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>&#xa0;</td><td colspan="2" style="text-align: left">N/A- Not applicable, as not required by Item 4.</td></tr>
                                                                                                                                          <tr style="vertical-align: top; text-align: justify">
<td>&#xa0;</td><td style="text-align: left">&#xa0;</td><td style="text-align: justify">&#xa0;</td></tr>
                                                                                                                                          <tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup>&#xa0;</font></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>
<tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup>&#xa0;</font></td><td style="text-align: justify">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&#x2019; 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>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup>&#xa0;</font></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&#x2019;s tax returns.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)</sup>&#xa0;</font></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&#x2019; tax returns.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)</sup>&#xa0;</font></td><td style="text-align: justify">The
                                            fees included under &#x201c;All Other Fees&#x201d; are for services provided by Ernst&#xa0;&amp;
                                            Young LLP related to surprise examinations for certain investment accounts to satisfy SEC
                                            Custody Rules&#xa0;and consulting services related to merger integration for a sister entity
                                            to the Adviser.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)(1)&#xa0;The audit committee&#x2019;s pre-approval policies and
procedures are as follows:</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>AUDIT COMMITTEE</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>AUDIT AND NON-AUDIT SERVICES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PRE-APPROVAL POLICY AND
PROCEDURES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OF THE</b></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>AS ADOPTED AND AMENDED
JULY 23, 2004 AND JUNE 12 AND 13, 2019<sup>3</sup></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><b>1.</b></td><td><b>Statement of Principles</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#x2019;s
independence from the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC has issued rules&#xa0;specifying
the types of services that an independent auditor may not provide to its audit client, as well as the audit committee&#x2019;s administration
of the engagement of the independent auditor. The SEC&#x2019;s rules&#xa0;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 (&#x201c;<font style="text-decoration:underline">general pre-approval</font>&#x201d;); or require the specific pre-approval of the Audit Committee
or its delegate (&#x201c;<font style="text-decoration:underline">specific pre-approval</font>&#x201d;). 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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#xa0;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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#x2019;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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&#x2019;s Independent
Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors&#x2019;
independence.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"></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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>3</sup>&#xa0;</font></td><td style="text-align: justify">This
                                            Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the &#x201c;<font style="text-decoration:underline">Policy</font>&#x201d;),
                                            adopted as of the date above, supersedes and replaces all prior versions that may have been
                                            adopted from time to time.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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"><b>2.</b></td><td><b>Delegation</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As provided in the Act and
the SEC&#x2019;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">&#xa0;</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"><b>3.</b></td><td><b>Audit Services</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#x2019;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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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,&#xa0;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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee has pre-approved
the Audit services in Appendix A. All other Audit services not listed in Appendix A 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">&#xa0;</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"><b>4.</b></td><td><b>Audit-related Services</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Audit-related services are
assurance and related services that are reasonably related to the performance of the audit or review of the Fund&#x2019;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&#x2019;s rules&#xa0;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 &#x201c;Audit services&#x201d;; 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-CEN and/or N-CSR.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee has pre-approved
the Audit-related services in Appendix A. All other Audit-related services not listed in Appendix A 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">&#xa0;</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">&#xa0;</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"><b>5.</b></td><td><b>Tax Services</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#x2019;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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the preceding
paragraph, the Audit Committee has pre-approved the Tax Services in Appendix A. All Tax services in Appendix A 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">&#xa0;</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"><b>6.</b></td><td><b>All Other Services</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee believes,
based on the SEC&#x2019;s rules&#xa0;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&#x2019;s rules&#xa0;on auditor independence.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee has pre-approved
the All Other services in Appendix A. Permissible All Other services not listed in Appendix A 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">&#xa0;</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"><b>7.</b></td><td><b>Pre-Approval Fee Levels or Budgeted Amounts</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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">&#xa0;</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"><b>8.</b></td><td><b>Procedures</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#x2019;s Principal Financial and Accounting Officer and must include a detailed description of the services to be rendered.
The Fund&#x2019;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 Chairperson of the Audit Committee will be submitted to the Audit Committee by the Fund&#x2019;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&#x2019;s rules&#xa0;on auditor independence.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee has designated
the Fund&#x2019;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&#x2019;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&#x2019;s Principal Financial and
Accounting Officer and management will immediately report to the Chairperson of the Audit Committee any breach of this Policy that comes
to the attention of the Fund&#x2019;s Principal Financial and Accounting Officer or any member of management.</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><b>9.</b></td><td><b>Additional Requirements</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#x2019;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&#x2019;s Ethics and Independence Rule&#xa0;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">&#xa0;</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"><b>10.</b></td><td><b>Covered Entities</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Covered Entities include
the Fund&#x2019;s investment adviser(s)&#xa0;and any entity controlling, controlled by or under common control with the Fund&#x2019;s investment
adviser(s)&#xa0;that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May&#xa0;6,
2003, the Fund&#x2019;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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="text-decoration:underline">Morgan Stanley Funds</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley&#xa0;&amp; Co. LLC</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Investment Management
Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Investment Management
Limited</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Investment Management
Private Limited</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Asset&#xa0;&amp; Investment
Trust Management Co., Limited</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Investment Management
Company</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Services Company,&#xa0;Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley Distribution,&#xa0;Inc.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Morgan Stanley AIP GP LP</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Morgan Stanley Services Group</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">(e)(2)&#xa0;
</font>Beginning with non-audit service contracts entered into on or after May&#xa0;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&#x2019;s
pre-approval policies and procedures (attached hereto).</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&#xa0; Not applicable.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(g)&#xa0; See table above.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h)&#xa0; 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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>APPENDIX A</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Pre-Approved Audit Services</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border: Black 1pt solid; text-align: justify; padding: 5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Service</b></font></td>
    <td colspan="2" style="border-top: Black 1pt solid; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><b>Range
    of Fees</b></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; width: 74%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#xa0;</td>
    <td style="padding: 5pt; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The<br>
    Fund(s)</b></font></td>
    <td style="padding: 5pt; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Covered<br>
