nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08266
The India Fund, Inc.
 
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
 
(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-583-5000
Date of fiscal year end: December 31, 2010
Date of reporting period: September 30, 2010
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Schedule of Investments.
The Schedule(s) of Investments is attached herewith.

 

 

THE INDIA FUND, INC.
September 30, 2010
(Unaudited)
Schedule of Investments
INDIA (100% of holdings)
COMMON STOCKS (99.99% of holdings)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India
     99.99 %                
       
Airlines
     0.42 %                
  398,409    
Jet Airways (India), Ltd. +
           $ 4,883,025     $ 7,225,181  
       
 
                    
       
 
             4,883,025       7,225,181  
       
 
                    
       
Beverages — Alcoholic
     0.97 %                
  1,366,869    
Radico Khaitan, Ltd.
             4,241,809       5,277,663  
  324,522    
United Spirits, Ltd.
             7,511,004       11,360,256  
       
 
                    
       
 
             11,752,813       16,637,919  
       
 
                    
       
Building & Construction
     2.23 %                
  8,471,098    
Hindustan Construction Co., Ltd.
             11,787,488       11,132,043  
  1,576,904    
IRB Infrastructure Developers, Ltd.
             8,708,128       9,139,972  
  2,270,168    
Jaiprakash Associates, Ltd.
             2,167,415       6,097,903  
  283,764    
KEC International, Ltd.
             1,270,882       3,145,180  
  1,028,372    
Nagarjuna Construction Co., Ltd.
             1,149,554       3,580,479  
  158,735    
Sadbhav Engineering, Ltd.
             4,536,998       5,245,832  
       
 
                    
       
 
             29,620,465       38,341,409  
       
 
                    
       
Building — Residential / Commercial
     0.24 %                
  483,507    
Sobha Developers, Ltd.
             2,808,794       4,102,304  
       
 
                    
       
 
             2,808,794       4,102,304  
       
 
                    
       
Cement
     0.45 %                
  88,687    
Grasim Industries, Ltd.
             3,142,056       4,377,311  
  143,429    
UltraTech Cement, Ltd.
             2,164,136       3,405,468  
       
 
                    
       
 
             5,306,192       7,782,779  
       
 
                    
       
Chemicals
     0.13 %                
  444,000    
Phillips Carbon Black, Ltd.
             1,994,609       2,159,479  
       
 
                    
       
 
             1,994,609       2,159,479  
       
 
                    
       
Computer Hardware
     0.24 %                
  1,491,200    
HCL Infosystems, Ltd.
             4,961,792       4,050,316  
       
 
                    
       
 
             4,961,792       4,050,316  
       
 
                    
       
Computer Software & Programming
     12.16 %                
  549,821    
Everonn Education, Ltd.
             5,451,185       8,579,214  
  2,048,290    
Infosys Technologies, Ltd.
             25,157,961       138,619,114  
  1,888,673    
KPIT Cummins Infosystems, Ltd.
             1,510,189       6,792,246  
  3,784,091    
Redington (India), Ltd.
             5,404,254       7,591,761  
  1,886,154    
Tata Consultancy Services, Ltd.
             16,889,960       38,724,188  
  891,551    
Wipro, Ltd.
             2,624,086       8,895,669  
       
 
                    
       
 
             57,037,635       209,202,192  
       
 
                    

1

 

THE INDIA FUND, INC.
September 30, 2010
(Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Consumer Non-Durables
     2.95 %                
  12,796,579    
ITC, Ltd.
           $ 22,855,224     $ 50,705,038  
       
 
                    
       
 
             22,855,224       50,705,038  
       
 
                    
       
Consumer Products
     0.85 %                
  984,947    
Jyothy Laboratories, Ltd.
             4,143,814       6,513,342  
  1,181,300    
Marico, Ltd.
             1,338,090       3,317,682  
  66,027    
Titan Industries, Ltd.
             1,161,330       4,818,200  
       
 
                    
       
 
             6,643,234       14,649,224  
       
 
                    
       
Diversified Financial Services
     2.98 %                
  6,565,351    
IFCI, Ltd.
             8,571,176       8,927,183  
  2,315,412    
Indiabulls Financial Service, Ltd.
             7,655,288       7,329,862  
  652,728    
Infrastructure Development Finance Co., Ltd.
             640,905       2,940,799  
  1,620,994    
Power Finance Corp.
             4,927,522       12,384,272  
  1,020,642    
Shriram Transport Finance Co., Ltd.
             12,589,291       17,547,501  
  1,040,000    
SREI Infrastructure Finance, Ltd.
             1,671,436       2,126,983  
       
