<PAGE>
MORGAN STANLEY
INDIA INVESTMENT FUND, INC.
---------------------------------------------
OFFICERS AND DIRECTORS
<TABLE>
<S> <C>
Barton M. Biggs James W. Grisham
CHAIRMAN OF THE BOARD VICE PRESIDENT
OF DIRECTORS Harold J. Schaaff, Jr.
Warren J. Olsen VICE PRESIDENT
PRESIDENT AND DIRECTOR Joseph P. Stadler
John Chu VICE PRESIDENT
DIRECTOR Valerie Y. Lewis
Gerard E. Jones SECRETARY
DIRECTOR Hilary D. Toole
Gerard Lahausse de ASSISTANT SECRETARY
la Louviere James R. Rooney
DIRECTOR TREASURER
John A. Levin Timothy F. Osborne
DIRECTOR ASSISTANT TREASURER
</TABLE>
---------------------------------------------
INVESTMENT ADVISER
Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas
New York, New York 10020
--------------------------------------------------------
ADMINISTRATORS
The United States Trust Company of New York
73 Tremont Street
Boston, Massachusetts 02108
Multiconsult, Ltd.
Les Jamalacs-Vieux Conseil Street
Port Louis, Mauritius
--------------------------------------------------------
CUSTODIANS
Morgan Stanley Trust Company
One Pierrepont Plaza
Brooklyn, New York 11201
The United States Trust Company of New York
770 Broadway
New York, New York 10003
--------------------------------------------------------
SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
40 Wall Street
New York, New York 10005
(800) 278-4353
--------------------------------------------------------
LEGAL COUNSEL
Rogers & Wells
200 Park Avenue
New York, New York 10166
--------------------------------------------------------
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
--------------------------------------------------------
-----------------------------------
MORGAN STANLEY
INDIA INVESTMENT
FUND, INC.
-----------------------------------
FIRST QUARTER REPORT
MARCH 31, 1995
MORGAN STANLEY ASSET MANAGEMENT INC.
INVESTMENT ADVISER
<PAGE>
LETTER TO SHAREHOLDERS
- - --------
First quarter 1995 proved to be disappointing for the Indian securities market
and for our Fund. For the quarter, the Fund's net asset value decreased 16.4%
from US $13.99 per share at the beginning of the year to US $11.70 at March 31.
This compares to a 17% decrease in the Indian equity market as measured by the
Bombay Stock Exchange Sensitive Index. The Fund's stock price declined 6.7% to
US $10.50 per share at quarter-end.
During the quarter, the Indian equity market continued to be hampered by short
term political uncertainties, the continued ban on forward trading due to
custody and settlement difficulties and an excess supply of new issues. The
market reacted negatively to local elections in which the ruling congress party
lost the two most industrialized states. The Bombay stock market was also closed
for three days in March due to a broker default and the pervasive sentiment in
the Indian market seems to be bearish.
However, corporate fundamentals continue to be very strong and our portfolio
managers are estimating earnings per share growth of 30% for the fiscal year
ended March 1996. We value the market at 10x March 1996 earnings and, therefore,
believe the Indian equity market looks extremely attractive at these valuation
levels. While there may be continued short term weakness, we believe the Indian
equity market tracks corporate fundamentals in the medium term and, therefore,
there is a significant upside potential in the market.
At March 31, your Fund was invested in 248 companies spread across 30
industries. We believe our Fund gives its shareholders significant exposure to
those companies which are, we believe, well poised to succeed in India's new
economic environment.
We appreciate your support of the Fund and look forward to a stronger Indian
equity market for the remainder of 1995.