    Entities</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Statutory
    audits or financial audits for the Funds</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">For a complete list of fees, please contact
    the legal department ** <b>&#xa0;</b></td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">N/A</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Services
    associated with SEC registration statements (including new fund filings/seed audits), periodic reports and other documents filed
    with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end fund offerings,
    consents), and assistance in responding to SEC comment letters</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Consultations
    by the Fund&#x2019;s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential
    impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard setting bodies
    (Note: Under SEC rules, some consultations may be &#x201c;audit related&#x201d; services rather than &#x201c;audit&#x201d; services)</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Pre-Approved Audit-Related Services</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border: Black 1pt solid; text-align: justify; padding: 5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Service</b></font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt; text-align: center"><b>Range
    of Fees</b></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; width: 74%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#xa0;</td>
    <td style="border-right: Black 1pt solid; padding: 5pt; width: 13%; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The<br>
    Fund(s)</b></font></td>
    <td style="border-right: Black 1pt solid; padding: 5pt; width: 13%; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Covered
    <br>
    Entities</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest
    procedures not required by statute or regulation</font></td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">* &#xa0;</td>
    <td style="border-right: Black 1pt solid; padding: 5pt; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Due
    diligence services pertaining to potential fund mergers</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Consultations
    by the Fund&#x2019;s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential
    impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies
    (Note: Under SEC rules, some consultations may be &#x201c;audit&#x201d; services rather than &#x201c;audit-related&#x201d; services)</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">General
    assistance with implementation of the requirements of SEC rules&#xa0;or listing standards promulgated pursuant to the Sarbanes-Oxley
    Act</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Pre-Approved Tax Services</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border: Black 1pt solid; text-align: justify; padding: 5pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Service</b></font></td>
    <td colspan="2" style="border-top: Black 1pt solid; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><b>Range
    of Fees</b></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; width: 74%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&#xa0;</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The<br>
    Fund(s)</b></font></td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Covered<br>
    Entities</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">U.S.
    federal, state and local tax planning and advice</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">U.S.
    federal, state and local tax compliance</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">International
    tax planning and advice</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">International
    tax compliance</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Review/preparation
    of federal, state, local and international income, franchise, and other tax returns</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$450,000 PwC</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">N/A</td></tr>
  <tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; text-align: justify; padding: 5pt; border-left: Black 1pt solid">Identification of Passive
    Foreign Investment Companies</td>
    <td style="border-right: Black 1pt solid; padding: 5pt; text-align: center">$175,000 PwC</td>
    <td style="border-right: Black 1pt solid; padding: 5pt; text-align: center">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">PwC
    ITV Tool &#x2013; assist in determining which Fund holdings have foreign capital gains tax exposure</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$125,000 PwC</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    Tax Services - Preparation of local foreign tax returns and assistance with local tax compliance issues (including maintenance of
    transaction schedules, assistance in periodic tax remittances, tax registration, representing funds before foreign revenue authorities
    and assistance with assessment orders)</font></td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$500,000 PwC</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Assistance
    with tax audits and appeals before the IRS and similar state, local and foreign agencies</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Tax
    advice and assistance regarding statutory, regulatory or administrative developments (e.g., excise tax reviews, evaluation of Fund&#x2019;s
    tax compliance function)</td>
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</td>
    <td style="padding: 5pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Pre-Approved All Other Services</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border: Black 1pt solid; padding: 5pt; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Service</b></font></td>
    <td colspan="2" style="border-top: Black 1pt solid; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><b>Range
    of Fees</b></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 5pt; width: 75%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&#xa0;</td>
    <td style="padding: 5pt; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The<br>
    Fund(s)</b></font></td>
    <td style="padding: 5pt; width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Covered<br>
    Entities</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Risk management
    advisory services, e.g., assessment and testing of security infrastructure controls</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td>
    <td style="text-align: center; padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">*</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Aggregate fees related to the pre-approved services
will be limited to 10% of the 2023/2024 annual fees for audit and tax services.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Audit and tax services for new funds/portfolios
will be subject to the maximum audit and tax fee for a fund/portfolio on fee schedule distributed by the Auditors.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Prohibited Non-Audit Services</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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>&#x25cf;</font></td><td style="text-align: justify">Bookkeeping
                                            or other services related to the accounting records or financial statements of the audit
                                            client</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Financial
                                            information systems design and implementation</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Appraisal
                                            or valuation services, fairness opinions or contribution-in-kind reports</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Actuarial
                                            services</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Internal
                                            audit outsourcing services</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Management
                                            functions</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Human
                                            resources</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Broker-dealer,
                                            investment adviser or investment banking services</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Legal
                                            services</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font>&#x25cf;</font></td><td style="text-align: justify">Expert
                                            services unrelated to the audit</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&#xa0; Not Applicable.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(J)&#xa0; Not Applicalbe.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Audit Committee of Listed Registrants.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#xa0;The registrant has a separately-designated
standing audit committee established in accordance with Section&#xa0;3(a)(58)(A)&#xa0;of the Exchange Act whose members are:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joseph J. Kearns, Nancy C. Everett, Eddie A.
Grier and Jakki L. Haussler.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#xa0;Not applicable.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Schedule of Investments</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#xa0;See Item 1.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#xa0;Not applicable.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registrant&#x2019;s and its Investment Advisor&#x2019;s
Proxy Voting Policies and Procedures are as follows:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b><i>March&#xa0;2023</i></b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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>EQUITY PROXY VOTING POLICY AND PROCEDURES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">1.</td><td><b>Policy Statement</b></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley Investment Management's policy
and procedures for voting proxies, the Equity Proxy Voting Policy and Procedures (the "Policy"), with respect to securities
held in the accounts of clients applies to those Morgan Stanley Investment Management ("MSIM") entities that provide discretionary
investment management services and for which an MSIM entity has authority to vote proxies.<sup>1</sup> 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 ("ERISA") 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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 Saudi Arabia, MSIM Fund Management (Ireland) Limited,&#xa0;Morgan Stanley
Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Morgan
Stanley Eaton Vance&#xa0;CLO Manager LLC, and Morgan Stanley Eaton Vance&#xa0;CLO CM LLC (each an "MSIM Affiliate" and collectively
referred to as the "MSIM Affiliates" or as "we" below).</p>