 
                    
       
 
             36,055,618       51,256,600  
       
 
                    
       
Diversified Manufacturing
     0.22 %                
  800,306    
Escorts, Ltd.
             3,821,981       3,840,792  
       
 
                    
       
 
             3,821,981       3,840,792  
       
 
                    
       
Diversified Operations
     0.58 %                
  1,605,120    
Prakash Industries, Ltd.+
             6,223,836       5,861,805  
  9,000,000    
REI Agro, Ltd.
             3,764,883       4,186,046  
       
 
                    
       
 
             9,988,719       10,047,851  
       
 
                    
       
E-Services & Consulting
     0.47 %                
  1,207,003    
Core Projects & Technologies, Ltd.
             7,042,728       8,087,874  
       
 
                    
       
 
             7,042,728       8,087,874  
       
 
                    
       
Electric — Integrated
     0.64 %                
  707,236    
CESC, Ltd.
             4,903,036       6,054,828  
  1,925,757    
PTC India, Ltd.
             2,966,885       4,939,212  
       
 
                    
       
 
             7,869,921       10,994,040  
       
 
                    
       
Electric — Transmission
     1.35 %                
  3,348,762    
Crompton Greaves, Ltd.
             16,216,161       23,303,836  
       
 
                    
       
 
             16,216,161       23,303,836  
       
 
                    
       
Electronics & Electrical Equipment
     4.62 %                
  594,430    
Bharat Heavy Electricals, Ltd.
             10,615,857       32,854,709  
  1,057,385    
Exide Industries, Ltd.
             1,242,653       3,837,977  
  3,737,113    
JSW Energy, Ltd.
             8,052,264       9,855,300  
  878,116    
Jyoti Structures, Ltd.
             232,290       2,671,380  
  10,655,073    
Lanco Infratech, Ltd.+
             12,431,395       16,966,072  

2

 

THE INDIA FUND, INC.
September 30, 2010
(Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Electronics & Electrical Equipment (continued)
                        
  556,997    
Reliance Infrastructure, Ltd.
           $ 8,364,890     $ 13,259,590  
       
 
                    
       
 
             40,939,349       79,445,028  
       
 
                    
       
Energy — Alternate Sources
     0.12 %                
  781,946    
Websol Energy Systems, Ltd. +
             3,247,755       2,109,088  
       
 
                    
       
 
             3,247,755       2,109,088  
       
 
                    
       
Engineering
     2.37 %                
  773,590    
Larsen & Toubro, Ltd.
             20,548,165       35,201,056  
  312,159    
Thermax, Ltd.
             184,068       5,535,291  
       
 
                    
       
 
             20,732,233       40,736,347  
       
 
                    
       
Finance
     22.86 %                
  1,098,138    
Axis Bank, Ltd.
             22,148,616       37,420,027  
  1,228,473    
Bank of Baroda
             9,784,552       23,861,383  
  3,499,261    
Development Credit Bank, Ltd. +
             4,533,314       4,551,726  
  1,164,405    
Federal Bank, Ltd.
             7,594,507       10,147,569  
  1,031,076    
HDFC Bank, Ltd.
             20,631,500       56,924,298  
  3,774,491    
Housing Development Finance Corp., Ltd.
             8,640,122       61,319,204  
  3,446,031    
ICICI Bank, Ltd.
             46,496,946       85,151,897  
  34,200    
ICICI Bank, Ltd. ADR
             1,016,797       1,704,870  
  536,137    
Oriental Bank of Commerce
             4,172,979       5,500,371  
  612,199    
Punjab National Bank, Ltd.
             6,211,279       17,600,295  
  1,457,507    
Rural Electrification Corp., Ltd.
             5,765,868       11,106,051  
  819,491    
State Bank of India
             12,013,702       58,964,689  
  22,550    
State Bank of India GDR
             257,070       3,231,415  
  2,024,081    
Yes Bank, Ltd.
             12,596,395       15,833,192  
       
 
                    
       
 
             161,863,647       393,316,987  
       
 
                    
       
Finance — Other Services
     0.19 %                
  1,000,000    
Manappuram General Finance & Leasing, Ltd.
             2,056,904       3,243,574  
       