Sincerely,
[SIG]
Warren J. Olsen
PRESIDENT
[SIG]
Vinod Sethi
PORTFOLIO MANAGER
May 16, 1995
2
<PAGE>
INVESTMENTS (UNAUDITED)
- - ---------
MARCH 31, 1995
<TABLE>
<CAPTION>
VALUE
SHARES (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - -------------
INDIAN COMMON STOCKS (98.9%)
(Unless otherwise noted)
- - ---------------------------------------------------------------------
- - -------------
APPLIANCES & HOUSEHOLD DURABLES (0.4%)
Kelvinator 255,585 U.S.$ 1,261
TVS Whirlpool Ltd. 200,000 236
------------
1,497
------------
- - ---------------------------------------------------------------------
- - -------------
AUTOMOBILES (11.7%)
Apollo Tyres Ltd. 359,925 1,432
Apollo Tyres Ltd. (Rights) 6,259 --
Ashok Leyland 522,400 2,577
Autolec Industries 243,333 1,092
Autolite Ltd. 88,200 688
Autolite Ltd. (New) 35,650 23
Autolite Ltd. (Rights) 12,500 66
Ceat Tyres 473,850 1,546
Eicher Motors Ltd. 28,000 46
Escorts Ltd. 121,050 511
Escorts Tractors Ltd. 2,200 9
Harig Crankshafts Ltd. 650,000 393
Harig Crankshafts Ltd. (Rights) 216,666 --
Hero Honda 218,924 1,568
Hitech Gears 94,100 195
Invel Transmissions 112,871 377
Jai Parabolic Spring Ltd. 54,700 87
Jay Bharat Maruti 92,800 325
LML Ltd. 186,000 784
Lumax Automatic Parts Industries 109,000 480
Mahindra & Mahindra Ltd. 270,200 2,451
Modi Rubber 720,550 1,606
Motherson Sumi 145,100 681
Motor Industries Co. Ltd. 18,915 3,522
MRF Ltd. 48,550 3,245
Omax Autos Ltd. 80,000 191
Pan Auto Ltd. 300,000 215
Patheja Forgings & Auto Parts 450,000 2,321
Premier Instruments Ltd. 'B' 251,983 1,604
Premier Instruments Ltd. (Rights) 17 --
Rane Madras Ltd. 60,000 535
Rico Auto 22,000 77
S.K.F. Bearings Ltd. 2,500 249
Sona Steering System 129,900 517
SRF Nippondenso 459,300 1,279
Subros Auto Ltd. 98,000 296
Subros Auto Ltd. (Rights) 58,800 116
Sundaram Abex Ltd. 24,700 167
Sundaram Fasteners Ltd. 86,500 2,822
Swaraj Engines Ltd. 45,000 358
Tata Engineering & Locomotive 893,650 11,948
Tata Engineering & Locomotive GDR
(Europe) 15,000 246
Tata Engineering & Locomotive GDR
(United States) 46,000 747
Tata Engineering & Locomotive GDR
(Warrants) 326,000 815
Tube Investments of India GDR 148,600 873
------------
49,080
------------
- - ---------------------------------------------------------------------
- - -------------
BANKING (3.7%)
Federal Bank Ltd. 253,000 2,155
State Bank of India 2,339,750 13,108
------------
15,263
------------
- - ---------------------------------------------------------------------
- - -------------
<CAPTION>
VALUE
SHARES (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - ------------
BEVERAGES & TOBACCO (0.2%)
McDowell & Co. 228,000 U.S.$ 417
United Breweries 219,800 273
------------
690
------------
- - ---------------------------------------------------------------------
- - -------------
BROADCASTING & PUBLISHING (0.6%)
Control Print (India) Ltd. 75,000 84
Control Print (India) Ltd. (New) 25,000 28
New Delhi Television 66,660 1,431
Tata Press 137,050 1,156