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<p style="text-align: justify; 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">&#xa0;</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"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">With
                                            respect to the U.S. registered investment companies sponsored, managed or advised by any
                                            MSIM Affiliate (the "MS Funds"), 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
                                            MS Funds.</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td><td>&#xa0;</td><td style="text-align: justify">&#xa0;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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>
<tr style="vertical-align: top">
<td>&#xa0;</td><td>&#xa0;</td><td style="text-align: justify">&#xa0;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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 an 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>
<tr style="vertical-align: top">
<td>&#xa0;</td><td>&#xa0;</td><td style="text-align: justify">&#xa0;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">In
                                            certain situations, a client or its fiduciary may reserve the authority to vote proxies for
                                            itself or an outside party or may provide an MSIM Affiliate with a statement of proxy voting
                                            policy. The MSIM Affiliate will comply with the client's policy.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"></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: 0.25in; text-align: left"><sup>1</sup>&#xa0;</td><td style="text-align: justify">This Policy does not apply to MSIM&#x2019;s
                                            authority to exercise certain decision-making rights associated with investments in loans
                                            and other fixed income instruments (collectively, for purposes hereof, &#x201c;Fixed Income
                                            Instruments&#x201d;).</td>
</tr></table>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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's benefit plan(s)&#xa0;for
which the MSIM Affiliates manage assets, consistent with the objective of maximizing long-term investment returns ("Client Proxy
Standard") and this Policy. In addition to voting proxies of portfolio companies,&#xa0;MSIM routinely engages with, or, in some
cases, may engage a third party to engage with,&#xa0;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'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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Retention and Oversight of Outsourced Proxy
Voting</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain MSIM exchange-traded funds (&#x201c;ETFs&#x201d;)
will follow Calvert Research and Management&#x2019;s (&#x201c;Calvert&#x201d;) Proxy Voting Policies and Procedures and the Global Proxy
Voting Guidelines set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM&#x2019;s oversight of Calvert&#x2019;s
proxy voting engagement is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Retention and Oversight of Proxy Advisory
Firms</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Institutional Shareholder Services ("ISS")
and Glass Lewis (together with other proxy research providers as we may retain from time to time, the "Research Providers")
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, record retention, ballot processing and voting recommendations.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To facilitate proxy voting MSIM has retained
Research Providers to provide company level reports that summarize key data elements contained within an issuer's proxy statement. Although
we are aware of the voting recommendations included in the Research Providers' company level reports, these recommendations are not an
input into our vote nor is any potential vote prepopulated based on a Research Provider's research. MSIM votes all proxies based on its
own proxy voting policies, consultation with the investment teams, and in the best interests of each client. In addition to research,
MSIM retains ISS to provide vote execution, reporting, and recordkeeping services.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of MSIM'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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Voting Proxies for Certain Non-U.S. Companies</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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)&#xa0;proxy statements and ballots being written in a language other than English; (ii)&#xa0;untimely
and/or inadequate notice of shareholder meetings; (iii)&#xa0;restrictions on the ability of holders outside the issuer's jurisdiction
of organization to exercise votes; (iv)&#xa0;requirements to vote proxies in person; (v)&#xa0;the imposition of restrictions on the sale
of the securities for a period of time in proximity to the shareholder meeting; and (vi)&#xa0;requirements to provide local agents with
power of attorney to facilitate our voting instructions. As a result, we vote clients' 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 voting non-U.S. proxies.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Securities Lending</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MS Funds or any other investment vehicle sponsored,
managed or advised by an 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> an MS Fund or another investment
vehicle sponsored, managed or advised by an 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"><b>2.</b></font>&#xa0;<b>General
Proxy Voting Guidelines</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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).&#xa0;As noted above, certain ETFs will follow Calvert&#x2019;s
Global Proxy Voting Guidelines set forth in Appendix A of Calvert&#x2019;s Proxy Voting Policies and Procedures and the proxy voting guidelines
discussed in this section do not apply to such ETFs.&#xa0; See Appendix A of Calvert&#x2019;s Proxy Voting Policies and Procedures for
a general discussion of the proxy voting guidelines to which these ETFs will be subject.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">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&#xa0;3) and is consistent with the Client Proxy Standard. Morgan Stanley AIP GP LP (Morgan Stanley AIP")
will follow the procedures as described in Appendix A.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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 and / or priorities
reflected in their mandates with respect to&#xa0;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). We also may split votes at times based on
differing views of portfolio managers.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may abstain from or vote against matters for
which disclosure is inadequate.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>A.&#xa0;Routine Matters</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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">&#xa0;</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"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">Approval
                                            of financial statements and auditor reports if delivered with an unqualified auditor's opinion.</td></tr>
<tr style="vertical-align: top">
<td>&#xa0;</td><td>&#xa0;</td><td style="text-align: justify">&#xa0;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Most proposals related to the conduct of the
annual meeting, with the following exceptions. We generally oppose proposals that relate to "the transaction of such other business
which may come before the meeting," 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.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSIM is supportive of the use of technology to
conduct virtual shareholder meetings in parallel with physical meetings, for increased investor participation. However, adoption of a
 &#x2018;virtual-only&#x2019; approach would restrict meaningful exchange between the company and shareholders. Therefore, MSIM is generally
not supportive of proposals seeking authority to conduct virtual-only shareholder meetings.</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>B.&#xa0;Board of Directors</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">a.</font></td><td><font style="text-decoration:underline">Election
                                            of Directors</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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's nominees
for director except as follows:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">We
consider withholding support from or voting against interested directors if the company'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&#xa0;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.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">1.</td><td style="text-align: justify">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.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">2.</td><td style="text-align: justify">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">&#xa0;</p>


