<SEC-DOCUMENT>0001104659-25-082950.txt : 20250826
<SEC-HEADER>0001104659-25-082950.hdr.sgml : 20250826
<ACCEPTANCE-DATETIME>20250826120824
ACCESSION NUMBER:		0001104659-25-082950
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250826
DATE AS OF CHANGE:		20250826
EFFECTIVENESS DATE:		20250826

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		251254800

	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-CSRS
<SEQUENCE>1
<FILENAME>tm2519756d5_ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>
<!-- Assembled by CompSci Transform  (tm) - http://www.compsciresources.com - version 1.2 -->
<!-- Created: Tue Aug 26 08:02:20 UTC 2025 -->
<html>
<head>
     <title></title>
</head>
<body><div style="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2519756d5_regcvr.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" -->

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


<p style="margin: 0"></p>


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>UNITED STATES SECURITIES
AND EXCHANGE COMMISSION</b></p>


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


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


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


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


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


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


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Investment Company Act File Number: <font style="text-decoration:underline">811-08238</font></p>


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


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-decoration:underline">1585 Broadway, New York, New York 10036</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</p>


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


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-decoration:underline">1585 Broadway, New York, New York 10036</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and Address of Agent for Services)</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-decoration:underline">(212) 672-1886</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#x2019;s Telephone Number)</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-decoration:underline">December 31</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Fiscal Year End</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-decoration:underline">June 30, 2025</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Reporting Period</p>


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


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


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


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


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


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


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2519756d5_item1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1. Reports to Stockholders</b></p>


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


<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.25in">(a)</td><td></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>&#xa0;</b></p>


<p style="margin: 0"></p>


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


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


</div><div style="Page-Break-Before: Always"></div><!-- BannerFile="25-19756-6.aa.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" --><!-- Document name: 25-19756-6.aa-->
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j25197566_aa001.jpg"></p>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 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;">Semi-Annual Report</font></p>
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:16pt; font-family: Arial, Helvetica;">June 30, 2025</font></p>
</div>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j25197566_aa002.jpg"></p>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j25197566_aa003.jpg"></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=1,FOLIO='',FILE='25-19756-6.aa.qxp',USER='',CD='Aug 20 20:09 2025' -->

<div style="Page-Break-Before: Always"></div><!-- BannerFile="25-19756-6.ba.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" --><!-- Document name: 25-19756-6.ba-->
<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>June 30, 2025 (unaudited)</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;">Table of Contents</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a title="Performance Summary" href="#PerformanceSummary-6"><font style="font-size:8pt; font-family: Arial, Helvetica;">Performance Summary</font></a></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: 54px; 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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#PortfolioofInvestments-6" title="Portfolio of Investments"><font style="font-size:8pt; font-family: Arial, Helvetica;">Portfolio of Investments</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4</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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#StatementofAssetsandLiabilities-6" title="Statement of Assets and Liabilities"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statement of Assets and Liabilities</font></a></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: 54px; 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 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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#StatementofOperations-6" title="Statement of Operations"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statement of Operations</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7</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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#StatementsofChangesinNetAssets-6" title="Statements of Changes in Net Assets"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statements of Changes in Net Assets</font></a></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: 54px; 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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#FinancialHighlights-6" title="Financial Highlights"><font style="font-size:8pt; font-family: Arial, Helvetica;">Financial Highlights</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9</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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#NotestoFinancialStatements-6" title="Notes to Financial Statements"><font style="font-size:8pt; font-family: Arial, Helvetica;">Notes to Financial Statements</font></a></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: 54px; 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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#InvestmentAdvisoryAgreementApproval-6" title="Investment Advisory Agreement Approval"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investment Advisory Agreement Approval</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">18</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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#PortfolioManagement-6" title="Portfolio Management"><font style="font-size:8pt; font-family: Arial, Helvetica;">Portfolio Management</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21</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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#InvestmentPolicy-6" title="Investment Policy"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investment Policy</font></a></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: 54px; 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 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: 174px; text-align: left;">
<a href="#DividendReinvestmentandCashPurchasePlan-6" title="Dividend Reinvestment and Cash Purchase Plan"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividend Reinvestment and Cash Purchase Plan</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">28</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: 174px; text-align: left;">
<a href="#ImportantNotices-6" title="Important Notices"><font style="font-size:8pt; font-family: Arial, Helvetica;">Important Notices</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">29</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: 174px; text-align: left;">
<a href="#USCustomerPrivacyNotice-6" title="U.S. Customer Privacy Notice"><font style="font-size:8pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice</font></a></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: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">30</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: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><a href="#DirectorsandOfficersInformation-6" title="Directors and Officers Information"><font style="font-size:8pt; font-family: Arial, Helvetica;">Directors and Officers Information</font></a></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 0px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 70px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">Back Cover</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 0px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>


</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>2</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=2,FOLIO='2',FILE='25-19756-6.ba.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;"><a name="PerformanceSummary-6"></a>Performance Summary</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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 June 30, 2025</b></font></p>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:14pt .7pt 0pt 0pt; width: 78px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:14pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>6 Month*</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:14pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>One Year</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:14pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 78px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Five Years</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:14pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ten Years</b></font></p></td>
<td colspan="1">&#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;">NAV</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: 47px; 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;">2.53</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: 46px; 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;">7.30</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: 49px; 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;">21.29</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: 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;">9.22</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: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11.71</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: 46px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17.12</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: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">22.04</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: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9.53</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>(1)</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: 47px; 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;">6.00</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: 46px; 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;">0.85</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: 49px; 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;">18.15</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: 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;">9.19</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>
</table>


<p style="margin:4pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>* Cumulative return</i></font></p>
<p style="margin:4.5pt 0pt 3.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>Performance data quoted in the 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 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" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="7" valign="bottom" style="padding:14pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 222px; 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: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 34px; 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;">N/A</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>(2)</sup>&#x200b;</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: 34px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px;">
 &#xa0;</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>(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: 34px; 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;">N/A</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;"><b>% Premium/(Discount) to NAV<sup>(3)</sup>&#x200b;</b></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: 34px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(9.52</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;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>(2)&#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>(3)&#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>
</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>3</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=3,FOLIO='3',FILE='25-19756-6.ba.qxp',USER='',CD='Aug 20 20:14 2025' -->

<div style="Page-Break-Before: Always"></div><!-- BannerFile="25-19756-6.ca.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" --><!-- Document name: 25-19756-6.ca-->
<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>June 30, 2025 (unaudited)</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;"><a name="PortfolioofInvestments-6"></a>Portfolio of Investments</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 199px;">
 &#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: 68px; 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: 358px; 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 (104.1%)</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: 358px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Automobile Components (2.4%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 199px; 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: 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;">3,913,672</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;">7,065</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: 358px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Automobiles (4.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ather Energy 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: 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;">559,038</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;">2,166</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">332,874</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;">12,356</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: 199px; 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: 68px; 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;">14,522</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: 358px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Banks (28.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 199px; 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: 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;">933,490</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;">13,056</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,189,143</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;">2,956</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">HDFC 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: 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;">825,072</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;">19,262</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: 199px; 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">&#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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,018,152</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;">34,106</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">IDFC First Bank 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: 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;">6,835,008</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;">5,806</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">IndusInd Bank 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">256,203</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;">2,605</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: 199px; 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: 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;">669,680</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;">6,406</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: 199px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">84,197</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Beverages (1.6%)</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">207,356</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;">4,719</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: 358px; 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 (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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">360 ONE WAM 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">222,122</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;">3,095</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: 199px; background-color: #cceeff; 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" 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: 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;">75,872</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;">4,595</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: 199px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">7,690</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Chemicals (3.8%)</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: 199px; 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">&#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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">208,085</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;">
 &#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;">7,416</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Supreme 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: 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;">74,592</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;">3,820</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: 199px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">11,236</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: 358px; 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 (0.9%)</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">60,322</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;">2,582</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Construction Materials (2.4%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Grasim 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">215,882</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;">7,162</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Finance (7.8%)</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: 199px; 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">&#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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">859,180</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;">9,384</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: 199px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cholamandalam Investment &amp; <br>Finance Co. 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: 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;">425,095</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;">8,076</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Shriram Finance 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">688,337</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;">5,676</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: 199px; 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: 68px; 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;">23,136</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: 358px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Electrical Equipment (2.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CG Power &amp; Industrial Solutions 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: 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;">472,840</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;">3,762</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,556</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;">3,630</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: 199px; 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: 68px; 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;">7,392</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>
</table>


</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 199px;">
 &#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: 68px; 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: 358px; 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 (2.1%)</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">261,919</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;">6,394</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: 358px; 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 (1.4%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Bikaji Foods International 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">491,245</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;">4,241</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: 358px; 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 (3.7%)</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">108,977</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;">9,206</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dr. Agarwal's Health Care 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: 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;">388,728</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;">1,835</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: 199px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">11,041</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: 358px; 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 (10.6%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Eternal 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,744,261</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;">11,532</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Le Travenues Technology 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: 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;">2,262,646</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;">4,642</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: 199px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">60,047</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;">5,886</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: 199px; 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: 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;">3,177,075</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;">3,059</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">SAMHI Hotels 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,111,097</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;">2,881</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Swiggy 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: 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;">762,618</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;">3,561</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: 199px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">31,561</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Household Durables (3.4%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Amber Enterprises India 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">59,134</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;">4,670</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: 199px; 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: 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;">1,302,445</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;">5,395</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: 199px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">10,065</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: 358px; 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 (7.4%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Coforge 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">215,315</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;">4,832</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: 199px; background-color: #cceeff; 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" 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: 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;">914,090</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;">17,078</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: 199px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">21,910</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Insurance (2.1%)</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: 199px; 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">&#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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">291,264</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;">6,244</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Machinery (0.7%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Happy Forgings 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">200,770</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; 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;">2,250</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: 358px; background-color: #cceeff; 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 (5.2%)</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: 199px; 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">&#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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">880,933</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;">15,419</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Personal Care Products (1.1%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Colgate-Palmolive 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">120,798</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;">3,391</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: 358px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Emcure Pharmaceuticals 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">253,037</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;">3,818</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: 199px; background-color: #cceeff; 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" 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: 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;">231,538</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;">6,265</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Piramal Pharma 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">968,866</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;">2,299</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: 199px; 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: 68px; 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;">12,382</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: 358px; 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 (1.4%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Keystone Realtors 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: 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;">581,112</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;">4,153</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>
</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>4</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=4,FOLIO='4',FILE='25-19756-6.ca.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 199px;">
 &#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: 68px; 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: 358px; 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 (1.2%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">JSW Infrastructure 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">947,324</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;">3,460</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: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Wireless Telecommunication Services (2.5%)</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: 199px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Bharti Hexacom 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">334,145</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;">7,599</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL COMMON STOCKS </b>(Cost $182,330)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px; 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;">309,811</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="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 358px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>SHORT-TERM INVESTMENT (0.7%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Company (0.7%)</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: 199px; 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>4.25% (See Note E) (Cost $1,953)</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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,952,507</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;">1,953</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: 199px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL INVESTMENTS (104.8%) </b>(Cost $184,283) (b)(c)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px; 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;">311,764</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: 199px; 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 (-4.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 68px;">
 &#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;">(14,303</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="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 199px; 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 (100.0%)</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: 68px; 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; 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;">297,461</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>


