NUMBER | PERCENT OF | |||||||||||||||
OF SHARES | SECURITY | HOLDINGS | COST | VALUE | ||||||||||||
India |
99.91 | % | ||||||||||||||
Beverages Alcoholic |
0.54 | % | ||||||||||||||
288,393 | United Spirits, Ltd. |
$ | 6,537,891 | $ | 8,491,518 | |||||||||||
6,537,891 | 8,491,518 | |||||||||||||||
Beverages-Non Alcoholic |
0.16 | % | ||||||||||||||
117,877 | Tata Tea, Ltd. |
1,557,279 | 2,572,053 | |||||||||||||
1,557,279 | 2,572,053 | |||||||||||||||
Building & Construction |
4.27 | % | ||||||||||||||
288,891 | B.L. Kashyap and Sons, Ltd. |
2,685,792 | 2,218,724 | |||||||||||||
4,855,033 | Hindustan Construction Co., Ltd. |
13,937,208 | 14,491,022 | |||||||||||||
1,400,069 | IRB Infrastructure Developers, Ltd. |
7,711,148 | 7,997,498 | |||||||||||||
1,231,774 | IVRCL Infrastructures and Projects, Ltd. |
1,994,732 | 4,538,043 | |||||||||||||
6,081,849 | Jaiprakash Associates, Ltd. |
11,433,866 | 20,272,830 | |||||||||||||
560,916 | KEC International, Ltd. |
4,084,278 | 7,215,258 | |||||||||||||
1,677,609 | Nagarjuna Construction Co., Ltd. |
1,957,527 | 6,075,938 | |||||||||||||
386,894 | Orbit Corporation, Ltd. |
1,502,322 | 2,372,467 | |||||||||||||
75,346 | Sadbhav Engineering, Ltd. |
2,097,237 | 2,151,544 | |||||||||||||
47,404,110 | 67,333,324 | |||||||||||||||
Building Residential / Commercial |
0.16 | % | ||||||||||||||
412,363 | Sobha Developers, Ltd. |
2,210,507 | 2,507,520 | |||||||||||||
2,210,507 | 2,507,520 | |||||||||||||||
Cement |
0.54 | % | ||||||||||||||
88,687 | Grasim Industries, Ltd. |
3,696,536 | 5,558,370 | |||||||||||||
114,670 | UltraTech Cement, Ltd. |
2,005,438 | 2,953,401 | |||||||||||||
5,701,974 | 8,511,771 | |||||||||||||||
Computer Hardware |
0.29 | % | ||||||||||||||
1,491,200 | HCL Infosystems, Ltd. |
4,961,792 | 4,497,349 | |||||||||||||
4,961,792 | 4,497,349 | |||||||||||||||
Computer Software & Programming |
15.62 | % | ||||||||||||||
632,750 | Everonn Education, Ltd.+ |
6,844,133 | 5,219,712 | |||||||||||||
761,953 | HCL Technologies, Ltd. |
4,858,404 | 6,072,542 | |||||||||||||
2,358,756 | Infosys Technologies, Ltd. |
37,033,733 | 137,395,764 | |||||||||||||
2,030,873 | KPIT Cummins Infosystems, Ltd. |
1,787,620 | 5,202,147 | |||||||||||||
453,502 | Redington (India), Ltd. |
3,080,705 | 3,749,637 | |||||||||||||
1,116,225 | Satyam Computer Services, Ltd.+ |
2,211,718 | 2,302,315 | |||||||||||||
2,846,925 | Tata Consultancy Services, Ltd. |
31,153,498 | 49,512,842 | |||||||||||||
2,252,961 | Wipro, Ltd. |
20,873,179 | 35,469,269 | |||||||||||||
52,900 | Wipro, Ltd. ADR |
1,002,889 | 1,233,099 | |||||||||||||
108,845,879 | 246,157,327 | |||||||||||||||
1
NUMBER | PERCENT OF | |||||||||||||||
OF SHARES | SECURITY | HOLDINGS | COST | VALUE | ||||||||||||
India (continued) |
||||||||||||||||
Consumer Non-Durables |
2.06 | % | ||||||||||||||
5,540,703 | ITC, Ltd. |
$ | 17,880,357 | $ | 32,476,579 | |||||||||||
17,880,357 | 32,476,579 | |||||||||||||||
Consumer Products |
0.75 | % | ||||||||||||||
3,766,248 | Marico, Ltd. |