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


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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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's compensation/remuneration, nominating/governance or audit committee.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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 "bright line" 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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">We
consider withholding support from or voting against a nominee who has failed to attend at least 75% of the nominee'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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">We
consider&#xa0;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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">&#x25fe;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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 "say-on-pay"&#xa0;advisory vote on pay.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">b.</font></td><td><font style="text-decoration:underline">Discharge
                                            of Directors' Duties</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">c.</font></td><td><font style="text-decoration:underline">Board
                                            Independence</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support U.S. shareholder proposals
requiring that a certain percentage (up to 66&#x2154;%) of the company's board members be independent directors, and promoting all-independent
audit, compensation and nominating/governance committees.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">d.</font></td><td><font style="text-decoration:underline">Board
                                            Diversity</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support shareholder proposals urging
diversity of board membership with respect to gender, race or other factors where we believe the board has failed to take these factors
into account.&#xa0;We will also consider not supporting the re-election of the nomination committee and / or chair (or other resolutions
when the nomination chair is not up for re-election) where we perceive limited progress in gender diversity, with the expectation where
feasible and with consideration of any idiosyncrasies of individual markets, that female&#xa0;directors&#xa0;represent not less than
a third of the board, unless there is evidence that the company has made significant progress in this area. In markets&#xa0;where information
on director ethnicity is available, and it is legal to obtain it, and where it is relevant, we will generally also consider not supporting
the re-election of the nomination committee chair (or other resolutions when the nomination chair is not up for re-election) if the board
lacks ethnic diversity and has not outlined a credible diversity strategy.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">e.</font></td><td><font style="text-decoration:underline">Majority
                                            Voting</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">f.</font></td><td><font style="text-decoration:underline">Proxy
                                            Access</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consider proposals on procedures for inclusion
of shareholder nominees and to have those nominees included in the company's proxy statement and on the company'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.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">g.</font></td><td><font style="text-decoration:underline">Reimbursement
                                            for Dissident Nominees</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">h.</font></td><td><font style="text-decoration:underline">Proposals
                                            to Elect Directors More Frequently</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the U.S. public company context, we usually
support shareholder and management proposals to elect all directors annually (to "declassify" 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.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">i.</font></td><td><font style="text-decoration:underline">Cumulative
                                            Voting</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">j.</font></td><td><font style="text-decoration:underline">Separation
                                            of Chairman and CEO Positions</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">k.</font></td><td><font style="text-decoration:underline">Director
                                            Retirement Age and Term Limits</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-family: Times New Roman, Times, Serif">l.</font></td><td><font style="text-decoration:underline">Proposals
                                            to Limit Directors' Liability and/or Broaden Indemnification of Officers and Directors</font></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>C.&#xa0;Statutory Auditor Boards</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">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'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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>D.&#xa0;Corporate Transactions and Proxy Fights</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. 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">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>E.&#xa0;Changes in Capital Structure</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support the following:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">U.S.
                                            management proposals to increase the authorization of existing classes of common stock (or
                                            securities convertible into common stock) if: (i)&#xa0;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)&#xa0;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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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' ("ABI") 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">Management
                                            proposals to effect stock splits.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">Management
                                            dividend payout proposals, except where we perceive company payouts to shareholders as inadequate.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally oppose the following (notwithstanding
management support):</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">Proposals
                                            to add classes of stock that would substantially dilute the voting interests of existing
                                            shareholders.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">Proposals
                                            relating to changes in capitalization by 100% or more.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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, notwithstanding the broader
market concern.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>F.&#xa0;Takeover Defenses and Shareholder
Rights</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify"><font style="text-decoration:underline">Shareholder
                                            Rights Plans</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify"><font style="text-decoration:underline">Supermajority&#xa0;Voting
                                            Requirements</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify"><font style="text-decoration:underline">Shareholders
                                            Right to Call a Special Meeting</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consider proposals to enhance a shareholder'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">&#xa0;</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">&#xa0;</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"><font style="font-family: Symbol">-</font></td><td style="text-align: justify"><font style="text-decoration:underline">Written
                                            Consent Rights</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the U.S. context, we examine proposals for
shareholder written consent rights on a case-by-case basis.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify"><font style="text-decoration:underline">Reincorporation</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify"><font style="text-decoration:underline">Anti-greenmail
                                            Provisions</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposals relating to the adoption of anti-greenmail
provisions will be supported, provided that the proposal: (i)&#xa0;defines greenmail; (ii)&#xa0;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)&#xa0;contains no anti-takeover measures or other provisions restricting the rights
of shareholders.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify"><font style="text-decoration:underline">Bundled
                                            Proposals</font></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may consider opposing or abstaining on proposals
if disparate issues are "bundled" and presented for a single vote.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>G.&#xa0;Auditors</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>H.&#xa0;Executive and Director Remuneration</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support the following:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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 excessive dilution and
                                            shareholder cost, particularly in the context of high usage ("run rate") of equity
                                            compensation in the recent past; or if there are objectionable plan design and provisions.</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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's decision to resign from a board
                                            (such forfeiture can undercut director independence).</td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><font style="font-family: Symbol">-</font></td><td style="text-align: justify">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally oppose retirement plans and bonuses
for non-executive directors and independent statutory auditors.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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><font style="text-decoration:underline">and</font></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.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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'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.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support proposals advocating reasonable
senior executive and director stock ownership guidelines and holding requirements for shares gained in executive equity compensation
programs.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support shareholder proposals for
reasonable "claw-back" 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.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management proposals effectively to re-price
stock options are considered on a case-by-case basis. Considerations include the company's reasons and justifications for a re-pricing,
the company'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.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Say-on-Pay</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We consider proposals relating
to an advisory vote on remuneration on a case-by-case basis. Considerations include a review of the relationship&#xa0; between executive
remuneration and performance based on operating trends and total shareholder return over multiple performance periods.&#xa0;In&#xa0;addition,
we review remuneration structures and potential poor pay practices, including relative magnitude of pay,&#xa0;discretionary&#xa0;bonus
 &#xa0;awards,&#xa0;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.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>I.&#xa0;Social and Environmental Issues</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. MSIM believes that relevant social and environmental issues, including principal adverse sustainability impacts, can influence
risk and return. Consequently,&#xa0;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. In reviewing proposals on social and environmental issues, we consider a company's current disclosures and our understanding of
the company'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.&#xa0;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.&#xa0;We consider proposals on these sustainability risks, opportunities and impacts on a case-by-case
basis but generally support proposals that seek to enhance useful disclosure. We focus on understanding the company's business and commercial
context and recognise that there is no one size fits all that can apply to all companies. In assessing and prioritising proposals, we
carefully reflect on the materiality of the issues as well as the sector and geography in which the company operates. We also consider