<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;The approximate fair value and percentage of net assets, $301,759,000 and 101.4%, 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;">(c)&#xa0;&#xa0;At June 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $127,914,000 and the aggregate gross unrealized depreciation is approximately $433,000, resulting in net unrealized appreciation of approximately $127,481,000.</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" cellpadding="0" width="100%" style="border-spacing: 0px;">
<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: 94px; 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: 66px; 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;">43.5</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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">27.0</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;">Hotels, Restaurants &amp; Leisure</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: 66px; 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;">10.1</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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">7.4</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: 66px; 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;">7.0</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;">Oil, Gas &amp; Consumable Fuels</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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.0</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 0pt 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;">Total Investments</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#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; background-color: #cceeff;">
 &#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: 66px; 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;">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; 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: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>
</div>
<div style="clear:both"></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>5</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=5,FOLIO='5',FILE='25-19756-6.ca.qxp',USER='',CD='Aug 20 20:09 2025' -->

<div style="Page-Break-Before: Always"></div><!-- BannerFile="25-19756-6.da.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" --><!-- Document name: 25-19756-6.da-->
<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>June 30, 2025 (unaudited)</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" cellpadding="0" width="100%" style="border-spacing: 0px;">
<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;"><a name="StatementofAssetsandLiabilities-6"></a>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: 87px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>June 30, 2025<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 454px; 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 $182,330)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">309,811</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>
</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 $1,953)</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: 59px; 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;">1,953</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 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 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 $184,283)</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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">311,764</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>
</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 $3,355)</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: 59px; 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;">3,363</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: 367px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Receivable for Investments Sold</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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,135</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>
</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: 59px; 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;">242</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: 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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7</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>
</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;">Other Assets</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: 59px; 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;">26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 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 1pt 0pt; width: 367px; 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 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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">316,537</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 454px; background-color: #cceeff; 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" 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;">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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">18,343</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>
</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 Investments Purchased</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: 59px; 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;">315</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: 367px; 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">&#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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">262</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>
</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 Custodian 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: 59px; 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;">85</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: 367px; 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">&#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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">37</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>
</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 Administration 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: 59px; 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</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: 367px; 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">&#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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1</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>
</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;">Other Liabilities</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: 59px; 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</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 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 1pt 0pt; width: 367px; 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">&#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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,076</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 454px; 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>
</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;">Applicable to 9,534,799 Issued and Outstanding $0.01 Par Value Shares (1,000,000 Shares Authorized)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">297,461</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>
</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 Asset Value Per Share</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; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 59px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">31.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 454px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets Consist of:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 367px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Common Stock</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 59px; 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;">95</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: 367px; 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">&#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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">180,383</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>
</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;">Total Distributable Earnings</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: 59px; 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;">116,983</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 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: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 Assets</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 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: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">297,461</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#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>6</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=6,FOLIO='6',FILE='25-19756-6.da.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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" cellpadding="0" width="100%" style="border-spacing: 0px;">
<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;"><a name="StatementofOperations-6"></a>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: 106px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Six Months Ended<br>June 30, 2025<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 417px; 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 $203 of Foreign Taxes Withheld)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">758</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: 68px; 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;">82</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">840</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: 417px; 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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,509</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: 68px; 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;">133</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">110</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: 68px; 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;">101</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21</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: 68px; 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</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: 68px; 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: 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: 68px; 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</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,901</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: 68px; 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;">(64</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: 68px; 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 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: 68px; 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;">1,834</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(994</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: 417px; 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 $3,052 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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,841</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 Transaction</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: 68px; 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;">(30</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,811</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: 417px; 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 Decrease in Deferred Capital Gain Country Tax of $2,862)</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(8,276</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: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: 68px; 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</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>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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(8,268</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; 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 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: 68px; 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;">7,543</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,549</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>7</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=7,FOLIO='7',FILE='25-19756-6.da.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025</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" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 250px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><a name="StatementsofChangesinNetAssets-6"></a>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: 106px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Six Months Ended<br>June 30, 2025<br>(unaudited)<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: 114px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Year Ended<br>December 31, 2024<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 478px; 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: 478px; 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: 250px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(994</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; 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;">(2,004</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: 250px; 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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,811</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: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">20,190</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: 250px; 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: 68px; 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;">(8,268</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: 76px; 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;">44,239</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: 250px; 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-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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,549</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: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">62,425</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>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 250px; 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: 68px; 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 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: 76px; 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;">(26,050</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: 478px; 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: 250px; 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 (124,155 and 287,919 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: 68px; 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;">(3,030</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: 76px; 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;">(7,322</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: 250px; 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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(3,030</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: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(7,322</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: 250px; 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</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: 68px; 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;">3,519</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: 76px; 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;">29,053</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>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 478px; 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: 250px; 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: 68px; 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;">293,942</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: 76px; 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: 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: 250px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">297,461</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">293,942</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>8</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=8,FOLIO='8',FILE='25-19756-6.da.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025</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;"><a name="FinancialHighlights-6"></a>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" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 125px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Six Months Ended<br>June 30, 2025</b></font></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: 487px; 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: 158px;">
 &#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: 125px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>(unaudited)</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>2024</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>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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 158px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">30.43</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 37px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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;">26.63</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">24.60</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Investment 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: 68px; 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: 37px; 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;">(0.13</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; 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: 68px; 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;">0.82</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 37px; 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;">6.54</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;">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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 158px; 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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.72</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: 37px;">
 &#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;">6.34</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;">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>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; width: 778px; 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: 158px; 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: 68px; 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: 37px;">
 &#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;">&#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;">&#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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; 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: 68px; 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: 37px; 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;">(2.70</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;">(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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 158px; 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: 68px; 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:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 37px;">
 &#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;">(2.70</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;">(3.14</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 158px; 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: 68px; 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: 37px; 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;">0.16</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;">0.26</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 158px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">31.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 37px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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;">30.43</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">26.63</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 158px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">28.23</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 37px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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;">25.27</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">21.47</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; width: 778px; 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: 158px; 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: 68px; 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;">11.71</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 37px; 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;">30.62</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;">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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 158px; 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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2.53</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 37px; 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 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;">26.82</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;">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>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; width: 778px; 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: 158px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">297,461</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 37px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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;">293,942</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">264,889</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Expenses Before Expenses Waived <br>by Administrator</font></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: 68px; 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;">1.40</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 37px; 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>(5)</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;">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;">1.38</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Expenses After Expenses Waived <br>by Administrator</font></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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.34</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 37px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)(6)</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;">1.31</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>(6)</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;">1.33</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>(6)</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>(6)</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>(6)</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>(6)</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: 158px; 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 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: 68px; 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: 37px; 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>(5)(6)</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;">(0.66</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>(6)</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;">(0.52</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>(6)</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>(6)</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>(6)</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>(6)</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: 158px; 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: 68px; 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: 37px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)(7)</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>(7)</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>(7)</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>(7)</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>(7)</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>(7)</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: 158px; background-color: #cceeff; text-align: left;">
<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: 68px; 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</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 37px; 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;">29</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;">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>
</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;Not annualized.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(5)&#xa0;&#xa0;Annualized.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(6)&#xa0;&#xa0;The Ratio of Expenses After Expenses Waived by Administrator and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(7)&#xa0;&#xa0;Amount is less than 0.005%.</font></p>
</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>9</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=9,FOLIO='9',FILE='25-19756-6.da.qxp',USER='',CD='Aug 20 20:14 2025' -->

<div style="Page-Break-Before: Always"></div><!-- BannerFile="25-19756-6.ea.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" --><!-- Document name: 25-19756-6.ea-->
<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>June 30, 2025 (unaudited)</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;"><a name="NotestoFinancialStatements-6"></a>Notes to Financial Statements</font></p>
</div>
<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;">The Morgan Stanley India Investment Fund, Inc. (the "Fund") was incorporated in Maryland on December 22, 1993, and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "Act"). The Fund's 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>
</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;">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 the pricing service/vendor or exchange 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 </font></p>
</div>
<div style="clear:both"></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>10</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=10,FOLIO='10',FILE='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;">Notes to Financial Statements (cont'd)</font></p>
</div>
<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;">determined in good faith under 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>
<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 </font></p>
</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;">Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid 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>
<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 </font></p>
</div>
<div style="clear:both"></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>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=11,FOLIO='11',FILE='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Notes to Financial Statements (cont'd)</font></p>
</div>
<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;">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 June 30, 2025:</font></p>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 82px; 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:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; 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:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; 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:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; 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:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; 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: 428px; 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="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 428px; 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: 82px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Automobile <br>Components</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 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;">7,065</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 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;">7,065</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: 82px; 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">&#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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14,522</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14,522</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: 82px; background-color: #cceeff; 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" 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: 53px; 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: 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;">84,197</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: 60px; 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: 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;">84,197</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: 82px; 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">&#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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,719</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,719</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: 82px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Capital Markets</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: 53px; 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: 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;">7,690</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: 60px; 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: 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;">7,690</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: 82px; 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">&#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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11,236</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11,236</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: 82px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Construction &amp; <br>Engineering</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: 53px; 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: 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;">2,582</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: 60px; 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: 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;">2,582</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: 82px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Construction <br>Materials</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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,162</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,162</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: 82px; 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: 53px; 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: 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;">23,136</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: 60px; 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: 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;">23,136</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: 82px; 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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,392</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,392</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: 82px; 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: 53px; 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: 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;">6,394</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: 60px; 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: 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;">6,394</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: 82px; 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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,241</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,241</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: 82px; 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: 53px; 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: 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;">11,041</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: 60px; 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: 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;">11,041</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: 82px; 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: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,886</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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,675</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">31,561</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: 82px; 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: 53px; 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: 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;">10,065</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: 60px; 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: 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;">10,065</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: 82px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Information <br>Technology <br>Services</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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21,910</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21,910</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: 82px; background-color: #cceeff; 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" 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: 53px; 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: 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;">6,244</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: 60px; 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: 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;">6,244</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: 82px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Machinery</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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</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>
</table>