5,666,070 | 9,106,275 | |||||||||||||
66,027 | Titan Industries, Ltd. |
1,161,330 | 2,707,409 | |||||||||||||
6,827,400 | 11,813,684 | |||||||||||||||
Consumer Staples |
0.28 | % | ||||||||||||||
795,632 | Dabur India, Ltd. |
2,139,594 | 2,810,719 | |||||||||||||
310,179 | Hindustan Unilever, Ltd. |
1,150,415 | 1,649,175 | |||||||||||||
3,290,009 | 4,459,894 | |||||||||||||||
Diversified Financial Services |
2.14 | % | ||||||||||||||
3,921,734 | Infrastructure Development Finance Co., Ltd. |
8,830,343 | 14,072,644 | |||||||||||||
1,828,431 | Power Finance Corp. |
5,560,821 | 10,517,704 | |||||||||||||
155,831 | Reliance Capital, Ltd. |
1,607,994 | 2,619,398 | |||||||||||||
411,285 | Shriram Transport Finance Co., Ltd. |
4,439,704 | 4,802,218 | |||||||||||||
1,040,000 | SREI Infrastructure Finance, Ltd. |
1,671,435 | 1,768,660 | |||||||||||||
22,110,297 | 33,780,624 | |||||||||||||||
Diversified Industries |
0.94 | % | ||||||||||||||
1,414,547 | Sesa Goa, Ltd. |
12,822,802 | 14,843,370 | |||||||||||||
12,822,802 | 14,843,370 | |||||||||||||||
Electric Integrated |
0.81 | % | ||||||||||||||
581,830 | CESC, Ltd. |
3,580,123 | 4,955,826 | |||||||||||||
4,444,059 | National Hydroelectric Power Corp., Ltd.+ |
3,248,625 | 3,019,129 | |||||||||||||
1,925,757 | PTC India, Ltd. |
2,966,885 | 4,804,205 | |||||||||||||
9,795,633 | 12,779,160 | |||||||||||||||
Electric Transmission |
1.03 | % | ||||||||||||||
2,778,271 | Crompton Greaves, Ltd. |
12,825,470 | 16,157,847 | |||||||||||||
12,825,470 | 16,157,847 | |||||||||||||||
Electronics & Electrical Equipment |
7.46 | % | ||||||||||||||
89,943 | Bharat Electronics, Ltd. |
2,242,883 | 4,437,348 | |||||||||||||
673,249 | Bharat Heavy Electricals, Ltd. |
8,774,690 | 35,772,398 | |||||||||||||
1,057,385 | Exide Industries, Ltd. |
1,242,653 | 2,922,853 | |||||||||||||
3,611,448 | JSW Energy, Ltd.+ |
7,720,241 | 8,993,427 | |||||||||||||
3,363,562 | Jyoti Structures, Ltd. |
5,517,148 | 12,170,857 | |||||||||||||
1,894,589 | Lanco Infratech, Ltd.+ |
812,628 | 2,207,083 | |||||||||||||
3,813,566 | NTPC, Ltd. |
16,180,243 | 17,583,432 | |||||||||||||
2,032,659 | Punj Lloyd, Ltd. |
10,260,905 | 8,031,935 | |||||||||||||
496,913 | Reliance Infrastructure, Ltd. |
6,842,641 | 11,050,074 | |||||||||||||
247,177 | Siemens India, Ltd. |
1,526,113 | 4,077,223 | |||||||||||||
337,287 | Tata Power Co., Ltd. |
5,143,308 | 10,312,065 | |||||||||||||
66,263,453 | 117,558,695 | |||||||||||||||
2
NUMBER | PERCENT OF | |||||||||||||||
OF SHARES | SECURITY | HOLDINGS | COST | VALUE | ||||||||||||
India (continued) |
||||||||||||||||
Energy Alternate Sources |
0.14 | % | ||||||||||||||
781,946 | Websol Energy Systems, Ltd. |
$ | 3,247,755 | $ | 2,151,026 | |||||||||||
3,247,755 | 2,151,026 | |||||||||||||||
Engineering |
1.27 | % | ||||||||||||||
423,113 | Larsen & Toubro, Ltd. |
7,856,960 | 15,327,538 | |||||||||||||
312,159 | Thermax, Ltd. |
184,068 | 4,735,750 | |||||||||||||
8,041,028 | 20,063,288 | |||||||||||||||
Finance |
17.26 | % | ||||||||||||||
776,212 | Axis Bank, Ltd. |