the explanation companies provide where they may depart from best practice to assess the adequacy&#xa0;and appropriateness of measures
that are in place.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Environmental Issues:</font></b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support proposals that, if implemented,
would enhance useful disclosure&#xa0;on climate, biodiversity, and other environmental risks, such as disclosures aligned with SASB (Sustainability
Accounting Standards Board) and the TCFD (Task Force on Climate-related Financial Disclosures). We also generally support proposals that
aim to meaningfully reduce or mitigate a company's impact on the global climate&#xa0;and encourage companies to use independently verified
Science Based Targets to ensure emissions are in line with the Paris Agreement on Climate Change, which should ultimately help companies
manage long-term climate-related risks.&#xa0;We generally will support reasonable proposals to reduce negative environmental impacts
and ameliorate a company&#x2019;s overall environmental footprint, including any threats to biodiversity in ecologically sensitive areas.
We generally will also support proposals asking companies to report on their environmental practices, policies and impacts, including
environmental damage and health risks resulting from operations, and the impact of environmental liabilities on shareholder value.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Social Issues:</font></b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally support proposals that, if implemented,
would enhance useful disclosure on employee and board diversity, including gender, race, and other factors. We consider proposals on
other social issues on a case-by-case basis but generally support proposals that:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Seek
to enhance useful disclosure or improvements&#xa0;on material issues such as human rights risks, supply chain management. workplace safety,&#xa0;human
capital management&#xa0;and pay equity.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Encourage
policies to eliminate gender-based&#xa0;violence and other forms of harassment from the workplace.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">Seek
disclosure of relevant diversity policies and meaningful workforce diversity data, including EEO-1 data.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may consider withholding support where we
have material concerns in relation to a company&#x2019;s involvement/remediation of a breach of global conventions such as UN Global Compact
Principles on Human Rights, Labour Standards, Environment and Business Malpractice.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>J.&#xa0;Funds of Funds</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain MS Funds advised by an MSIM Affiliate
invest only in other MS 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 MS Funds invest in unaffiliated funds. If an unaffiliated underlying fund has a shareholder
meeting and the MS Fund owns more than 25% of the voting shares of the underlying fund, the MS 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Voting Conditions Triggered Under Rule&#xa0;12d1-4</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rule&#xa0;12d1-4 sets forth the conditions under
which a registered fund (&#x201c;acquiring fund&#x201d;) may invest in excess of the statutory limits of Section&#xa0;12(d)(1)&#xa0;of
the 1940 Act (for example by owning more than 3% of the total outstanding voting stock) in another registered fund (&#x201c;acquired fund&#x201d;).&#xa0;
In the event that a Morgan Stanley &#x201c;acquiring fund&#x201d; invests in an &#x201c;acquired fund&#x201d; in reliance on Rule&#xa0;12d1-4
under the 1940 Act, and the MS Fund and its &#x201c;advisory group&#x201d; (as defined in Rule&#xa0;12d1-4) hold more than (i)&#xa0;25%
of the total outstanding voting stock of a particular open-end fund (including ETFs) or (ii)&#xa0;10% of the total outstanding voting
stock of a particular closed-end fund, the Morgan Stanley &#x201c;acquiring fund&#x201d; and its &#x201c;advisory group&#x201d; will be required
to vote all shares of the open- or closed-end fund held by the fund and its &#x201c;advisory group&#x201d; in the same proportion as the
votes of the other shareholders of the open- or closed-end fund.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because MSIM and Eaton Vance are generally considered
part of the same &#x201c;advisory group,&#x201d;&#xa0;an Eaton Vance &#x201c;acquiring fund&#x201d; that is required to comply with the voting
conditions set forth in Rule&#xa0;12d1-4 could potentially implicate voting conditions for a MS Fund invested in the same open- or closed-end
fund as the Eaton Vance &#x201c;acquiring fund.&#x201d;&#xa0;The Committee will be notified by Compliance if the conditions are triggered
for a particular open- or closed-end fund holding in an MS Fund.&#xa0; In the event that the voting conditions in Rule&#xa0;12d1-4 are
triggered, please refer to the Morgan Stanley Funds Fund of Funds Investment Policy for specific information on Rule&#xa0;12d1-4 voting
requirements and exceptions.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.&#xa0;Administration of the Policy</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The MSIM Proxy Review Committee (the "Committee")
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 ("GST"). Because
proxy voting is an investment responsibility and may affect shareholder value, and because of their knowledge of companies and markets&#xa0;as
well as their understanding of their clients' objectives, portfolio managers and other members of investment staff play a key role in
proxy voting, individual investment teams are responsible for determining decisions on proxy votes with consultation from the GST.&#x202f;&#x202f;The&#xa0;GST
administers and implements the Policy, as well as monitoring services provided by the proxy advisory firms, third-party proxy engagements&#xa0;
and other research providers used in the proxy voting process.&#xa0;As noted above, certain ETFs will follow Calvert&#x2019;s Proxy Voting
Policy and Procedures, which is administered by Calvert&#x2019;s Proxy Voting and Engagement Department and overseen by Calvert&#x2019;s
Proxy Voting and Engagement Committee. The GST periodically monitors Calvert&#x2019;s proxy voting with respect to securities held by
the ETFs.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The&#xa0;GST Director is responsible for identifying
issues that require Committee deliberation or ratification. The&#xa0;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&#xa0;GST has
responsibility for voting case-by-case where guidelines and precedent provide adequate guidance.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GST and members of the Committee may take into
account Research Providers' 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 ("Index Strategies") will be voted in the same manner
as those held in actively managed accounts, unless economic interests or investment guidelines&#xa0;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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>A.&#xa0;Committee Procedures</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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. The Committee will review developing issues and approve upcoming votes, as appropriate,
for matters as requested by GST.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>B.&#xa0;Material Conflicts of Interest</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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
("Special Committee") to review, and recommend a course of action with respect to, the conflict(s)&#xa0;in question.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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 MS Funds, as described herein.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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).</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">One
of Morgan Stanley's independent directors or one of MS Funds' directors also serves on the board of directors or is a nominee for election
to the board of directors of a company held by an MS Fund or affiliate.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">If
the matter relates to a topic that is discussed in this Policy, the proposal will be voted as per the Policy.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">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's Client Proxy Standard.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font>&#x25cf;</font>&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;<font style="font-size: 10pt">If
the Research Providers' recommendations differ, the GST Director will refer the matter to a Special Committee to vote on the proposal,
as appropriate.</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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's General Counsel or his/her designee and the Chief Compliance Officer or his/her designee.
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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>C.&#xa0;Proxy Voting Reporting</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CGT 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 an MS Fund, the GST will report the decisions to each applicable Board of Trustees/Directors
of those MS Funds (the "Board") at each Board'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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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. MSIM will promptly provide a copy of this Policy to any client requesting
it.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSIM will also, upon client request, promptly
provide a report indicating how each proxy was voted with respect to securities held in that client's account.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSIM's Legal Department, in conjunction with
GST and GST IT for MS Fund reporting and with the AIP investment team for AIP Closed-End 40 Act Fund reporting, is responsible for filing
an annual Form&#xa0;N-PX on behalf of each MS 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's holdings.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition,&#xa0;ISS provides vote execution,
reporting and recordkeeping services to MSIM.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4.&#xa0;Recordkeeping</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Records are retained in accordance with Morgan
Stanley's <b>Global Information Management Policy</b>, 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>Global Information
Management Policy</b> incorporates Morgan Stanley's <b>Master Retention Schedule</b>, which lists various record classes and associated
retention periods on a global basis.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Appendix A</b></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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)&#xa0;closed-end funds registered under the Investment Company Act of 1940, as amended; (ii)&#xa0;discretionary
separate accounts; (iii)&#xa0;unregistered funds; and (iv)&#xa0;non-discretionary accounts offered in connection with AIP's Custom Advisory
Portfolio Solutions service. Generally, AIP will follow the guidelines set forth in Section&#xa0;II of MSIM'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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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)&#xa0;that might result from adopting or rejecting (as the case may be) the measure in question.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Waiver of Voting Rights</font></p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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 "Fund") that does not provide for voting rights; or 2) waive 100% of its
voting rights with respect to the following:</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">1.</td><td style="text-align: justify">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 "Designated Person," and collectively, the "Designated Persons"), 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'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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">2.</td><td style="text-align: justify">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's organizational documents; <font style="text-decoration:underline">provided</font>, <font style="text-decoration:underline">however</font>, that, if the Fund's
                                            organizational documents require the consent of the Fund'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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Portfolio Managers of Closed-End Management
Investment Companies</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicable only to reports filed by closed-end
funds.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Morgan Stanley India
Investment Fund,&#xa0;Inc.</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FUND MANAGEMENT</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 primarily responsible for the day-to-day management of the Fund's portfolio and the overall execution of the strategy