</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 82px; 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: 81px; 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: 80px; 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: 88px; 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: 73px; 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: 428px; 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: 428px; 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: 82px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oil, Gas &amp; <br>Consumable <br>Fuels</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 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;">15,419</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 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;">15,419</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: 82px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Personal Care <br>Products</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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,391</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,391</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: 82px; background-color: #cceeff; 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" 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: 53px; 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: 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;">12,382</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: 60px; 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: 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;">12,382</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: 82px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Real Estate <br>Management &amp; <br>Development</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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,153</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,153</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 82px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Transportation <br>Infrastructure</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: 53px; 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: 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;">3,460</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: 60px; 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: 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;">3,460</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: 82px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wireless <br>Telecommunication <br>Services</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: 53px; 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,599</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: 60px; 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: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,599</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: 82px; 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: 53px; 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>5,886</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: 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;"><b>303,925</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: 60px; 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: 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;"><b>309,811</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: 428px; 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: 82px; 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: 53px; 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;">1,953</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: 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;">&#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: 60px; 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: 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;">1,953</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: 82px; 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>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>7,839</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>303,925</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>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>311,764</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;">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>
</div>
<div style="clear:both"></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>12</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=12,FOLIO='12',FILE='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Notes to Financial Statements (cont'd)</font></p>
</div>
<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;">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;">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 translations 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;">A significant portion of the Fund's net assets consist of Indian securities which involve certain considerations and risks not typically associated with investments in the United States. In addition to its smaller size, less liquidity and greater volatility, the Indian securities market is less developed than the U.S. securities market and there is often substantially less publicly available information about Indian issuers than there is about U.S. issuers. Settlement mechanisms are also less developed and are accomplished, in certain cases, only through physical delivery, which may cause the Fund to experience delays or other difficulties in effecting transactions.</font></p>
</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;"><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>7.&#xa0;&#xa0;Segment Reporting:</b>  During the reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's </font></p>
</div>
<div style="clear:both"></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='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Notes to Financial Statements (cont'd)</font></p>
</div>
<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;">President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's 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;"><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. 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 six months ended June 30, 2025, approximately $64,000 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 </font></p>
</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;">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 six months ended June 30, 2025, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $54,592,000 and $65,493,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2025.</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 six months ended June 30, 2025, advisory fees paid were reduced by approximately $3,000 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 six months ended June 30, 2025 is as follows:</font></p>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<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: 88px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Value<br>December 31, <br>2024<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: 76px; 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: 75px; 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: 70px; 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: 60px; 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;">27,263</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9,679</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 47px; 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;">34,989</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: 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;">82</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>


<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: left;">
<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: 68px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Realized<br>Gain<br>(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: 86px; 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: 71px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Value<br>June 30, <br>2025<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 66px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 40px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 58px; 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: 43px; 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;">1,953</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>


</div>
<div style="clear:both"></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>14</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=14,FOLIO='14',FILE='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Notes to Financial Statements (cont'd)</font></p>
</div>
<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;">During the year ended December 31, 2024, the Fund incurred approximately $6,000 in brokerage commissions with Morgan Stanley &amp; Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of 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;">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. As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a <b>"readily available market quotation"</b> for the security. The Fund's <b>Rule 17a-7</b> policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5.</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 the six months ended June 30, 2025, the Fund did not engage in any cross-trade 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;">Each Director receives an annual retainer fee for serving as a Director of the Morgan Stanley Funds. The aggregate compensation paid to each Director is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Fund also reimburses such Directors for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.</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 has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of 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>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, 2024 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 </font></p>
</div>
<div style="clear:both"></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>15</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=15,FOLIO='15',FILE='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Notes to Financial Statements (cont'd)</font></p>
</div>
<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;">purposes. The tax character of distributions paid during fiscal years 2024 and 2023 was as follows:</font></p>
<table border="0" cellpadding="0" style="border-spacing: 0px;">
<tr>
<td colspan="7" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 158px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2024 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: 158px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; 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: 78px; 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: 72px; 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: 78px; 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: 44px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">24,313</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 44px; 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: 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;">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>
</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 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, 2024.</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, 2024, the components of distributable earnings for the Fund on a tax basis were as follows:</font></p>
<table border="0" cellpadding="0" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 118px; 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: 121px; 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;">$</font></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 90px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">21</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 93px; 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;">115</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 </font></p>
</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;">purposes of enhancing stockholder value and reducing the discount at which the Fund's shares trade from their NAV. During the six months ended June 30, 2025, the Fund repurchased 124,155 of its shares at an average discount of 13.13% from NAV. Since the inception of the program, the Fund has repurchased 14,607,273 of its shares at an average discount of 20.18% from NAV. The Directors regularly monitor the Fund's share repurchase program as part of their review and consideration of the Fund's premium/discount history. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Directors.</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 June 30, 2025, 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 10.7%.</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:  </b>On June 25, 2025, 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>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; width: 84px;">
 &#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: 68px; 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: 84px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Frances L. Cashman</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;">5,318,451</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: 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;">1,780,178</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: 84px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Jakki L. Haussler</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;">5,132,200</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>
<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;">1,966,429</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 84px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Richard Gould III</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;">5,326,751</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: 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;">1,771,878</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>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 the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy </font></p>
</div>
<div style="clear:both"></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>16</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=16,FOLIO='16',FILE='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Notes to Financial Statements (cont'd)</font></p>
</div>
<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;">and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty,embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, 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, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or 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 preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</font></p>
</div>
<div style="clear:both"></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>17</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=17,FOLIO='17',FILE='25-19756-6.ea.qxp',USER='',CD='Aug 20 20:09 2025' -->

<div style="Page-Break-Before: Always"></div><!-- BannerFile="25-19756-6.fa.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" --><!-- Document name: 25-19756-6.fa-->
<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>June 30, 2025 (unaudited)</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;"><a name="InvestmentAdvisoryAgreementApproval-6"></a>Investment Advisory Agreement Approval</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Nature, Extent and Quality of Services</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 Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").</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 Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Performance, Fees and Expenses of the Fund</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 Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's management fee was higher than its peer group average and the total expense ratio was lower than its peer group average. After discussion, the Board concluded that the Fund's (i) performance and total expense ratio were competitive with its peer group averages; and the Fund's (ii) management fee was acceptable.</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>18</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=18,FOLIO='18',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;">Investment Advisory Agreement Approval (cont'd)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Economies of Scale</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 Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board considered that, with respect to closed-end funds, the assets are not likely to grow with new sales or grow significantly as a result of capital appreciation. The Board concluded that economies of scale for the Fund were not a factor that needed to be considered at the present time.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Profitability of the Adviser and Affiliates</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 Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Other Benefits of the Relationship</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 Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Resources of the Adviser and Historical Relationship Between the Fund and the Adviser</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 Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Other Factors and Current Trends</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 Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.</font></p>
</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>19</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=19,FOLIO='19',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Investment Advisory Agreement Approval (cont'd)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>General Conclusion</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;">After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.</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>20</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=20,FOLIO='20',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;"><a name="PortfolioManagement-6"></a>Portfolio Management</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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 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.</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>21</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=21,FOLIO='21',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;"><a name="InvestmentPolicy-6"></a>Investment Policy</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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 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, 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;">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>Foreign Currency Forward Exchange Contracts.</i> &#xa0;In connection with their investments in foreign securities, certain Funds also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract 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. Foreign currency forward exchange contracts may be used to seek 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.</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 currency forward exchange contracts 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. 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. Foreign currency forward exchange contracts may be used for non-hedging purposes in seeking to meet the Fund's investment </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>22</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=22,FOLIO='22',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;">Investment Policy (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:9pt; font-family: Times New Roman, Times, serif;">objectives, 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 portfolios. Investing in foreign currency forward exchange contracts for purposes of gaining from projected changes in exchange rates, as opposed to hedging currency risks applicable to the Funds' 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>Futures.  </i>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>Structured Investments.</i>  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">Cybersecurity Risk</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;">With the increased use of technologies such as the internet to conduct business, the Fund, the Adviser and service providers are susceptible to operational, information security and related "cyber" risks both directly and through the service providers. Similar types of cybersecurity risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such issuers to lose value. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber incidents include, but are not limited to, gaining unauthorized access to digital </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>23</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=23,FOLIO='23',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Investment Policy (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:9pt; font-family: Times New Roman, Times, serif;">systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Recently, geopolitical tensions may have increased the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Cybersecurity failures by, or breaches of, the systems of the Adviser, distributor and other service providers (including, but not limited to, index and benchmark providers, fund accountants, custodians, transfer agents and administrators), or the issuers of securities in which the Fund invests have the ability to cause disruptions and impact business operations, potentially resulting in: financial losses, interference with the Fund's ability to calculate its NAV, disclosure of confidential trading information, impediments to trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of the Fund or its service providers to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, cyberattacks may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. Substantial costs may be incurred by the Fund in order to resolve or prevent cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, that prevention and remediation efforts will not be successful or that cyberattacks will go undetected. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund and/or issuers in which the Fund invests. The Fund and its shareholders could be negatively impacted as a result.</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">Market and Geopolitical Risk</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 value of your investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes 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 (i.e., increase the risk that the Fund will not be able to pay redemption proceeds within the allowable time period). In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such 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 increasing interconnectivity between global economies and markets increases the likelihood that events or conditions in one region or market, or with respect to one company, may adversely impact other companies and other issuers, including those in a </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>24</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=24,FOLIO='24',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Investment Policy (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:9pt; font-family: Times New Roman, Times, serif;">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 or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, 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, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased 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 may change). Changes in inflation rates or expected inflation rates may adversely affect market and economic conditions, an issuer's financial condition, the Fund's investments and an investment in the Fund. The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. 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 or economies 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., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, the imposition of tariffs, trade restrictions or similar actions by the U.S. or foreign governments (or retaliatory measures taken in response to such actions) 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 economies, financial markets, issuers 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, can be adversely affected by changes in local and global economic conditions, including those 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 </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>25</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=25,FOLIO='25',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Investment Policy (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:9pt; font-family: Times New Roman, Times, serif;">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.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Governmental and quasi-governmental responses to certain economic or other conditions may lead to increasing government and other public debt, particularly when such responses are unprecedented, 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 price and performance of the Fund's investments, reduce market liquidity, adversely affect and increase the volatility of markets and the Fund's share price and exacerbate pre-existing political, social, financial and economic risks to the Fund and cause overall declines in the U.S. and global markets. 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 (including monetary and/or fiscal actions intended to stimulate or stabilize the global economy) 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. Monetary and/or fiscal actions taken by U.S. or foreign governments may not be effective and could lead to increased market volatility. In addition, government actions (such as changes to interest rates) could have unintended economic and market consequences that adversely affect the Fund's investments. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.</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;">Investments in foreign markets entail special risks, such as currency, political (including geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction and custody costs and risks, 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 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 (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other actions such as the imposition of capital </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>26</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=26,FOLIO='26',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">Investment Policy (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:9pt; font-family: Times New Roman, Times, serif;">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 and decline in value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with investments in foreign developed countries. Emerging market countries may be subject to increased potential for market manipulation and to less stringent requirements regarding accounting, auditing, financial reporting and 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 market 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. 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 (in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund's investments, significantly delay or prevent the settlement of the Fund's securities transactions, 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><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>
</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>27</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=27,FOLIO='27',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;"><a name="DividendReinvestmentandCashPurchasePlan-6"></a>Dividend Reinvestment and Cash Purchase Plan</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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, RI 02940-3078<br>1 (800) 231-2608</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>28</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=28,FOLIO='28',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;"><a name="ImportantNotices-6"></a>Important Notices</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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/shareholderreports. 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/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html. 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/shareholderreports.</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>29</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=29,FOLIO='29',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;"><a name="USCustomerPrivacyNotice-6"></a>U.S. Customer Privacy Notice&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">March 2025</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 127px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:20pt; font-family: Arial, Helvetica;"><b>FACTS</b></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: 1144px; text-align: center;">
<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>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<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>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1144px; text-align: left;">
<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>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 127px; 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>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1144px; text-align: left;">
<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 information and wire transfer instructions</font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<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>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1144px; text-align: left;">
<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>
<td colspan="1">&#xa0;</td>
</tr>
</table>