13,440,624 | 20,213,152 | |||||||||||||
1,497,866 | Bank of Baroda |
12,948,005 | 21,327,783 | |||||||||||||
1,067,899 | HDFC Bank, Ltd. |
22,063,562 | 45,967,587 | |||||||||||||
909,100 | Housing Development Finance Corp., Ltd. |
17,091,824 | 54,933,777 | |||||||||||||
2,341,790 | ICICI Bank, Ltd. |
24,693,380 | 49,694,250 | |||||||||||||
118,300 | ICICI Bank, Ltd. ADR |
3,589,689 | 5,051,410 | |||||||||||||
1,114,051 | Indian Bank |
4,026,582 | 4,362,405 | |||||||||||||
730,807 | Punjab National Bank, Ltd. |
7,659,233 | 16,497,079 | |||||||||||||
1,314,285 | Rural Electrification Corp., Ltd. |
4,752,626 | 7,315,733 | |||||||||||||
2,844,939 | South Indian Bank, Ltd. |
3,501,177 | 11,298,644 | |||||||||||||
715,830 | State Bank of India |
6,122,384 | 33,148,693 | |||||||||||||
22,550 | State Bank of India GDR |
257,070 | 2,121,729 | |||||||||||||
120,146,156 | 271,932,242 | |||||||||||||||
Food |
0.79 | % | ||||||||||||||
441,943 | Bajaj Hindusthan, Ltd. |
673,176 | 1,335,328 | |||||||||||||
1,428,149 | Balrampur Chini Mills, Ltd. |
1,402,358 | 2,934,553 | |||||||||||||
1,219,005 | Lakshmi Energy and Foods, Ltd. |
3,674,986 | 3,394,044 | |||||||||||||
3,063,644 | Shree Renuka Sugars, Ltd. |
6,532,611 | 4,865,527 | |||||||||||||
12,283,131 | 12,529,452 | |||||||||||||||
Hotels & Leisure |
0.12 | % | ||||||||||||||
819,393 | Indian Hotels Co., Ltd. |
1,360,788 | 1,871,673 | |||||||||||||
1,360,788 | 1,871,673 | |||||||||||||||
Information Technology |
0.13 | % | ||||||||||||||
550,576 | NIIT Technologies, Ltd. |
2,074,784 | 2,087,884 | |||||||||||||
2,074,784 | 2,087,884 | |||||||||||||||
Metal Diversified |
2.27 | % | ||||||||||||||
477,675 | Hindustan Zinc, Ltd. |
4,930,369 | 12,801,307 | |||||||||||||
1,214,969 | Sterlite Industries (India), Ltd. |
13,203,622 | 22,935,432 | |||||||||||||
18,133,991 | 35,736,739 | |||||||||||||||
Motorcycle/Motor Scooter |
0.95 | % | ||||||||||||||
335,846 | Bajaj Auto, Ltd. |
9,634,771 | 15,044,435 | |||||||||||||
9,634,771 | 15,044,435 | |||||||||||||||
3
NUMBER | PERCENT OF | |||||||||||||||
OF SHARES | SECURITY | HOLDINGS | COST | VALUE | ||||||||||||
India (continued) |
||||||||||||||||
Oil & Gas |
0.58 | % | ||||||||||||||
360,161 | Oil India, Ltd. |
$ | 8,572,392 | $ | 9,192,348 | |||||||||||
8,572,392 | 9,192,348 | |||||||||||||||
Petroleum Related |
13.42 | % | ||||||||||||||
1,871,248 | Cairn India, Ltd.+ |
6,204,120 | 12,725,070 | |||||||||||||
2,491,610 | GAIL India, Ltd. |
18,873,661 | 22,743,329 | |||||||||||||
1,034,623 | Oil and Natural Gas Corp., Ltd. |
13,409,802 | 25,315,366 | |||||||||||||
861,718 | Petronet LNG, Ltd. |
1,512,876 | 1,458,750 | |||||||||||||
6,234,296 | Reliance Industries, Ltd. |
45,730,922 | 149,230,119 | |||||||||||||
85,731,381 | 211,472,634 | |||||||||||||||
Pharmaceuticals |
5.80 | % | ||||||||||||||
583,286 | Aurobindo Pharma, Ltd. |
11,426,384 | 12,456,947 | |||||||||||||
361,406 | Cadila Healthcare, Ltd. |
5,044,084 | 6,641,273 | |||||||||||||
623,344 | Dr. Reddys Laboratories, Ltd. |