of the Fund is Amay Hattangadi, a Managing Director of Morgan Stanley Investment Management Company (&#x201c;MSIM Co.&#x201d; or the &#x201c;Sub-Adviser).
Mr.&#xa0;Hattangadi has been associated with the Sub-Advisor in an investment management capacity since 2017 and, prior to that, it&#x2019;s
affiliates in an investment management capacity since 1997. Mr.&#xa0;Hattangadi began managing the Fund in March&#xa0;2019.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&#xa0;31, 2023:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&#xa0;Hattangadi managed six other registered
investment company with a total of approximately $1.3 billion in assets; eight pooled investment vehicles other than registered investment
companies with a total of approximately $1.5 billion in assets; and 8 other accounts with a total of approximately $4.6 billion in assets.
Of these other accounts, one account with a total of approximately $15.3 million in assets had performance-based fees.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#x2019;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">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Morgan Stanley&#x2019;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<i>.</i></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Base
salary compensation</font></i></font>. 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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Incentive
compensation</font></i></font><i>. </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">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><font>&#x25cf; </font>Cash Bonus.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><font>&#x25cf; </font>Deferred Compensation:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify"><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></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt; color: #231f20">&#x25cf;</font></td><td style="text-align: justify">IMAP
                                            is a cash-based deferred compensation plan designed to increase the alignment of participants&#x2019;
                                            interests with the interests of the Advisor&#x2019;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 MSIM and its affiliates that are investment advisers. Portfolio
                                            managers are required to notionally invest a minimum of 40% of their account balance in the
                                            designated funds that they manage and are included in the IMAP notional investment fund menu.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">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&#x2019;s act or omission (including with respect to
                                            direct supervisory responsibilities) causes a restatement of the Firm&#x2019;s consolidated
                                            financial results, constitutes a violation of the Firm&#x2019;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">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSIM
compensates employees based on principles of pay-for-performance, market competitiveness and risk management. </font>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">&#xa0;</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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">Revenue
                                            and profitability of the business and/or each fund/account managed by the portfolio manager</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">Revenue
                                            and profitability of the Firm</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">Return
                                            on equity and risk factors of both the business units and Morgan Stanley</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">Assets
                                            managed by the portfolio manager</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">External
                                            market conditions</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">New
                                            business development and business sustainability</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">Contribution
                                            to client objectives</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">Team,
                                            product and/or MSIM and its affiliates that are investment advisers (including Parametric)
                                            performance</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</font></td><td style="text-align: justify">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)&#xa0;and/or peer group(s)&#xa0;over
                                            one, three and five-year periods)</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-size: 10pt">&#x25cf;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the Firm&#x2019;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>adherence to Morgan Stanley&#x2019;s
core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&#xa0;31, 2023, the portfolio manager
did not own any shares of the Fund.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Closed-End Fund Repurchases</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Period</td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(a)&#xa0;Total
    <br> Number of<br> Shares (or<br> Units)<br> Purchased</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(b)&#xa0;Average<br>
    Price Paid per<br> Share (or Unit)</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(c)&#xa0;Total<br>
    Number of<br> Shares (or<br> Units)<br> Purchased as<br> Part&#xa0;of Publicly <br> Announced<br> Plans or <br> Programs</td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(d)&#xa0;Maximum<br>
    Number (or<br> Approximate <br> Dollar Value)<br> of Shares (or <br> Units) that May<br> Yet Be<br> Purchased<br> Under the Plans<br>
    or Programs</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">January&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">February&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">90,451</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">March&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86,398</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">April&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">37,430</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">May&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">98,070</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-bottom: 1pt">June&#xa0;2023</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">49,884</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 12%; font-size: 10pt; text-align: right">&#xa0;</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 2%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; width: 12%; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="width: 2%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; width: 12%; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">July&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">56,421</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">August&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">September&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,623</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">October&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">49,517</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt">November&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">67,530</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">December&#xa0;2023</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,540</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 1pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">560,864</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20.83</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">N/A</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<!-- Field: Page; Sequence: 32 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#xa0;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 10. Submission of Matters to a Vote of Security
Holders</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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&#x2019;s Board of Directors since the Fund last provided disclosure in response
to this item.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 11. Controls and Procedures</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#xa0; The registrant&#x2019;s principal executive
officer and principal financial officer have concluded that the registrant&#x2019;s disclosure controls and procedures are sufficient
to ensure that information required to be disclosed by the registrant in this Form&#xa0;N-CSR was recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange Commission's rules&#xa0;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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">(b)&#xa0; There were no changes in the registrant's
internal control over financial reporting that occurred during the 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 12. Disclosure of Securities Lending Activities
for Closed-End Management Investment Companies.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">(a)</td><td style="text-align: justify">For the fiscal year ended December&#xa0;31,
                                            2023, 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">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt; width: 10%">Fund</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross<br>
    Income<sup>1</sup>&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue<br>
    Split<sup>2</sup>&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash<br>
    Collateral <br> Management<br> Fees<sup>3</sup>&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative<br>
    Fees<sup>4</sup>&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification
    <br> Fees<sup>5</sup>&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt">Rebates
    to<br> Borrowers</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt">Other<br>
    Fees</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt">Total<br>
    Costs of<br> the<br> Securities<br> Lending<br> Activities</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center; padding-left: 5.4pt">Net<br>
    Income<br> from the<br> Securities<br> Lending<br> Activities</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Morgan Stanley India Investment Fund,&#xa0;Inc.</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">N/A</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<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: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup>&#xa0;</font></td><td style="text-align: justify">Gross
                                            income includes income from the reinvestment of cash collateral.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><sup>2</sup>&#xa0;</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>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><sup>3</sup>&#xa0;</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>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><sup>4</sup>&#xa0;</td><td style="text-align: justify">These administrative fees are not included in the
                                            revenue split.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><sup>5</sup>&#xa0;</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">&#xa0;</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">&#xa0;</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 style="text-align: justify">Pursuant to an agreement between the
                                            Fund and State Street Bank and Trust Company (&#x201c;State Street&#x201d;), 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&#x2019;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">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 13. Exhibits</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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="text-align: justify; width: 0.25in"><a href="tm244101d5_ex99-codeeth.htm">(a)</a></td><td style="text-align: justify"><a href="tm244101d5_ex99-codeeth.htm">The
                                            Code of Ethics for Principal Executive and Senior Financial Officers</a></td></tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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: 0.25in; text-align: left"><a href="tm244101d5_ex99-cert.htm">(b)</a></td><td style="text-align: justify"><a href="tm244101d5_ex99-cert.htm">A
                                            separate certification for each principal executive officer and principal financial officer
                                            of the registrant as part of EX-99.CERT.</a></td>
</tr></table>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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: 0.25in; text-align: left"><a href="tm244101d5_ex99-906cert.htm">(c)</a></td><td style="text-align: justify"><a href="tm244101d5_ex99-906cert.htm">Section
                                            906 certification</a></td>
</tr></table>






