<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&#xa0;</p>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<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: 92px; 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: 124px; 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>
</tr>
<tr>
<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 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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 92px; 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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 124px; 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>
</tr>
<tr>
<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 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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 92px; 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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 124px; 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>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 547px; text-align: left;">
<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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 92px; 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: 124px; 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>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<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: 92px; 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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 124px; 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>
</tr>
<tr>
<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 creditworthiness</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 92px; 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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 124px; 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>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 547px; text-align: left;">
<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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 92px; 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>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 124px; 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>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:7pt .7pt 6pt 0pt; width: 547px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For nonaffiliates to market to you</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:7pt .7pt 6pt 0pt; width: 92px; 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:7pt .7pt 6pt 0pt; width: 124px; 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>
<td colspan="1">&#xa0;</td>
</tr>
</table>


</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>30</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=30,FOLIO='30',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:14 2025' -->
<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>June 30, 2025 (unaudited)</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;">U.S. Customer Privacy Notice (cont'd)&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">March 2025</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<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:0pt .7pt 6pt 0pt; width: 1144px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Call toll-free (844) 312-6327 or email: msimprivacy@morganstanley.com. Please include your name, address, and first three digits (and only the first three digits) of your account number in the email. If we serve you through an investment professional, please contact them directly. Specific Internet addresses, mailing addresses, and telephone numbers are listed on your statements and other correspondence.<br><b>PLEASE NOTE: </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>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 127px; text-align: left;">
<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>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1144px; text-align: left;">
<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: msimprivacy@morganstanley.com</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>


<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>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 357px; text-align: left;">
<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>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1460px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><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> Affiliates definition below.)</font></p></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>What we do</b></font></p>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 357px; 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: 1460px; 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>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 357px; text-align: left;">
<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: 1460px; 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>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 357px; text-align: left;">
<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: 1460px; 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 nonaffiliates 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>
</tr>
</table>


</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>31</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=31,FOLIO='31',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<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>June 30, 2025 (unaudited)</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;">U.S. Customer Privacy Notice (cont'd)&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">March 2025</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 357px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>What happens when I limit sharing for an account I hold jointly with someone else?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1460px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Your choices will apply to everyone on your account.</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>


<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>
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 357px; 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: 1460px; 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 nonfinancial companies.<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><i> Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley &amp; Co. (the, "Morgan Stanley Affiliates").</i></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 357px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Nonaffiliates</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1460px; 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: 357px; 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: 1460px; 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: Times New Roman, Times, serif;"><b>* Please Note: MSIM does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does MSIM enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent MSIM from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.</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 Nonaffiliates 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 Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.</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>32</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=32,FOLIO='32',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt; text-align: center;"><font style="font-size:9pt; font-family: Arial, Helvetica;">(This page has been left blank intentionally.)</font></p>
</div>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=33,FOLIO='',FILE='25-19756-6.fa.qxp',USER='',CD='Aug 20 20:09 2025' -->

<div style="Page-Break-Before: Always"></div><!-- BannerFile="25-19756-6.za.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" --><!-- Document name: 25-19756-6.za-->
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><a name="DirectorsandOfficersInformation-6"></a><b>Directors</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Frances L. Cashman<br>Nancy C. Everett<br>Richard G. Gould III<br>Eddie A. Grier<br>Jakki L. Haussler<br>Patricia A. Maleski<br></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Officers</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Deidre A. Downes<br><i>Chief Compliance Officer</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">John H. Gernon<br><i>President and Principal Executive Officer</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Michael J. Key<br><i>Vice President</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Deidre Walsh<br><i>Secretary and Chief Legal Officer</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Francis J. Smith<br><i>Treasurer and Principal Financial Officer</i></font></p>
</div>
<div style="clear:both"></div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<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>2 Central Boulevard<br>#22-01 West Tower, IOI Central<br>Boulevard Towers, Singapore 01891</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>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<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;">Morgan, Lewis &amp; Bockius LLP<br>One State Street<br>Hartford, Connecticut 06103</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>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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/shareholderreports. 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; 2025 Morgan Stanley</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellpadding="0" width="100%" style="border-spacing: 0px;">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><img src="j25197566_za004.jpg">
</p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 97px; text-align: left;">
<br><font style="font-size:8pt; font-family: Arial, Helvetica;">CEIIFSAN EXP 08.31.26</font></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>


</div>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=34,FOLIO='',FILE='25-19756-6.za.qxp',USER='',CD='Aug 20 20:14 2025' -->

<div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2519756d5_item2to19.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" -->

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


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;">
<tr style="vertical-align: top">
<td style="width: 0.25in">(b)</td><td>Not applicable.</td></tr>
</table>


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


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


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required in this filing.</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>Item 3. Audit Committee Financial Expert</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">Not required in this filing.</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>Item 4. Principal Accountant Fees and Services</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required in this filing.</p>


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


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


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p>


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


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


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


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(a)</td><td>Please see the schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#xa0;</p>


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(a)</td><td>Not applicable.</td></tr></table>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 7. Financial Statements and Financial Highlights for Open-End
Management Investment Companies</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 8. Changes in and Disagreements with Accountants for Open-End
Management Investment Companies</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9. Proxy Disclosures for Open-End Management Investment Companies</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 10. Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 11. Statement Regarding Basis for Approval of Investment Advisory
Contract</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please see the Report to Stockholders included under Item 1 of this Form N-CSR.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 12. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required for this filing.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 13. Portfolio Managers of Closed-End Management Investment
Companies</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required for this filing.</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>


<!-- Field: Page; Sequence: 1 -->
    <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"><b>&#xa0;</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 14. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers</b></p>


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


<table cellpadding="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">Period</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#xa0;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt">(a) Total <br>
Number of<br>
 Shares (or<br>
 Units)<br>
 Purchased</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#xa0;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt">(b) Average<br>
 Price Paid per <br>
Share (or Unit)</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#xa0;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">(c) Total <br>
Number of<br>
 Shares (or<br>
 Units)<br>
 Purchased as<br>
 Part of Publicly<br>
 Announced<br>
 Plans or<br>
 Programs</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">(d) 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="width: 19%; font-size: 10pt; text-align: left">January 2025</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 18%; font-size: 10pt; text-align: right">10,181</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&#xa0;</td><td style="width: 18%; 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: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; width: 18%; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; width: 18%; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left">February 2025</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="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">51,262</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="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; padding-left: 5.4pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">March 2025</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="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">25,490</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="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; padding-left: 5.4pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left">April 2025</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="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">32,318</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="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; padding-left: 5.4pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">May 2025</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="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">4,904</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="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; padding-left: 5.4pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left">June 2025</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="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">&#x2014;</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="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; padding-left: 5.4pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Total</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="font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; text-align: right">124,155</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="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">24.38</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; padding-left: 5.4pt">N/A</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  </table>




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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 15. Submission of Matters to a Vote of Security Holders</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#xa0;</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16. Controls and Procedures</b></p>


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


<table cellpadding="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(a)</td><td>It is the conclusion of the registrant&#x2019;s principal executive officer
                                            and principal financial officer that the effectiveness of the registrant&#x2019;s current
                                            disclosure controls and procedures (such disclosure controls and procedures having been evaluated
                                            within 90 days of the date of this filing) provide reasonable assurance that the information
                                            required to be disclosed by the registrant has been recorded, processed, summarized and reported
                                            within the time period specified in the Commission&#x2019;s rules and forms and that the information
                                            required to be disclosed by the registrant has been accumulated and communicated to the registrant&#x2019;s
                                            principal executive officer and principal financial officer in order to allow timely decisions
                                            regarding required disclosure.</td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529">&#xa0;</p>


<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font>(b)</font></td><td style="text-align: left"><font>There have been no changes
in the registrant&#x2019;s internal controls over financial reporting during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant&#x2019;s internal control over financial reporting.</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; margin: 0pt 0"><b></b></p>