 
                    
       
 
             2,056,904       3,243,574  
       
 
                    
       
Food
     0.20 %                
  1,717,410    
Shree Renuka Sugars, Ltd.
             3,159,578       3,361,438  
       
 
                    
       
 
             3,159,578       3,361,438  
       
 
                    
       
Independent Power Producers
     0.54 %                
  3,137,965    
Adani Power, Ltd.+
             8,310,840       9,364,662  
       
 
                    
       
 
             8,310,840       9,364,662  
       
 
                    
       
Investment Companies
     0.76 %                
  705,345    
Bajaj Holdings and Investment, Ltd.
             10,886,489       13,078,746  
       
 
                    
       
 
             10,886,489       13,078,746  
       
 
                    

3

 

THE INDIA FUND, INC.
September 30, 2010
(Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Media
     0.14 %                
  606,061    
Eros International Media, Ltd. +
           $ 2,321,056     $ 2,360,313  
       
 
                    
       
 
             2,321,056       2,360,313  
       
 
                    
       
Media — Conglomerates
     0.25 %                
  362,703    
UTV Software Communications, Ltd. +
             4,087,979       4,297,790  
       
 
                    
       
 
             4,087,979       4,297,790  
       
 
                    
       
Metal — Aluminum
     0.81 %                
  541,443    
Ess Dee Aluminium, Ltd.
             5,370,652       5,962,681  
  1,834,497    
Hindalco Industries, Ltd.
             6,251,024       8,032,431  
       
 
                    
       
 
             11,621,676       13,995,112  
       
 
                    
       
Metal — Diversified
     0.85 %                
  240,604    
Hindustan Zinc, Ltd.
             1,540,061       5,790,077  
  2,385,410    
Sterlite Industries (India), Ltd.
             3,713,114       8,854,710  
       
 
                    
       
 
             5,253,175       14,644,787  
       
 
                    
       
Motorcycle/Motor Scooter
     1.58 %                
  829,808    
Bajaj Auto, Ltd.
             13,672,723       27,175,820  
       
 
                    
       
 
             13,672,723       27,175,820  
       
 
                    
       
Oil & Gas
     0.13 %                
  68,194    
Oil India, Ltd.
             1,493,144       2,299,944  
       
 
                    
       
 
             1,493,144       2,299,944  
       
 
                    
       
Petroleum Related
     12.61 %                
  968,996    
Cairn India, Ltd.+
             3,064,721       7,240,245  
  3,772,828    
GAIL India, Ltd.
             31,175,938       39,936,478  
  1,641,348    
Oil and Natural Gas Corp., Ltd.
             28,581,081       51,194,643  
  5,406,670    
Reliance Industries, Ltd.
             28,643,126       118,679,625  
       
 
                    
       
 
             91,464,866       217,050,991  
       
 
                    
       
Pharmaceuticals
     5.34 %                
  590,047    
Aurobindo Pharma, Ltd.
             11,537,719       13,661,620  
  846,778    
Cadila Healthcare, Ltd.
             9,012,359       12,363,882  
  789,665    
Dr. Reddy’s Laboratories, Ltd.
             19,761,588       25,311,105  
  74,200    
Dr. Reddy’s Laboratories, Ltd. ADR
             1,444,757       2,390,724  
  2,021,816    
Glenmark Pharmaceuticals, Ltd.
             12,097,225       13,430,779  
  2,858,768    
Lupin, Ltd.
             10,553,023       24,719,580  
       
 
                    
       
 
             64,406,671       91,877,690  
       
 
                    
       
Publishing
     0.96 %                
  600,000    
Business India Publications (Preferential Shares)+
             1,003,792       78,780  
  1,264,475    
HT Media, Ltd.
             4,053,424       4,516,485  
  4,134,295    
Jagran Prakashan, Ltd.
             8,149,719       11,854,989  
       
 
                    
       
 
             13,206,935       16,450,254  
       
 
                    

4

 

THE INDIA FUND, INC.
September 30, 2010
(Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Real Estate Operation / Development
     1.23 %                
  1,809,954    
Anant Raj Industries, Ltd.
           $ 5,507,537     $ 5,657,239  
  743,252    
DB Realty, Ltd.+
             7,426,965       6,711,350  
  190,850    
DLF, Ltd.
             1,508,992       1,602,486  
  44,722    
Future Mall Management, Ltd.+
             236,247       236,871  
  1,193,997    
Housing Development and Infrastructure, Ltd.+
         5,473,998       6,884,714  
       