------------
2,699
------------
- - ---------------------------------------------------------------------
- - -------------
BUILDING MATERIALS & COMPONENTS (6.4%)
Associated Cement Co. 104,740 12,669
Associated Cement Co. (Rights) 139 --
Bell Ceramics Ltd. 171,100 313
Dalmia Cement 126,300 1,689
Gujarat Sidhe Cement Ltd. 2,500,000 1,154
India Cements Ltd. GDR 240,000 2,311
India Cements Ltd. GDR (New) 101,897 969
Madras Cements 13,355 3,720
Murudeshwar Ceramics Ltd. 346,800 1,242
Mysore Cements Ltd. 195,500 342
Orissa Cement 87,200 1,055
Priyadarshini Cement Ltd. 367,900 527
Shree Cement 224,550 527
Somani Cement Co. Ltd. 200,000 334
------------
26,852
------------
- - ---------------------------------------------------------------------
- - -------------
BUSINESS & PUBLIC SERVICES (0.3%)
Elbee Services Ltd. 211,700 1,280
------------
- - ---------------------------------------------------------------------
- - -------------
CHEMICALS (6.4%)
Atul Products Ltd. 255,550 875
Chemicals & Plastics 100,000 541
Colour Chem Ltd. 13,645 1,846
Gujarat Narmada Valley Fertilizers
Ltd. 477,400 912
Gujarat Narmada Valley Fertilizers
Ltd. GDR 282,000 2,397
Hindustan Organic Chemicals 250,000 378
Indian Dyestuff Industries Ltd. 132,370 253
Indian Organic Chemical Ltd. 732,550 1,370
Indian Petro Chemical Corp. 617,400 2,948
Indian Petro Chemical Corp. GDR 72,000 882
Indian Petro Chemical Corp. GDR (New) 102,000 1,377
Indo Gulf Fertilizer & Chemical (New) 567,300 1,264
ITC Agrotech Co. 104,300 647
Jayant Agro 145,000 1,027
Jaysynth Dyechem 340,500 2,005
Metrochem Industries Ltd. 209,000 1,164
National Organic Chemical Industries 28,815 101
Reliance Industries Ltd. 511,700 4,255
Sudarsha Chemicals 153,750 1,811
Tainwala Chemicals & Plastics 85,409 163
Tainwala Chemicals & Plastics (Rights) 400 --
Tamil Nadu Petrochemicals 158,100 186
Vippy Solvex Products Ltd. 250,000 298
------------
26,700
------------
- - ---------------------------------------------------------------------
- - -------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - ------------
CONSTRUCTION & HOUSING (0.3%)
Bharat Pipes & Fittings Ltd. 522,650 U.S.$ 395
Kunstoffe Industries 118,400 70
Kunstoffe Industries (New) 59,200 28
Nagarjuna Construction 156,100 696
------------
1,189
------------
- - ---------------------------------------------------------------------
- - -------------
ELECTRICAL & ELECTRONICS (2.7%)
AKG Acoustics (India) Ltd. 77,800 170
Asian Electronics 148,000 2,073
BPL Ltd. 731,300 3,957
Centrum Electronics 200,000 134
Crompton Greaves 660,000 3,151
Esab India Ltd. 565,325 1,485
O.E.N. Connectors Ltd. 177,526 509
------------
11,479
------------
- - ---------------------------------------------------------------------
- - -------------
ELECTRONIC COMPONENTS & INSTRUMENTS (4.0%)
Infosys Technology Ltd. 167,100 2,527
Mastek Ltd. 123,400 1,061
Onida Savak 168,700 166
Peico Electronics & Electric 914,100 7,856