<!-- Field: Page; Sequence: 2 -->
    <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"><b>&#xa0;</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 17. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) For the Semi-Annual period ended June 30, 2025, the Fund earned
income and incurred the following costs and expenses as a result of its securities lending activities:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p><table cellpadding="0" style="border-collapse: collapse; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Cash</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Total</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Net Income</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Collateral</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Costs of</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">from
Securities</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><font style="font-size: 10pt">Gross</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-size: 10pt">Revenue
</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><font style="font-size: 10pt">Management</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><font style="font-size: 10pt">Administrative</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><font style="font-size: 10pt">Indemnification</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><font style="font-size: 10pt">Rebates to</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center"><font style="font-size: 10pt">Other</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 14%"><font style="font-size: 10pt">Securities</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 11%"><font style="font-size: 10pt">Lending</font></td></tr>
  <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"><font style="font-size: 10pt">Income<sup>1</sup></font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">Split<sup>2</sup></font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Fees<sup>3</sup></font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Fees<sup>4
                                            </sup>&#xa0;</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Fees<sup>5</sup></font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Borrowers</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Fees</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Lending Activities</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><font style="font-size: 10pt">Activities</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">N/A</font></td><td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">N/A</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Gross Income includes income from the reinvestment of cash collateral.</td>
</tr></table>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.25in">2.</td><td>Revenue split represents the share of revenue generated by the securities
                                            lending program and paid to State Street.</td></tr></table>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.25in">3.</td><td>Cash collateral management fees include fees deducted from a pooled cash
                                            collateral reinvestment vehicle that are not included in the revenue split.</td></tr></table>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">4.</td><td style="text-align: justify">These administrative fees are not included in the revenue split.</td>
</tr></table>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">5.</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">(b) 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.</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>Item 18. Recovery of Erroneously Awarded Compensation</b></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 19. Exhibits</b></p>


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


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.8in; text-align: left">(a)(1)</td><td style="text-align: justify">Registrant&#x2019;s Code of Ethics &#x2013; Not applicable (please
see Item 2).</td>
</tr></table>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.8in; text-align: left"><a href="tm2519756d5_ex99-cert.htm#a_002">(a)(2)(i)</a></td><td style="text-align: justify"><a href="tm2519756d5_ex99-cert.htm#a_002" style="-sec-extract: exhibit">Principal Financial Officer&#x2019;s Section 302 certification.</a></td>
</tr></table>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.8in; text-align: left"><a href="tm2519756d5_ex99-cert.htm#a_003" style="-sec-extract: exhibit">(a)(2)(ii)</a></td><td style="text-align: justify"><a href="tm2519756d5_ex99-cert.htm#a_003" style="-sec-extract: exhibit">Principal Executive Officer&#x2019;s Section 302 certification.</a></td>
</tr></table>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.8in; text-align: left"><a href="tm2519756d5_ex99-906cert.htm" style="-sec-extract: exhibit">(b)</a></td><td style="text-align: justify"><a href="tm2519756d5_ex99-906cert.htm" style="-sec-extract: exhibit">Combined Section 906 certification.</a></td>
</tr></table>


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


<p style="margin: 0"></p>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


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


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2519756d5_sigpage.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1" -->

<p style="margin: 0"><font style="font-size: 10pt"><b>&#xa0;</b></font></p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt"><b>Signatures</b></font></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.</font></p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="2" 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 colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Morgan Stanley India
    Investment Fund, Inc.</font></td><td><font style="font-size: 10pt">&#xa0;</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" 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="font: 10pt Times New Roman, Times, Serif; width: 5%"><font style="font-size: 10pt">By:</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><font style="font-size: 10pt">/s/
    John H. Gernon</font></td><td style="font: 10pt Times New Roman, Times, Serif; 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; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Date:</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">August 20, 2025</font></td><td><font style="font-size: 10pt">&#xa0;</font></td></tr>
  </table>




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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.</font></p>


<table cellpadding="0" style="border-collapse: collapse; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="2" 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="font: 10pt Times New Roman, Times, Serif; width: 5%"><font style="font-size: 10pt">By:</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><font style="font-size: 10pt">/s/
    Francis J. Smith</font></td><td style="font: 10pt Times New Roman, Times, Serif; 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; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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 colspan="2" 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="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Date:</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">August 20, 2025</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" 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="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">By:</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">/s/ John H. Gernon</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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; text-align: left"><font style="font-size: 10pt">&#xa0;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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 colspan="2" 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="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Date:</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">August 20, 2025</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#xa0;</font></td>
    </tr>
  </table>




<p style="margin: 0"><font style="font-size: 10pt">&#xa0;</font></p>


<p style="margin: 0"></p>


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


<p style="margin: 0"><font style="font-size: 10pt">&#xa0;</font></p>


</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2519756d5_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2519756d5_ex99-cert.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1/users" -->

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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_002"></A>Morgan Stanley India Investment Fund, Inc.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FORM N-CSR</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 19(a)(2)(i)</B></P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>I have reviewed this report on Form N-CSR of Morgan Stanley India
                                            Investment Fund, Inc.;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial
                                            information included in this report, fairly present in all material respects the financial
                                            condition, results of operations, changes in net assets, and cash flows (if the financial
                                            statements are required to include a statement of cash flows) of the registrant as of, and
                                            for, the periods presented in this report;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible
                                            for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
                                            under the Investment Company Act of 1940) and internal control over financial reporting (as
                                            defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
                                            have:</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>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 0pt 0.75in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Evaluated the effectiveness of the registrant'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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Disclosed in this report any change 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; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed
                                            to the registrant's auditors and the audit committee of the registrant'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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>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'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 0pt 0.75in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>Any fraud, whether or not material, that involves management or other
                                            employees who have a significant role in the registrant's internal control over financial
                                            reporting.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date: August 20, 2025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/
    Francis J. Smith</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Francis J. Smith</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Principal Financial Officer</FONT></TD>
    </TR>
</TABLE>


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


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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="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; margin: 0pt 0"><B><A NAME="a_003"></A>Morgan Stanley India Investment Fund, Inc.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FORM N-CSR</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 19(a)(2)(ii)</B></P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form N-CSR of Morgan Stanley India Investment
                                            Fund, Inc.;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial
                                            information included in this report, fairly present in all material respects the financial
                                            condition, results of operations, changes in net assets, and cash flows (if the financial
                                            statements are required to include a statement of cash flows) of the registrant as of, and
                                            for, the periods presented in this report;</TD></TR></TABLE>


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible
                                            for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
                                            under the Investment Company Act of 1940) and internal control over financial reporting (as
                                            defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
                                            have:</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>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 0pt 0.75in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Evaluated the effectiveness of the registrant'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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Disclosed in this report any change 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; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed
                                            to the registrant's auditors and the audit committee of the registrant'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 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>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'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 0pt 0.75in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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>Any fraud, whether or not material, that involves management or other
                                            employees who have a significant role in the registrant's internal control 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"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date: August 20, 2025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/
    John H. Gernon</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John H. Gernon</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Principal Executive Officer</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>tm2519756d5_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2519756d5_ex99-906cert.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2519756-5/tm2519756-5_ncsrsseq1/users" -->

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


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


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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form N-CSR Item 19(b) Exhibit</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</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">18 U.S.C. SECTION 1350,</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECTION 906 OF THE SARBANES-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; text-indent: 0.5in">The undersigned hereby certify in their capacity
as Principal Financial Officer and Principal Executive Officer, respectively, of Morgan Stanley India Investment Fund, Inc. (the &ldquo;Fund&rdquo;),
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: 9pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>The Semi-Annual Report of the Fund on Form N-CSR for the period ended
                                            June 30, 2025 (the &ldquo;Report&rdquo;) fully complies with the requirements of Section
                                            13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -27pt">&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: 9pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>The information contained in the Report fairly presents, in all material
                                            respects, the financial condition and the results of operations of the <B>Fund</B> for such
                                            period.</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"><B>A signed original of this written statement required by section
906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff
upon request.</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">Morgan Stanley India Investment Fund, Inc.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date: August 20, 2025</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date: August 20, 2025</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</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/ John H. Gernon</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</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">&nbsp;</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">&nbsp;</FONT></TD></TR>
  </TABLE>