14,733,487 | 17,727,712 | |||||||||||||
57,200 | Dr. Reddys Laboratories, Ltd. ADR |
945,350 | 1,614,756 | |||||||||||||
523,155 | Glenmark Pharmaceuticals, Ltd. |
2,869,802 | 3,102,573 | |||||||||||||
933,972 | Lupin, Ltd. |
16,763,495 | 33,649,620 | |||||||||||||
506,037 | Piramal Healthcare, Ltd. |
4,039,467 | 4,777,454 | |||||||||||||
286,276 | Sun Pharmaceutical Industries, Ltd. |
3,585,617 | 11,411,505 | |||||||||||||
59,407,686 | 91,381,840 | |||||||||||||||
Power & Energy |
0.23 | % | ||||||||||||||
3,600,000 | GVK Power & Infrastructure, Ltd.+ |
3,225,467 | 3,592,382 | |||||||||||||
3,225,467 | 3,592,382 | |||||||||||||||
Publishing |
1.12 | % | ||||||||||||||
600,000 | Business India Publications (Preferential Shares)+ |
1,003,792 | 111,861 | |||||||||||||
1,828,262 | HT Media, Ltd. |
6,061,386 | 5,678,832 | |||||||||||||
4,574,709 | Jagran Prakashan, Ltd. |
9,161,371 | 11,840,543 | |||||||||||||
16,226,549 | 17,631,236 | |||||||||||||||
Real Estate Operation / Development |
1.66 | % | ||||||||||||||
1,491,576 | Anant Raj Industries, Ltd. |
4,590,619 | 4,418,746 | |||||||||||||
1,075,091 | DB Realty, Ltd. + |
10,742,876 | 10,979,602 | |||||||||||||
452,076 | DLF, Ltd. |
3,307,550 | 3,110,509 | |||||||||||||
1,193,997 | Housing Development & Infrastructure, Ltd.+ |
5,473,998 | 7,611,581 | |||||||||||||
24,115,043 | 26,120,438 | |||||||||||||||
Retail Major Department Stores |
0.14 | % | ||||||||||||||
250,000 | Pantaloon Retail India, Ltd. |
2,010,220 | 2,216,282 | |||||||||||||
2,010,220 | 2,216,282 | |||||||||||||||
Shipbuilding |
0.44 | % | ||||||||||||||
4,700,000 | Pipavav Shipyard, Ltd.+ |
9,488,959 | 6,867,580 | |||||||||||||
9,488,959 | 6,867,580 | |||||||||||||||
4
NUMBER | PERCENT OF | |||||||||||||||
OF SHARES | SECURITY | HOLDINGS | COST | VALUE | ||||||||||||
India (concluded) |
||||||||||||||||
Steel |
4.53 | % | ||||||||||||||
2,397,808 | Jindal Saw, Ltd. |
$ | 5,538,442 | $ | 11,338,782 | |||||||||||
1,925,500 | Jindal Steel & Power, Ltd. |
1,766,067 | 30,118,774 | |||||||||||||
348,300 | JSW Steel, Ltd. |
4,194,444 | 9,588,239 | |||||||||||||
567,224 | Steel Authority of India, Ltd. |
957,651 | 3,181,357 | |||||||||||||
2,824,362 | Welspun Gujarat Stahl Rohren, Ltd. |
13,333,720 | 17,190,264 | |||||||||||||
25,790,324 | 71,417,416 | |||||||||||||||
Telecommunications |
1.66 | % | ||||||||||||||
3,752,010 | Bharti Airtel, Ltd. |
12,219,603 | 26,066,420 | |||||||||||||
8,569 | Reliance Communications, Ltd. |
0 | 32,581 | |||||||||||||
12,219,603 | 26,099,001 | |||||||||||||||
Televisions |
1.58 | % | ||||||||||||||
253,189 | Sun TV Network, Ltd. |
1,324,911 | 2,415,714 | |||||||||||||
3,752,238 | Zee Entertainment Enterprises, Ltd. |
17,658,113 | 22,449,073 | |||||||||||||
18,983,024 | 24,864,787 | |||||||||||||||
Textiles |
0.29 | % | ||||||||||||||
938,258 | Bombay Rayon Fashions, Ltd. |
4,442,661 | 4,522,531 | |||||||||||||
4,442,661 | 4,522,531 | |||||||||||||||
Vehicle Components |
2.87 | % | ||||||||||||||
9,798,797 | Apollo Tyres, Ltd. |