Punjab Anand Lamp Industries Ltd. 147,000 398
Rolta India Ltd. 1,600,000 2,037
Salora International Ltd. 280,000 780
Samtel Colour 672,000 1,177
Samtel India Ltd. 10,000 16
Vikas Hybrids & Electronics Ltd. 200,000 605
------------
16,623
------------
- - ---------------------------------------------------------------------
- - -------------
ENERGY EQUIPMENT & SERVICES (8.1%)
Bharat Heavy Electricals 7,000,000 25,625
Datar Switchgear Ltd. 800 5
Graphite India Ltd. 100,000 398
Jyoti Structure 148,850 699
KEC International Ltd. 201,000 1,472
Kirloskar Oil Engine 381,150 1,668
Modern Malleables 250,000 1,050
Modern Malleables (New) 45,000 189
S&S Power Switchgear Ltd. 229,550 1,242
Shriram Honda Power Equipment 276,600 1,013
Uniflex Cables Ltd. 137,700 323
Uniflex Cables Ltd. (Rights) 68,850 41
------------
33,725
------------
- - ---------------------------------------------------------------------
- - -------------
FINANCIAL SERVICES (5.9%)
Bajaj Auto Finance Ltd. 70,300 1,029
Canfin Homes 1,011,100 1,207
Housing Development Finance Corp. 237,060 15,092
ICICI 1,121,030 4,371
LKP Merchant Finance Ltd. 258,800 443
SCICI (New) 996,200 2,656
Sundaram Finance 150 2
------------
24,800
------------
- - ---------------------------------------------------------------------
- - -------------
<CAPTION>
VALUE
SHARES (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - ------------
FOOD & HOUSEHOLD PRODUCTS (1.4%)
American Dry Fruits 538,500 U.S.$ 977
Andhra Sugars Ltd. 1,200 5
Aruna Sugars & Enterprises 14,250 24
Brooke Bond Lipton 38,800 408
Dhampur Sugar Mills Ltd. 150,000 941
Sakthi Sugar Ltd. 164,700 419
Satnan Overseas Ltd. 222,900 674
Thiru Arooran Sugars 264,500 1,137
Umred Agro Complex Ltd. 150,000 107
Vadilal Industries Ltd. 250,000 438
Western Hatcheries 237,933 909
------------
6,039
------------
- - ---------------------------------------------------------------------
- - -------------
FOREST PRODUCTS & PAPER (4.2%)
Andhra Paper 19,725 1,821
Ballarpur Industries Ltd. 1,787,800 13,089
Paper Products Ltd. (New) 170,000 839
Pudumjee 221,600 1,798
------------
17,547
------------
- - ---------------------------------------------------------------------
- - -------------
HEALTH & PERSONAL CARE (4.8%)
Apollo Hospitals Enterprises Ltd. 500,000 577
E Merck (India) Ltd. 355,250 2,262
Godrej Soaps 263,600 1,384
Hindustan CIBA-GEIGY Ltd. 25,835 2,385
Hoechst India Ltd. 490,000 4,835
Indian Shaving 50,000 358
Lakme Ltd. 50,000 589
Medicaps Ltd. 5,500 17
Pfizer Ltd. 66,500 751
Ranbaxy Labs Ltd. 130,000 2,586
Ranbaxy Labs GDR 10,050 244
Sandoz (India) Ltd. 25,000 617
Sol Pharma 246,250 1,137
Sun Pharmaceutical Industries Ltd. 12,000 90
TTK Biomed Ltd. 143,700 400
Unichem Labs Ltd. 147,700 1,905
------------
20,137
------------
- - ---------------------------------------------------------------------
- - -------------
INDUSTRIAL COMPONENTS (0.5%)
Carborundum Universal 379,900 2,116
------------
- - ---------------------------------------------------------------------