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


<P STYLE="margin: 0"></P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>j25197566_aa001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j25197566_aa001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ ,P#) P$1  (1 0,1 ?_$ :(    & @,!
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M_P"%7_>3?4'_ *%U!_T=[]U[K18RGQ4?YJ?S6?\ A4!\>*#'+E-T[J^+6_\
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M=T;9V31X7;6YZPU^V**6&OK:2;(TYC=8YU2:9)/=>Z/U_,>^-/\ *7SOQ_\
MY;'S!_FP]\[XVKUKT5\?]@8/97QW&^MRU'7_ 'OFZGKO;>9-'3=/;3H,EO//
M;DH:N:G_ (E78'[$U- M)39BH^PBB"^Z]UJV?S3OEQ\$>R^T/@#\A_Y7/\O3
MM[X,GJWO[;SX'Y0TWQ\VU\<.LNX'QV5VKG=KTNU(>OZVMV[O'<V!KL::],A6
M-'EGHIY%G5XWLGNO=7:?\*DNI-E]_?S/OY#71'9-'69'KONOO,]2;^Q^.R%3
MB<A7;+[(^0GQNV=NFCH<K1LE7C*RIP>9G2*HB(DA=@ZD,![]U[IJ_P"%4/\
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M<W\JL3UC\Q?G#W#M/I>3Y6;ZPFUS2=;89.\.P:_L+MW/X&CVU+MG^ [2ZQV
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M?^4I]]_<#^\?^@_YY_P/^,_Z4_\ 2#]M_H\VY_$_[E_W>_XQ5_#_ !6_B/\
A>+_*O%I^P_<U>_=>ZN_]^Z]U[W[KW7O?NO=>]^Z]U__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>j25197566_aa002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j25197566_aa002.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ /@*6 P$1  (1 0,1 ?_$ :(    & @,!
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M?M;^IZ]I7TZ]_LEOQ7_Y\CLK_P Y:S_ZM]^UOZGKVE?3KW^R6_%?_GR.RO\
MSEK/_JWW[6_J>O:5].O?[);\5_\ GR.RO_.6L_\ JWW[6_J>O:5].O?[);\5
M_P#GR.RO_.6L_P#JWW[6_J>O:5].O?[);\5_^?([*_\ .6L_^K??M;^IZ]I7
MTZ]_LEOQ7_Y\CLK_ ,Y:S_ZM]^UOZGKVE?3KW^R6_%?_ )\CLK_SEK/_ *M]
M^UOZGKVE?3KW^R6_%?\ Y\CLK_SEK/\ ZM]^UOZGKVE?3KW^R6_%?_GR.RO_
M #EK/_JWW[6_J>O:5].O?[);\5_^?([*_P#.6L_^K??M;^IZ]I7TZ]_LEOQ7
M_P"?([*_\Y:S_P"K??M;^IZ]I7TZ]_LEOQ7_ .?([*_\Y:S_ .K??M;^IZ]I
M7TZ]_LEOQ7_Y\CLK_P Y:S_ZM]^UOZGKVE?3KW^R6_%?_GR.RO\ SEK/_JWW
M[6_J>O:5].O?[);\5_\ GR.RO_.6L_\ JWW[6_J>O:5].O?[);\5_P#GR.RO
M_.6L_P#JWW[6_J>O:5].O?[);\5_^?([*_\ .6L_^K??M;^IZ]I7TZ]_LEOQ
M7_Y\CLK_ ,Y:S_ZM]^UOZGKVE?3KW^R6_%?_ )\CLK_SEK/_ *M]^UOZGKVE
M?3KW^R6_%?\ Y\CLK_SEK/\ ZM]^UOZGKVE?3KW^R6_%?_GR.RO_ #EK/_JW
MW[6_J>O:5].O?[);\5_^?([*_P#.6L_^K??M;^IZ]I7TZ]_LEOQ7_P"?([*_
M\Y:S_P"K??M;^IZ]I7TZ]_LEOQ7_ .?([*_\Y:S_ .K??M;^IZ]I7TZ]_LEO
MQ7_Y\CLK_P Y:S_ZM]^UOZGKVE?3KW^R6_%?_GR.RO\ SEK/_JWW[6_J>O:5
M].O?[);\5_\ GR.RO_.6L_\ JWW[6_J>O:5].O?[);\5_P#GR.RO_.6L_P#J
MWW[6_J>O:5].O?[);\5_^?([*_\ .6L_^K??M;^IZ]I7TZ]_LEOQ7_Y\CLK_
M ,Y:S_ZM]^UOZGKVE?3KW^R6_%?_ )\CLK_SEK/_ *M]^UOZGKVE?3KW^R6_
M%?\ Y\CLK_SEK/\ ZM]^UOZGKVE?3KW^R6_%?_GR.RO_ #EK/_JWW[6_J>O:
M5].O?[);\5_^?([*_P#.6L_^K??M;^IZ]I7TZ]_LEOQ7_P"?([*_\Y:S_P"K
M??M;^IZ]I7TZ]_LEOQ7_ .?([*_\Y:S_ .K??M;^IZ]I7TZ]_LEOQ7_Y\CLK
M_P Y:S_ZM]^UOZGKVE?3KW^R6_%?_GR.RO\ SEK/_JWW[6_J>O:5].O?[);\
M5_\ GR.RO_.6L_\ JWW[6_J>O:5].O?[);\5_P#GR.RO_.6L_P#JWW[6_J>O
M:5].O?[);\5_^?([*_\ .6L_^K??M;^IZ]I7TZ]_LEOQ7_Y\CLK_ ,Y:S_ZM
M]^UOZGKVE?3KW^R6_%?_ )\CLK_SEK/_ *M]^UOZGKVE?3KW^R6_%?\ Y\CL
MK_SEK/\ ZM]^UOZGKVE?3KW^R6_%?_GR.RO_ #EK/_JWW[6_J>O:5].O?[);
M\5_^?([*_P#.6L_^K??M;^IZ]I7TZ]_LEOQ7_P"?([*_\Y:S_P"K??M;^IZ]
MI7TZ]_LEOQ7_ .?([*_\Y:S_ .K??M;^IZ]I7TZ]_LEOQ7_Y\CLK_P Y:S_Z
MM]^UOZGKVE?3KW^R6_%?_GR.RO\ SEK/_JWW[6_J>O:5].O?[);\5_\ GR.R
MO_.6L_\ JWW[6_J>O:5].O?[);\5_P#GR.RO_.6L_P#JWW[6_J>O:5].O?[)
M;\5_^?([*_\ .6L_^K??M;^IZ]I7TZ]_LEOQ7_Y\CLK_ ,Y:S_ZM]^UOZGKV
ME?3KW^R6_%?_ )\CLK_SEK/_ *M]^UOZGKVE?3KW^R6_%?\ Y\CLK_SEK/\
MZM]^UOZGKVE?3KW^R6_%?_GR.RO_ #EK/_JWW[6_J>O:5].O?[);\5_^?([*
M_P#.6L_^K??M;^IZ]I7TZ]_LEOQ7_P"?([*_\Y:S_P"K??M;^IZ]I7TZ]_LE
MOQ7_ .?([*_\Y:S_ .K??M;^IZ]I7TZ]_LEOQ7_Y\CLK_P Y:S_ZM]^UOZGK
MVE?3KW^R6_%?_GR.RO\ SEK/_JWW[6_J>O:5].O?[);\5_\ GR.RO_.6L_\
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MW7N@PW]_Q]?2/_B3\M_[Y?MWWL<#]G^4=:/$?;_DZ"_X6_\ 9*_2/_AE4O\
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M\;I?DKE^^^\^O]NX+>O:U-V9V]ANQ>\,8=_QO74>?W5@X#C\WM79V>R$-3_
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MM)F,:^SZ_(B/*TOB2NI )%FC14E LHXI^+K1/!O+HLE#M]]R[.V=U)A_E?\
M';,8G;^_#ENI-F;=S=;7Y3L3+Y;?TF[\'1=L4>(JFRV*CH6K9*>**@I1]O,$
MJ)9I&1E:]:$MI/S_ -CJOD!4='SV%M9^DZ?LWN'N;=N#?=O8%?BZW<K8"/)0
M[2P=!A(Z^';VV=J4>2:?,Y.I\F4J&DF<+/622*!%&D2*&R=5%7@.KC%2>IE'
MM3<G=N5QVYNR\5-M_K+%3C([2ZHR,<9R&Y:P!&Q^Z^S$262-88(F<TFWV!2,
MR!ZX-,H@B]4+A>/K_FZ]2O'ATG/@U))-\9MDS32/+-/N;N">>:5VDEGGG[H[
M"EGGFE<L\LTTKEG9B69B222?=3QZV.'1A]]]>[![2VMD]C]G;'VAV-LK-)''
MF=G[[VUA=W[6RT<,J3PID]O[@HLAB:](IXU=1+"X5U!'(]ZZWUUL/KW8/5FU
ML9L?K'8^S^N=E8594P^S]A[9PNT-K8E)Y7J)TQFW]OT6/Q- LT\C.XBA0,[$
MGDGW[KW0<]E?%OXR=S[AHMV]P_'3HGMC=>-HX<?CMS=E=1=?[[W#CZ"GG-5!
M0T6:W1M[*Y*EHX*D^1(HY%19/4 #S[]U[IU['^/'0'<>&VWMWMWHWI[M3;^S
MI'EVA@NQ^L]E;XPVU99*-,<\FV\7N?"92BP<CX^-8":5(B85"?I 'OW7N@_E
M^#_PLFVO1[(F^(/Q>EV7CL_6[KQ^T)>@.J)-KT.Z,E04V*R.Y*/ -M,XFES^
M0Q=%#33UB0K42T\21LY15 ]U[I2[5^*?Q=V++L^?9'QMZ#V=/U[GLONK8$VU
M>G>O-O2['W/N"@?%9[<>SY,1MVC?;.>S>+D:FK*RB,%14T[&.1V0V]^Z]TL<
M;TOT[A^R,SW)B.I^M,5V]N/&)A=P]JXW8FUJ'LC/8>,4JQXG,[YI<5%N?*8R
M-:*$+!/5/$!"EE]"V]U[H*9_A!\+:K=#;XJ?B%\7JC>K9Z+=3;OGZ!ZHFW0V
MZ(:],K#N1MP2;3;+'/192):E:SS?<+4*) ^L ^_=>Z7=3\<?CU6;8[ V36=#