<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm244101d5_sig.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm244101-5/tm244101-5_ncsrseq1" -->

<p style="margin: 0">&#xa0;</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">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley India Investment Fund,&#xa0;Inc.</p>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-size: 10pt">/s/ John H. Gernon</font></td>
    <td style="width: 50%"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">John H. Gernon</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Principal Executive Officer</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">February&#xa0;20, 2024</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#xa0;</p>


<p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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"><font style="font-size: 10pt">/s/ John H. Gernon</font></td>
    <td style="width: 50%"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">John H. Gernon</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Principal Executive Officer</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">February&#xa0;20, 2024</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">/s/ Francis J. Smith</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Francis J.Smith</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Principal Financial Officer</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">February&#xa0;20, 2024</font></td>
    <td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  </table>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>tm244101d5_ex99-codeeth.htm
<DESCRIPTION>EXHIBIT 99.CODEETH
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm244101d5_ex99-codeeth.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm244101-5/tm244101-5_ncsrseq1/users" -->

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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT&nbsp;13
a</B></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; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>CODE
OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS<BR>
adopted SEPTEMBER 28, 2004, As AMended September&nbsp;20, 2005,<BR>
 december 1, 2006, January&nbsp;1, 2008 , SEPTEMBER 25, 2008, april 23,
2009<BR>
 and march 18, 2010</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; 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="text-align: left; width: 0.25in"><B>1</B></TD><TD STYLE="text-align: left"><B>Executive Summary</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">This Code of Ethics (the &ldquo;Code&rdquo;)
for the investment companies within the Morgan Stanley complex identified in Exhibit&nbsp;A (collectively, &ldquo;Funds&rdquo; and each,
a &ldquo;Fund&rdquo;) applies to each Fund's Principal Executive Officer, President, Principal Financial Officer and Treasurer (or persons
performing similar functions) (&ldquo;Covered Officers&rdquo; each of whom are set forth in Exhibit&nbsp;B) for the purpose of promoting:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Honest
and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Full,
fair, accurate, timely and understandable disclosure in reports and documents that a company files with, or submits to, the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) and in other public communications made by the Fund;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Compliance
with applicable laws and governmental rules&nbsp;and regulations;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Prompt
internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Accountability
for adherence to the Code.</FONT></P>


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


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


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; 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="text-align: left; width: 0.25in"><B>2</B></TD><TD STYLE="text-align: left"><B>Policy</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">A &ldquo;conflict of interest&rdquo;
occurs when a Covered Officer'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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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 <B><U>Investment
Company Act of 1940</U></B> (&ldquo;Investment Company Act&rdquo;) and the Investment Advisers Act of 1940 (&ldquo;Investment Advisers
Act&rdquo;). 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 &ldquo;affiliated persons&rdquo; (as defined in the <B><U>Investment Company
Act</U></B>) of the Fund. The Fund's and its investment adviser'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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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 <B><U>Investment Company Act</U></B> and the <B><U>Investment Advisers Act</U></B>, such activities will be deemed
to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors/Trustees (&ldquo;Boards&rdquo;) 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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Other conflicts of interest are covered
by the Code, even if such conflicts of interest are not subject to provisions in the <B><U>Investment Company Act</U></B> and the <B><U>Investment
Advisers Act</U></B>. 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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Each Covered Officer must not:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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);</FONT></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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.</FONT></P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Conflict of interest situations should
always be approved by the General Counsel and communicated to the relevant Fund or Fund'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'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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Service
or significant business relationships as a director on the board of any public or private company;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than its investment
adviser, principal underwriter, or any affiliated person thereof; and</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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's employment, such as compensation or equity
ownership.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; 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="text-align: left; width: 0.25in"><B>3</B></TD><TD STYLE="text-align: left"><B>Disclosure and Compliance</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Covered Officer should familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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's Directors/Trustees and auditors, or to governmental regulators and self-regulatory organizations;</FONT></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">It
is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules&nbsp;and
regulations.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; 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="text-align: left; width: 0.25in"><B>4</B></TD><TD STYLE="text-align: left"><B>Reference Information</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">This Code shall be the sole code of
ethics adopted by the Funds for purposes of <B><U>Section&nbsp;406</U></B> of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and forms
applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' 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' and their investment advisers' and principal underwriters' codes of ethics under <B><U>Rule&nbsp;17j-1</U></B>
under the Investment Company Act and Morgan Stanley'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; text-align: left; 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="text-align: left; width: 0.25in"><B>5</B></TD><TD STYLE="text-align: left"><B>Roles and Responsibilities</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Each Covered Officer must:</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Annually
thereafter affirm to the Boards that he has complied with the requirements of the Code;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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>[1]</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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
General Counsel will take all appropriate action to investigate any potential violations reported to him;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any
further action;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
matter that the General Counsel believes is a violation will be reported to the relevant Fund's Audit Committee;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the directors/trustees/managing general partners who are not &ldquo;interested persons&rdquo; as defined by the <B><U>Investment Company
Act</U></B> (the &ldquo;Independent Directors/Trustees/Managing General Partners&rdquo;) 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;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Independent Directors/Trustees/Managing General Partners of the relevant Fund will be responsible for granting waivers of this Code, as
appropriate; and</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; 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="text-align: left; width: 0.25in"><B>6</B></TD><TD STYLE="text-align: left"><B>Amendments</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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; text-align: left; 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="text-align: left; width: 0.25in"><B>7</B></TD><TD STYLE="text-align: left"><B>Confidentiality</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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; text-align: left; 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="text-align: left; width: 0.25in"><B>8</B></TD><TD STYLE="text-align: left"><B>Internal Use</B></TD></TR></TABLE>