- - -------------
LEISURE & TOURISM (0.5%)
Asian Hotels Ltd. 86,750 635
Indian Hotels Co. 37,400 679
Kamata Hotels India Ltd. 300,000 573
------------
1,887
------------
- - ---------------------------------------------------------------------
- - -------------
MACHINERY & ENGINEERING (2.0%)
Ahmed Forge 84,300 577
Artson Engineering Ltd. 192,593 288
Artson Engineering Ltd. (Rights) 100 --
Bharat Forge Co. Ltd. 802,150 3,319
Indian Seamless Metal Tubes 383,600 1,435
Indian Seamless Metal Tubes (Rights) 970 --
Kabra Extrusion Technik Ltd. 153,000 536
Lakshmi Synthetic Machinery 152,400 776
Praj Industries Ltd. 153,300 1,220
Wartsila Diesel Ltd. 78,400 374
------------
8,525
------------
- - ---------------------------------------------------------------------
- - -------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - ------------
METALS -- NON-FERROUS (3.0%)
Hindalco 299,550 U.S.$ 8,486
Indian Aluminum 85,200 800
Indian Aluminum GDR 121,000 1,301
Indian Aluminum GDS 25,000 272
Pennar Aluminum Co. 1,629,800 1,233
SKS Ltd. 100,000 302
------------
12,394
------------
- - ---------------------------------------------------------------------
- - -------------
METALS -- STEEL (6.1%)
Bellary Steels & Alloys Ltd. 25,000 27
India Seamless Steel & Alloys 942,600 555
Mahindra Ugine Steel Co. Ltd. 5,600 7
Modi Steels Ltd. 180,000 917
Mukand Iron & Steel Works 213,250 1,765
Panchmahal Steels Ltd. 146,000 674
Sesa Goa Ltd. 362,500 6,346
Shri Ishar Alloy Steels 316,500 585
Shri Ishar Alloy Steels (Rights) 50,000 92
Tata Iron & Steel 2,008,800 13,668
Uttam Galva Steels Ltd. 1,006,700 929
------------
25,565
------------
- - ---------------------------------------------------------------------
- - -------------
MISCELLANEOUS MATERIALS & COMMODITIES (2.9%)
Asian Paints Ltd. 123,500 2,260
Container Corp. of India 2,274,600 5,865
Flex Industries 216,768 1,517
Flex Industries (Warrants) 54,209 --
Garware Plastics & Polyester 18,550 162
Navneet Publications 142,400 884
Pearl Polymers Ltd. 338,300 1,077
PVD Plastic Mouldings Industries 152,400 152
Sharp Industries 94,200 135
Shrenujur Co. Diamond 3,700 9
Su-Raj Diamonds 48,150 123
Su-Raj Diamonds (Warrants) 31,850 --
------------
12,184
------------
- - ---------------------------------------------------------------------
- - -------------
MULTI-INDUSTRY (6.2%)
Grasim Industries Ltd. 364,905 6,737
IFB Industries 184,875 1,324
Indian Rayon & Industries Ltd. 112,250 1,608
Indian Rayon & Industries Ltd. GDS 120,000 1,740
Indian Rayon & Industries Ltd. GDS
(New) 8,900 125
Kothari Industrial Corp. Ltd. 160,000 267
Larsen & Toubro 63,450 525
Master Gain 1992 (Units) 19,953,500 6,669
Master Shares Ltd. 1,619,800 1,031
S&S Industries & Enterprises Ltd. 575,340 687
S&S Industries & Enterprises Ltd.
(Rights) 480 --
Shriram Industrial Enterprises Ltd.
GDR 102,000 829
Shriram Industrial Enterprises Ltd.
GDR (New) 124,000 945
Shriram Industrial Enterprises Ltd.