M],U>S.V-R2;R[3VC4]7[(GVQV7O":3&RS;K[ P$N#;%;RW)++AJ-FKLC%4U3
M-20DO>)-/NO=/51TKTW5U76E=5]2]9U5;TO'4Q=.UE1L/:TU5U/%68VFPU7'
MUI428IIMB1U6'HX:208LTH>FB2)KHJJ/=>Z?,3U[L' [NW7V!@]C[/PN_-^0
M8.FWSO;$[:PN.W=O.FVQ224&VZ?=>Y*.BAS.XH-O4,SPT*5DTRTD3%(@BDCW
M[KW20WA\?.@^P]Z[>[*W_P!(=0;Y[&VC]E_=3?\ O#K79FYMZ[8_AM8^1QW]
MWMU9K"UN=POV&0D:>#[:>+Q3,76S$GW[KW4[>?1_2O8^Z=I;Y["Z@ZNWYO78
M$PJ=B;PWGU_M/=&Z=E5"U<->L^TMP9S$UV6VW,M=3QS!J.:%A*BO?4H(]U[I
M6[@V;M#=M1MJKW5M7;>YJO9>XJ?>&SJK<&#QF9J-I[MI,=D\12[IVU-D:6ID
MP6XJ;$YJLI8ZZE,52E/5S1APDKJWNO=,W8_5?6'<>VI-E]N]<;"[4V=-64>1
MFVGV/L_;V^-M2Y#'R^>@KI,%N?'93%O64,WKAE,1>)N5(/OW7NBA=G?RW?BY
MV?VAT5OO)=4]64&TNF,AV1E<AT_3]1==U'6W9N0[ ZRH>K(*W>^WY\'_  RO
MJ]I[>Q-$M!*]/*\<=%!""L4487W7NC.;C^/O0N\>NL3T_N[I'J'=/4N 7&I@
MNKMQ]:[,S?76%7#&^'7$[)R>%JMM8Y<4?^ PAI4$']C3[]U[I^V_U/U9M.MV
MWDMJ]:=?[9R.S-I3;!V?7[?V;MS#5NU-B5-715]1LK;=5CL;33X+:4]=C::9
M\;2M%1M+3QN8RR*1[KW2%S/Q5^+^X]K5VQMP_&_H7.[)RF]LGV7D]G9GI_KW
M*;6R/8^:9FS'8%=M^NV[/B:O>V69R:G*R0M7SDG7*WOW7NG+>'QN^.W8:;)C
MW_T)TMOB/K6*F@ZYCWAU;L;<R; @HEITHX=DIFL%6KM6*D6DB$2T'@$8B0+;
M2+>Z]U-K.@>B,CV5%W/D.E.I*[N&"A?%P=KUG6^SJKLJ'&/22X]\=%OJ?#/N
MB.A>@G> PBJ$9A=DMI)'OW7NG&+IGI^'KN/J"'JCK6+J:*+P1=7Q;%VO'UW'
M#_%&SGACV2N+&VDB_C3&LTBF ^Z)E_SGJ]^Z]TY4?6/6N.W[E.U,?U[L:@[/
MSF Q^U,UV/1[3P%+OW,;6Q,S5&*VUE-X08]-PY# 8RH<O3T<M0]/"Y+(@)O[
M]U[I/XWH;HW#=F9/NK#],=3XKN3-4LM%F>VL;UUM"A[,RU'/%%3STF3WY2X>
M+=-?2S04\:/'+5NC(B@BP%O=>Z5==L'8F3S.7W'DME;2R&X=P;5_N+GL[7;<
MP]7F<WLC[BLJ_P"YV7RE11R5N2VK]UD:B7^'S.])Y)Y&\=W8GW7N@MVI\3OB
MQL.FK*+8WQI^/^S*/(87.[;KZ3:G3?76W::NV[NB2.7<N K(,1MRCBJ<+N*6
M)6KJ5PT%6R@RJY ]^Z]U(H?BW\9,7UQ6].XSXZ=$8[J/)949W(]64/477])U
MQ7YQ:B.K&9K=D4^WH]LU65%7"DHJ'I6F\BAM5P#[]U[IZ?X_="R]DT7<TG2/
M44G<&,HX,=C>UGZVV:_9./Q]+0KBZ6@HM]-A3NBDHZ;&(*>.*.J5$@ C ""W
MOW7N@^WG\/NA=\;K^.VY\ALO'XBF^+F^]S=H=1[0VICL)M?9N)[!W/M[*[7G
MW36XK#8BEJ:FJQ^+W#DC#31U$-!+55S5-53U-1#22TWNO="3VAT3TAW?%@H.
MZ.F^JNWH-KU=1D-LP]H=>;1W_%MVOJQ3"JK<%'NO$99,15U(HX?))3B-W\27
M)TK;W7NF7>WQF^-W9>X:;=W8_P ?>D.P-UT6VJG9E'N?>W5&P]U[AI-GUE)D
M<?6;4ILUG<#7Y*#;5509>K@DH5E%*\-5,C(5D<-[KW4NE^.GQ]H=^X3M6BZ*
MZ;H^T-LXBBV_MOLBEZQV33[]V_@<;ASM['83";PBP:;AQ.(H, ?L8::"HCAB
MH_V541^GW[KW37G_ (L_&+=FT]F;"W3\<NA]R[&ZY>>3KW9F?ZAZ^S.T]AO4
ME&J7V9MW([>J</M=ZAHE+FAA@+E1>]A[]U[H4,3L?9>!W!GMVX+:&U\+NK=6
M/VYB=T;FQ.W\3CMP;DQ6SXLE!M+&9[,T=)#D<QC]K09FL3'0U$DD="E5,(0@
ME?5[KW0?;[^-WQV[2W3#OCLWH3I;L7>M/MZKVC3[PWWU;L;=VZ8-J5\&4I:[
M;$.X-P8+(9:+;U;2YRMCEHEF%-)'63JR$2R!O=>Z=J/HWI/'[<W!LZ@Z>ZLH
M=H[MGQ55NK:M'U]M*FVYN:IP6*PN!P=3N#!PXA,9F9\-@]MXZBI'J8I&IZ2@
MIH8RL<$2K[KW2>WA\7OC/V'O*3L7?_QVZ+WSV#+24-!+OK>'4FP-S;RDH<7)
MY<91R;GS6WZW-O28Z7U01F<I"W* 'W[KW02?,3XI;P^4&,V)2[0^0VZ.D9ME
MYJLR>0PJ]8]/=T=9]A4M;3)#'1;_ .M.XMG[EQ.4J\#4Q)5XBMI)Z&JQ]6#(
M&D!TCW7NIGQ!^%'4OP^ZEV'UOMH5/8.YMF5O8VX*KN'?V)VQ/V-G-W=P[HJ-
MY]HYN"LPF$Q&-VECMUYZ9!_"</3T6-IJ&DI*98BE,A]^Z]T---T'T51=G5/=
MM'TKU+2=S5D#TM7VY3=<;.@[.JJ:2D^PDIZG?T6&7=4\$E#^RR-5E3%Z"-/'
MOW7NHN,^.GQ\PF]MT=EX;HGIO$=C[XHJ_&[T[ QG6&R:#>V[\=E8UAR=!NC=
M=+@XL[N"BR4**D\57/,DR@!P0/?NO=*2DZGZLH*G8]90]:=?T57UE@ZO;'6U
M52;-VY35/7VVLAC8,-7[>V//#C4EVG@ZW$4L5)-24!IZ>2FC6)D**%'NO=(C
M;_Q9^,>T\?O;$[5^.70^VL5V6\<G8^,V_P!0]?8;']@2159KXI-[46.V]34V
MZWCKB9E->LY$IUCU<^_=>Z$R@V'L;%;LS>_<7LS:F-WUN7&8G";CWI0;=Q%'
MNS<&&P/F_@>)S>XZ>CCS&5QF&^XD^TIYYI(J;6WC5=1O[KW2+D^/?04W9\7=
MLO1_4$O<\">.#MV3K39;]GPI]L:+1%OYL*=UQI]F3%858'B.G]/'OW7NBI?)
M;X%S]OT^QZ3I'NVI^+6&VCDMSY;)=>;4Z)^//9O3>\LYNJJ?)U>]<]U?VAUU
MG,5#V5BLS(]90YVDGIYTJ)9#/'4B1P?=>Z%KXF_#+ICX@=.=7]1;!QDNYY^K
M]H9/:%'V=ONCP67[.SU)N/.U>ZMVS9?<E%A\8*>GW/NG(3U]10445+C4E<".
M!550/=>Z'6EZKZOH=@/U/1=;["H^K)<55X*3K2EV?MZGV!)@Z\RM789]FQ8Y
M-NOBJQIW,M.:;PR%VU*;GW[KW1(?D#_*^^+'=NU>H=D;?ZUZSZ7VCUE\C.J/
MD)G=L=9]0]=87;W:<O4FU]Z[1P6P=^X2BPE!C,MM:7"[WG@ FBF-/!&(HU$;
M,/?NO='AZZZNZSZ?VS!LOJ7KO8O5VSJ6IJZVFVGUUM' ;)VS3UE?,U37U<&!
MVUC\9BX:FMJ',DTBQ!Y')9B2;^_=>Z1V5^-7QSSN'WYM[.= ]*9G =J;H7>_
M9^#RO5>Q<CA^Q]Z(T3KN_?F,J\#-1;OW0KP(1D,@E15@HI\G ]^Z]U.W+\?^
MAMY]>X?J/>'2746Z^J=O#'#;_6.Y>MMFYWKW!C$02TN)&'V7E,-5;;Q@Q=-,
M\=/X*9/ CLJ:02/?NO=)FO\ B3\5,IM[;6TLG\9?CYD=J;+SN7W1L[;-?TQU
MQ6;>VGN;<%;%DL]N+;6%J-MR8W!9W-Y&%*BKJZ6.*HJ9T5Y'9@#[]U[HN^X?
MY>>Q]T_(WH/MK);TGQ71_P 6]Q[A[0Z(^(.R>N.KMD=,[5[\W5@]U;?R_=F:
MJ\#M>#=&Y]R04^_,Y6T--)404M'FLG+D+25%C[]U[HZW8/6W77;6UZW9':FP
M=E=F;+R4M+/D=H=@[5P6\]KU\U#41U=#-6X#<=!DL552T=5$LL3/$QCD4,MB
M ??NO=!]_LK?QE_N[5;/_P!ETZ)_NE7Y7;.=KMK_ .B+K_\ N[69O96/@Q.S
M<Q583^[W\,J,KM+%4L5-C*AXC-04\:QP-&B@#W7NA&P'7FP-JX;,[<VOL;9^
MV]O;CRVX<]N' X#;.%P^&SV<W=65&0W7F<SB\=14]#E,MN?(5<L^1J)T>:MF
ME=YF=F)/NO=(G$_'+X]8"AZVQ>"Z'Z9PN,Z:K<ADNH,=B>K]D8ZAZIR.6J9J
MS*9#K:DH\'#3[&K<E65,DM1+BUI9)I)&9R68D^Z]T^5W3'3V3W7N7?F2ZHZU
MR&^-Y[._T=;PWG7;%VO5[KW9U]YS4_W%W+N*HQ<F7SNSON6,G\,JII:+6=7B
MOS[]U[IKK/C[T+D>L\5TMD.D>H:[IS!38RHP?4U9UKLRIZSPU1A,JN=PT^*V
M'/A7VMCIL1G$%92M#2HU/5@3(5D&KW[KW6;)]"=&9K.;YW/F.E^I\MN7L_:Z
M;([+W#D^NMGU^<[#V7&H2/:&^<M58>6OW;M>-% 7'U\E12 "PC]^Z]UW1=#]
M'8W';IP^.Z9ZHH,1OG;V&VCO;%T77>T*7';QVIMS%/@MO;8W30P8>.FW#M[
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MNHY_P]54G2,=&"_TQ=__ />(6]?_ $;G2/\ ]F?NNE?XA_/K=3Z=>_TQ=_\
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M5_B'\^O5/IU[_3%W_P#]XA;U_P#1N=(__9G[]I7^(?SZ]4^G7O\ 3%W_ /\