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


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


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


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


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<TD STYLE="text-align: left; width: 0.25in"><B>9</B></TD><TD STYLE="text-align: left"><B>Acknowledgement</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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">&nbsp;</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="border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD><TD STYLE="width: 50%"></TD></TR><TR STYLE="vertical-align: top">
<TD>Name</TD><TD>&nbsp;</TD></TR>
                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                 <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                 <TR STYLE="vertical-align: top">
<TD>Date</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: 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"><U>EXHIBIT&nbsp;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; text-align: center"><B>MORGAN STANLEY FUNDS</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; text-align: center"><B>at</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; text-align: center"><B>December&nbsp;31, 2023</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">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&nbsp;B</U></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; 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">&nbsp;</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">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">John H. Gernon &ndash;President and Principal Executive
Officer</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">Francis J. Smith &ndash; Principal Financial Officer
and Treasurer</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&nbsp;C</U></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; text-align: center"><B><U>General Counsel&rsquo;s Designee - Chief
Legal Officer</U></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; text-align: center">Mary E. Mullin</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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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>tm244101d5_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.CERT</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>EXHIBIT&nbsp;13 B1</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; text-align: center"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</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; text-align: center"><B><U>CERTIFICATIONS</U></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">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" 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">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Morgan Stanley India Investment Fund,&nbsp;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: 0.25in">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: 0.25in">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: 0.25in">4.</TD><TD>The registrant&rsquo;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</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: 0.25in">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: 0.25in">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: 0.25in">c)</TD><TD>evaluated the effectiveness of the registrant&rsquo;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: 0.25in">d)</TD><TD>disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;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: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s auditors and the audit committee of
the registrant&rsquo;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" 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">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&rsquo;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" 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">b)</TD><TD>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal controls over financial reporting.</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">Date: February&nbsp;20, 2024</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="padding-bottom: 1pt; width: 49%">&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 49%">/s/ John H. Gernon</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>John H. Gernon</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Principal Executive Officer</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>


<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; 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; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>EXHIBIT&nbsp;13 B2</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; text-align: center"><B>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</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; text-align: center"><B><U>CERTIFICATIONS</U></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">I, Francis J. 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: 0.25in">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Morgan Stanley India Investment Fund,&nbsp;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: 0.25in">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: 0.25in">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: 0.25in">4.</TD><TD>The registrant&rsquo;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</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: 0.25in">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: 0.25in">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: 0.25in">c)</TD><TD>evaluated the effectiveness of the registrant&rsquo;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: 0.25in">d)</TD><TD>disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;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: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s auditors and the audit committee of
the registrant&rsquo;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" 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">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&rsquo;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" 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">b)</TD><TD>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal controls over financial reporting.</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">Date: February&nbsp;20, 2024</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="padding-bottom: 1pt; width: 49%">&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 49%">/s/ Francis J. Smith</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Francis J. Smith</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Principal Financial Officer</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>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>tm244101d5_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm244101d5_ex99-906cert.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm244101-5/tm244101-5_ncsrseq1/users" -->

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.906CERT</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT&nbsp;13 C1</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"><B>SECTION&nbsp;906 CERTIFICATION</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; text-align: center">Certification Pursuant to 18 U.S.C. Section&nbsp;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&nbsp;906 of the Sarbanes-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,&nbsp;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&nbsp;N-CSR
(the &ldquo;Report&rdquo;) of the above-named issuer for the period ended December&nbsp;31, 2023 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" 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">1.</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;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" 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">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>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="width: 49%">Date:
February&nbsp;20, 2024</TD>
  <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 49%">/s/ John H. Gernon</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>John H. Gernon</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Principal Executive Officer</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 signed original of this written statement required by
Section&nbsp;906 has been provided to Morgan Stanley India Investment Fund,&nbsp;Inc. and will be retained by Morgan Stanley India Investment Fund,&nbsp;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 -->
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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: right; text-indent: 392.25pt">EXHIBIT&nbsp;13 C2</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"><B>SECTION&nbsp;906 CERTIFICATION</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; text-align: center">Certification Pursuant to 18 U.S.C. Section&nbsp;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&nbsp;906 of the Sarbanes-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,&nbsp;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&nbsp;N-CSR
(the &ldquo;Report&rdquo;) of the above-named issuer for the period ended December&nbsp;31, 2023 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" 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">1.</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;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" 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">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>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="width: 49%">Date:
February&nbsp;20, 2024</TD>
  <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 49%">/s/ Francis J. Smith</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Francis J. Smith</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Principal Financial Officer</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 signed original of this written statement required by Section&nbsp;906
has been provided to Morgan Stanley India Investment Fund,&nbsp;Inc. and will be retained by Morgan Stanley India Investment Fund,&nbsp;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>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