GDR (Warrants) 34,000 9
Standard Industries Ltd. 121,366 203
Straw Products Ltd. 382,498 2,265
VXL Ltd. 712,730 936
------------
25,900
------------
- - ---------------------------------------------------------------------
- - -------------
<CAPTION>
VALUE
SHARES (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - ------------
RECREATION, OTHER CONSUMER GOODS (2.4%)
Blow Past Ltd. 227,100 U.S.$ 1,464
Cosmo Films Ltd. 209,950 1,069
Essel Packaging 288,375 1,997
Essel Packaging (Rights) 117,875 --
Kitply Industries Ltd. 8,600 18
Modi Xerox 441,150 2,949
Premier Vinyl Floors Ltd. 30,900 32
VIP Industries 161,900 554
Zee Telefilms Ltd. 257,000 1,759
------------
9,842
------------
- - ---------------------------------------------------------------------
- - -------------
TELECOMMUNICATIONS (4.9%)
Cable Corp. 180,100 831
Indian Telephone Industries 832,700 1,524
Mahanagar Telephone Nigan 2,911,300 15,986
Punjab Wire 143,200 1,641
Surana Telecom Ltd. 214,000 341
------------
20,323
------------
- - ---------------------------------------------------------------------
- - -------------
TEXTILES & APPAREL (8.2%)
A.P. Rayon 620,600 1,679
Arun Proce 177,500 90
Arvind Mills Ltd. 295,000 1,268
Arvind Mills Ltd. GDR (Europe) 80,000 326
Baroda Rayon Corp. 30 1
Bata India Ltd. 183,500 847
Bombay Dyeing & Manufacturing Ltd. GDR 70,000 744
Coates of India Ltd. 248,000 2,210
Coates Viyella Ltd. 179,260 1,198
Coates Viyella Ltd. (New) 4,000 4
Coates Viyella Ltd. (Rights) 237 1
Cosmos Leather Exports Ltd. 325,000 331
DCL Polyesters Ltd. 720,200 940
Deepak Spinners Ltd. 3,100 6
Delta Industries Ltd. 380,000 1,633
G.T.N. Textiles 316,500 1,486
Indorama Synthetics 696,800 2,079
JCT Ltd. GDR 108,000 1,728
J.K. Synthetics Ltd. 2,095,661 2,435
Mahavir Spinning Mills Ltd. 441,000 2,737
Maral Overseas Ltd. 650,800 1,088
Modi Threads Ltd. 700,000 345
Precot Mills Ltd. 50,000 493
Precot Mills Ltd. (New) 16,667 11
Priyadarshini Spinning 294,750 446
Rajashree Polyfil 41,300 32
Raymond Woolens GDR 127,000 1,794
Santogen 350,000 312
Shree Rajasthan Syntex 266,550 636
SIV Industries Ltd. (Units) 104,500 1,411
SRF Ltd. 479,550 1,795
Super Spinning Mills Ltd. 150,000 1,241
Super Spinning Mills Ltd. (Rights) 50,000 --
Vardhaman Polytech 282,800 608
Vardhaman Polytech (Rights) 200 --
Vardhaman Spinning & General Mills
Ltd. 34,500 264
Viral Synte 250,000 621
Woolworth India 477,820 1,551
Woolworth India (Rights) 1,580 --
------------
34,391
------------
- - ---------------------------------------------------------------------
- - -------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - ------------
TRANSPORTATION -- SHIPPING (0.6%)
Chowgule Steamships Ltd. 12,000 U.S.$ 22
Chowgule Steamships Ltd. (New) 4,875 6
Chowgule Steamships Ltd. (Rights) 10,500 23
Great Eastern Shipping Ltd. 1,097,800 1,712
Great Eastern Shipping Ltd. GDR 80,000 631
Mercator Lines Ltd. 200,000 210
------------
2,604
------------
- - ---------------------------------------------------------------------
- - -------------
UTILITIES -- ELECTRICAL & GAS (0.1%)
Andhra Valley Power Supply 5,260 172
CESC Ltd. (Preferred Warrants), U.S.
$7.62 353,000 61
Tata Hydro Electric Power Supply Co.