10,300,603 | 15,485,570 | |||||||||||||
1,735,833 | Cummins India, Ltd. |
11,335,798 | 19,857,976 | |||||||||||||
2,277,083 | JK Tyre & Industries, Ltd. |
7,794,160 | 9,885,365 | |||||||||||||
29,430,561 | 45,228,911 | |||||||||||||||
Vehicles |
5.61 | % | ||||||||||||||
6,667,633 | Ashok Leyland, Ltd. |
3,885,305 | 8,294,628 | |||||||||||||
335,877 | Hero Honda Motors, Ltd. |
6,051,950 | 14,532,974 | |||||||||||||
2,223,418 | Mahindra & Mahindra, Ltd. |
12,779,923 | 27,000,946 | |||||||||||||
749,267 | Maruti Suzuki India, Ltd. |
19,969,286 | 23,634,580 | |||||||||||||
474,809 | Tata Motors, Ltd. |
7,993,841 | 7,992,274 | |||||||||||||
484,000 | Tata Motors, Ltd. A |
4,423,278 | 4,894,443 | |||||||||||||
109,200 | Tata Motors, Ltd. ADR |
1,995,897 | 2,015,832 | |||||||||||||
57,099,480 | 88,365,677 | |||||||||||||||
TOTAL INDIA |
860,700,607 | 1,574,330,517 | ||||||||||||||
United States |
0.09 | % | ||||||||||||||
Computer Software & Programming |
0.09 | % | ||||||||||||||
28,000 | Cognizant Technology Solutions, Corp.+ |
462,745 | 1,427,440 | |||||||||||||
462,745 | 1,427,440 | |||||||||||||||
TOTAL UNITED STATES |
462,745 | 1,427,440 | ||||||||||||||
TOTAL COMMON STOCKS |
861,163,352 | 1,575,757,957 | ||||||||||||||
TOTAL INVESTMENTS |
100.00 | % | $ | 861,163,352 | $ | 1,575,757,957 | ||||||||||
5
ADR American Depository Receipts | ||
GDR Global Depository Receipts | ||
+ | Non income producing. |
Excess of value over tax cost |
$ | 701,127,714 | ||
Excess of tax cost over value |
(20,890,042 | ) | ||
$ | 680,237,672 | |||
6
Investments in | ||||
Securities* | ||||
Valuation Inputs |
||||
Level 1 Quoted Prices |
$ | 1,568,778,516 | ||
Level 2 Other Significant Observable Inputs |
6,867,580 | |||
Level 3 Significant Unobservable Inputs |
111,861 | |||
Total |
$ | 1,575,757,957 | ||
* | See Schedule of Investments for identification of securities by security type and country and industry classification. |
Electronics & Electrical | ||||||||
Publishing | Equipment | |||||||
Balance, as of December 31, 2009 |
$ | 1,268,837 | $ | 6,728,735 | ||||
Realized gain (loss) |
0 | 0 | ||||||
Change in unrealized appreciation
(depreciation) |
42,847 | 85,610 | ||||||
Net purchases (sales) |
0 | 0 | ||||||
Net transfers in/out of Level 3 |
(1,199,823 | ) | (6,814,345 | ) | ||||
Balance, as of March 31, 2010 |
$ | 111,861 | $ | 0 | ||||
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). | ||
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
(Registrant) The India Fund, Inc. |
||||
By (Signature and Title)* | /s/ Prakash A. Melwani | |||
Prakash A. Melwani, President | ||||
(principal executive officer) | ||||
By (Signature and Title)* | /s/ Prakash A. Melwani | |||
Prakash A. Melwani, President | ||||
(principal executive officer) | ||||
By (Signature and Title)* | /s/ Joseph M. Malangoni | |||
Joseph M. Malangoni, Treasurer and Vice President | ||||
(principal financial officer) | ||||
* | Print the name and title of each signing officer under his or her signature. |