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M $Q=_P#_ 'B%O7_T;G2/_P!F?OVE?XA_/KU3Z=>_TQ=__P#>(6]?_1N=(_\
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M[]I7^(?SZ]4^G7O],7?_ /WB%O7_ -&YTC_]F?OVE?XA_/KU3Z=>_P!,7?\
M_P!XA;U_]&YTC_\ 9G[]I7^(?SZ]4^G7O],7?_\ WB%O7_T;G2/_ -F?OVE?
MXA_/KU3Z=>_TQ=__ />(6]?_ $;G2/\ ]F?OVE?XA_/KU3Z=>_TQ=_\ _>(6
M]?\ T;G2/_V9^_:5_B'\^O5/IU[_ $Q=_P#_ 'B%O7_T;G2/_P!F?OVE?XA_
M/KU3Z=>_TQ=__P#>(6]?_1N=(_\ V9^_:5_B'\^O5/IU[_3%W_\ ]XA;U_\
M1N=(_P#V9^_:5_B'\^O5/IU[_3%W_P#]XA;U_P#1N=(__9G[]I7^(?SZ]4^G
M7O\ 3%W_ /\ >(6]?_1N=(__ &9^_:5_B'\^O5/IU[_3%W__ -XA;U_]&YTC
M_P#9G[]I7^(?SZ]4^G7O],7?_P#WB%O7_P!&YTC_ /9G[]I7^(?SZ]4^G7O]
M,7?_ /WB%O7_ -&YTC_]F?OVE?XA_/KU3Z=>_P!,7?\ _P!XA;U_]&YTC_\
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MO],7?_\ WB%O7_T;G2/_ -F?OVE?XA_/KU3Z=>_TQ=__ />(6]?_ $;G2/\
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
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>j25197566_aa003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j25197566_aa003.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ %P$? P$1  (1 0,1 ?_$ :(    & @,!
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MJHDQ5'ASM?XX]'; VYM3+5331XO;F2KY(:FHIG>4-[KW1C]O?/+^<7U'U?\
M*;Y:=QXGYG8SI'XN[W^&GR1EZ]^2O36SNO\ L#LWIVO[2[;ZQ^7_ $;BL[2_
M%#XY[#Q=33;/K</N7[#&)N*+"#"4%50[@JJ7)3I5^Z]T>GY?;:^8=;_*X_E7
M=C=U[1[U^4WR(V5\N_A=\I/DAC>FNG<]V3V5B\7_ 'XJ.V-Z8S'];=6[:>I:
MAZKPF8CP48@I$5EQT9DDDFD:63W7NF7Y%?,#^:AV9\IMG[S^*G67SKZ^ZNW(
MOQ?_ -EPZ9WG\-Z;:/3V_8<CW+G=M_,4?-[=W8'7&;[#Z#JMM]<4E/5[9^\R
M^TQ- Z5=":N1FCD]U[H#NUOD#_.MP=/\]=L]<'YN[Y7!?)S9,6RN]8/C3_=C
M;N$^.>>[BW/AL[MSXV]-9KX15':F2WOL38,% N4SV$I^Z<-E\8!DJ%Z:MF*+
M[KW5A7R(Z7^5GR8_DF]>Y;LZ'<G</S?Z<I.GOE1M)Z3JW=?6._=W]M= ]EX[
ML'"T<G4^X]@;!WE@=^;GV1BZK%3XP[<PM54UU:R+10B7P>_=>ZILW;O#^;%T
MET*OR1^._P >OG/UK\J?GI\AN\?F9VGU_LOH==U;6VC2XWLG9>P^I.E.\]MY
MCXS]\=M8C/8_HG!EJ;;U1D>O<540223#-U%9 E%+[KW1LNO>U_G%\0?D!VE0
M;:^+GSCK^J\O_-%_F0]D]U4O5'QBW#OS$=H]?_(S8>3W5\2-Y;-S$V(EBW%M
M3&[^QK/E*_&5D-+@JNI@@RTB:_&ONO=>^(_>'\\?=WRI^"6([TR7?>P>J<CT
MS\2<UV;B]\_%7=9V1V1)N?JO<55\KJ'N7<>T_C-FUZB[KPG8L%-'B_[P;UV!
M38AJ:"-,1D8:Z>:/W7NC_P"PX*BJ_GF?S'Z6D@FJ:JI_EF_%B"FIZ>-YIZBH
MF[![]CA@@AC5I)9I9&"JJ@EF( %_?NO=:UOPV^%_\V#XH8O^63+U;T=W)N>B
MV[\9_F%\A.L,!V/U3N^CRGQ<^76[NFNQ-A;JZ<[4I=V8O"XC8^T>QZVBVQG-
ML46XJ['+4YBHR$$,=IB)/=>ZV"?Y?V\?Y@O<OQ]^?.VOD+!\JM^=?U/06W<=
MT9G/EYT#A?CY\A<_W5O#HK<3=][$V[U[MCJ_JPYSK# ]CSPTFWLA/C3)+Y?#
M35%9"OF'NO=4 _RS>H_G%\4MA]@]M;5^'GSEQ>^MJ?RZ.MNF:[>6TO@O@/BK
MW'U3VFO=>,JZO9?7FV-Y=6=A57S4FJ=LUM549K?-;L/=NY<)1TX:DH:MBD2>
MZ]T<_$=M?S^]]_'O*;B;>WS:ZN[%Z;^$GR7[*Q6(I/B/MW.[@[Y[TZQ^8N_=
ML='==[E7?7QBV]DLMN?>71=!BZGP83;VVLWN/%^"O6AITGF67W7NCG_!&G^=
MG5W\TGY!8CLSK'Y!==_"KO#Y4_)SL;:^=V=TEN&KP?8G?5=L[JI*3(]^;KR.
MUJ_+[$Z 795+-)LO+XS[' YK=$5;35V5DEIZ?'GW7NBU_)/K;Y7_ !^_F*_*
M[LG:WP&K/DGWGWG\V/B3V9\?_DKO/X8YCY9=:T_Q8P.V>MMG9S86V^X</FJ:
M'X>=@?'G<%!7[@AR.4BITR,V.B\"3'[6KA]U[H9'^8W\UO';LR'7U?TE_,,J
MLGTY7?SB3V1O':/Q:V]+M_LBBPLN[<Y\ 3T?O3=G7^=Z\W[DL1MY\=%MUFH:
MJAS==&*:6#,3%J:3W7N@X^(&_P#^=Y\@-]=$]8]K]B?-;H3K0]I?+/(;X[5W
M'\9]MCL7,]2X'JCHO?72.TMP;Q[-^*G1NR,;F,YO'+;@Q./RU7LK;]4\\E=0
MHDTM##-![KW27V)\D?YX':F3^0^&Q^)^>_4.V-V]^?#NFZJW5VA\8]NY;LKJ
MK;&[?DYEMC?(2+$TB_$3JOK&HVCMGJ,TN0JX!2[WP^.H(TR/]Y*R.6H*>Z]T
MI]M[7_F:4ORF^(7=7<F<^=?8^<Z2[(_F@?'/ ;OQWQ]P5%B=\X_'Y_;<GQ,S
M_>.T]J=+4&#P_5G=-%#-#6[S\>&P;P4%,U%D\;^Y))[KW0;;;[]_X4!57P^[
M$W-N+/?)0]B93OWI#![^Q]/\1-ZXOO;I3:V4V_V&_==3T]2#X0MA.P>JSNNA
MP4=)-L_:/:E7B*9V6/+5$<QK%]U[K:H^#^3[RS7Q#^.F7^2V>;='?&3ZEV;7
M=H;BFV!G^JJ_-;KJ<13RY#(YCK;=&U]D9_9&=JBP>NQE3A<3)259DC^SI@!"
MGNO=%M_FM?\ ,EOC-_XTZ_E7_P#P?OQ^]^Z]U4Y_)B^?O6G1'PPRG6FX^C/G
M/O;+X7Y6_->IJ-Q=)? SY:]Y]=UB9?Y5=L96"/#]D]5=2;KV3F:BEAJUBJHJ
M:NEDI*E'@F"2HRCW7NK7O^'7NF/^\8/YG_\ Z:O^?7_V@O?NO=>_X=>Z8_[Q
M@_F?_P#IJ_Y]?_:"]^Z]U[_AU[IC_O&#^9__ .FK_GU_]H+W[KW7O^'7NF/^
M\8/YG_\ Z:O^?7_V@O?NO=>_X=>Z8_[Q@_F?_P#IJ_Y]?_:"]^Z]U[_AU[IC
M_O&#^9__ .FK_GU_]H+W[KW7O^'7NF/^\8/YG_\ Z:O^?7_V@O?NO=>_X=>Z
M8_[Q@_F?_P#IJ_Y]?_:"]^Z]U[_AU[IC_O&#^9__ .FK_GU_]H+W[KW7O^'7
MNF/^\8/YG_\ Z:O^?7_V@O?NO=>_X=>Z8_[Q@_F?_P#IJ_Y]?_:"]^Z]T6OX
M]_S._P"7;@,U\@YOC-\:/G-/GL_WQN[.?)<=8?RV/G!N7(0?(NKHL2F]8.SH
M,1TSE9-M]D)0147WV.JUI:J&,QEX5# GW7NC*?\ #KW3'_>,'\S_ /\ 35_S
MZ_\ M!>_=>Z CY,?S3O@/E>D=\4/RY^,GSDB^/$L.$D[&?O7^6%\T\/U0*6G
MW)AZG!#>&0WET;0[9BHVW3%0B%:R58Y:HQ)9F8*?=>Z'?_AU[IC_ +Q@_F?_
M /IJ_P"?7_V@O?NO=>_X=>Z8_P"\8/YG_P#Z:O\ GU_]H+W[KW7O^'7NF/\
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GF1P^'R.ZNE<519G>.:HL2]+A<+3/+D\YE)8*&A@GJIXHF]U[K__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>j25197566_za004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j25197566_za004.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ ( #) P$1  (1 0,1 ?_$ :(    & @,!
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M%VK\NNQ(<G68.FRFW:C-9*/'87+U,!J8,CBZ+%[:D%%#-3SP)E\C%-+#**=
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ME[%VQO\ SG4F%J>V]M)B]XU49V_UG6X"BR^RZ++55)#5UFY\?%29%5JIU6"
M"H]U[JP#^1S_ "]LE_+3_EU=.?'S>='BX.YLQ)F>UN^JC%24=3'-VMOZ>*MR
E6*GR=!-44F:EV3M^FQNW5K8Y'CJH<0DB'0R@>Z]U;K[]U[K_V0$!

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