Ltd. 1,105 36
------------
269
------------
- - ---------------------------------------------------------------------
- - -------------
WHOLESALE & INTERNATIONAL TRADE (0.4%)
Alpha Geo 100,000 191
Geekay Exim 200,000 1,146
Geekay Exim (Rights) 100,000 175
Uniworth International Ltd. 5,600 7
------------
1,519
------------
- - ---------------------------------------------------------------------
- - -------------
TOTAL INDIAN COMMON STOCKS
(Cost U.S. $491,972) 413,119
------------
- - ---------------------------------------------------------------------
- - -------------
<CAPTION>
FACE
AMOUNT VALUE
(000) (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - ------------
FIXED INCOME SECURITIES (1.8%)
- - ---------------------------------------------------------------------
- - ------------
AUTOMOBILES (0.4%)
Apollo Tyres Ltd. 14.00%, 3/1/03
(including 83,741 warrants) INR 84 400
VST Tillers and Tractors,
Zero Coupon, 1/1/96 346 1,223
------------
1,623
------------
- - ---------------------------------------------------------------------
- - -------------
CHEMICALS (0.1%)
Atul Products Ltd. (Convertible)
14.00%, 10/1/95 30 530
------------
- - ---------------------------------------------------------------------
- - -------------
FINANCIAL SERVICES (0.3%)
ICICI 'B' 14.00%, 7/13/95 35 1,033
------------
- - ---------------------------------------------------------------------
- - -------------
MACHINERY & ENGINEERING (0.1%)
Indian Seamless Metal Tubes
(Convertible) 10.00%, 10/12/99 12,683 505
------------
- - ---------------------------------------------------------------------
- - -------------
METALS -- STEEL (0.4%)
Tata Iron & Steel (Convertible) 2.25%,
4/1/99 U.S.$ 2,100 1,694
------------
- - ---------------------------------------------------------------------
- - -------------
<CAPTION>
FACE
AMOUNT VALUE
(000) (000)
<S> <C> <C>
- - ---------------------------------------------------------------------
- - -------------
MISCELLANEOUS MATERIALS & COMMODITIES (0.2%)
Garware Plastics & Polyester 16.00%,
5/1/05 INR 277 U.S.$ 883
------------
- - ---------------------------------------------------------------------
- - -------------
WHOLESALE & INTERNATIONAL TRADE (0.3%)
Chemox Chemical Industries Ltd.
(Convertible) 14.00%, 7/1/96 250 1,225
------------
- - ---------------------------------------------------------------------
- - -------------
TOTAL FIXED INCOME SECURITIES
(Cost U.S. $7,961) 7,493
------------
- - ---------------------------------------------------------------------
- - -------------
SHORT TERM INVESTMENTS (1.7%)
- - ---------------------------------------------------------------------
- - ------------
UNITED STATES GOVERNMENT AGENCY OBLIGATION (1.4%)
Student Loan Mortgage Association,
4/3/95 U.S.$ 6,000 5,998
------------
REPURCHASE AGREEMENT (0.3%)
U.S. Trust, 6.00%, dated 3/31/95, due
4/3/95, to be repurchased at
U.S.$1,210, collateralized by
U.S.$1,170 Government National
Mortgage Association 9.50% to 10.00%,
due 9/15/09 to 1/15/10, valued at
U.S. $1,257 1,209 1,209
------------
- - ---------------------------------------------------------------------
- - -------------
TOTAL SHORT TERM INVESTMENTS
(Cost U.S. $7,207) 7,207
------------
- - ---------------------------------------------------------------------
- - -------------
TOTAL INVESTMENTS (102.4%)
(Cost U.S. $507,140) 427,819
------------
- - ---------------------------------------------------------------------
- - -------------
OTHER ASSETS AND LIABILITIES (-2.4%)
Other Assets 5,831
Liabilities (15,741) (9,910)
------------ ------------
- - ---------------------------------------------------------------------
- - -------------
NET ASSETS (100%)
Applicable to 35,707,092 issued and outstanding U.S.
$.01 par value shares (100,000,000 shares
authorized) U.S.$417,909
-------------
- - ---------------------------------------------------------------------
- - -------------
NET ASSET VALUE PER SHARE U.S.$ 11.70
-------------
- - ---------------------------------------------------------------------
- - -------------
<FN>
GDR--Global Depositary Receipt
GDS--Global Depositary Share
INR--Indian Rupee
</TABLE>
6