 
                    
       
 
             20,153,739       21,092,660  
       
 
                    
       
Retail — Major Department Stores
     0.56 %                
  894,438    
Pantaloon Retail India, Ltd.
             7,638,647       9,645,041  
       
 
                    
       
 
             7,638,647       9,645,041  
       
 
                    
       
Rubber
     0.24 %                
  158,908    
Jain Irrigation Systems, Ltd.
             3,478,375       4,221,397  
       
 
                    
       
 
             3,478,375       4,221,397  
       
 
                    
       
Shipbuilding
     0.58 %                
  4,700,000    
Pipavav Shipyard, Ltd.+
             9,488,959       9,915,656  
       
 
                    
       
 
             9,488,959       9,915,656  
       
 
                    
       
Steel
     3.25 %                
  361,774    
Godawari Power and Ispat, Ltd.
             1,838,484       1,681,865  
  1,951,624    
Jindal Saw, Ltd.
             4,039,260       9,287,967  
  1,014,018    
Jindal Steel & Power, Ltd.
             928,228       15,962,293  
  550,759    
JSW Steel, Ltd.
             9,286,440       16,379,978  
  2,099,635    
Welspun Corp., Ltd.
             8,981,549       12,562,298  
       
 
                    
       
 
             25,073,961       55,874,401  
       
 
                    
       
Telecommunications
     0.96 %                
  2,038,479    
Bharti Airtel, Ltd.
             4,957,563       16,599,076  
       
 
                    
       
 
             4,957,563       16,599,076  
       
 
                    
       
Televisions
     2.19 %                
  1,102,109    
Network 18 Media & Investment, Ltd.+
             3,637,576       3,717,027  
  689,059    
Sun TV Network, Ltd.
             5,147,164       7,957,876  
  3,896,917    
Zee Entertainment Enterprises, Ltd.
             18,766,412       26,056,053  
       
 
                    
       
 
             27,551,152       37,730,956  
       
 
                    
       
Textiles
     0.48 %                
  1,448,748    
Bombay Rayon Fashions, Ltd.
             6,980,281       8,261,749  
       
 
                    
       
 
             6,980,281       8,261,749  
       
 
                    
       
Vehicle Components
     2.38 %                
  10,602,616    
Apollo Tyres, Ltd.
             11,506,303       19,124,113  
  761,685    
Cummins India, Ltd.
             5,076,843       12,524,959  
  2,277,083    
JK Tyre & Industries, Ltd.
             7,794,160       9,336,877  
       
 
                    
       
 
             24,377,306       40,985,949  
       
 
                    

5

 

THE INDIA FUND, INC.
September 30, 2010
(Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (concluded)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (concluded)
                        
       
Vehicles
     6.91 %                
  3,369,250    
Ashok Leyland, Ltd.
           $ 1,069,260     $ 5,417,343  
  1,661,716    
Mahindra & Mahindra, Ltd.
             8,060,431       25,638,538  
  289,022    
Maruti Suzuki India, Ltd.
             5,293,731       9,268,193  
  2,433,079    
Tata Motors, Ltd.
             43,889,429       59,415,102  
  745,600    
Tata Motors, Ltd. — A
             7,935,613       13,168,091  
  233,650    
Tata Motors, Ltd. ADR
             4,407,626       5,960,411  
       
 
                    
       
 
             70,656,090       118,867,678  
       
 
                    
       
 
             887,940,004       1,720,389,968  
       
 
                    
       
TOTAL COMMON STOCKS
             887,940,004       1,720,389,968  
       
 
                    
       
 
                        
WARRANTS (0.01% of holdings)                        
       
Building — Heavy Construction
     0.01 %                
  11,301    
Sadbhav Engineering Warrants+
             0       238,922  
       
 
                    
       
 
             0       238,922  
       
 
                    
       
TOTAL WARRANTS
             0       238,922  
       
 
                    
       
TOTAL INVESTMENTS
     100.00 %   $ 887,940,004     $ 1,720,628,890  
       
 
                    
 
Footnotes and Abbreviations
ADR —   American Depository Receipts
 
GDR —   Global Depository Receipts
 
+ Non income producing.
As of June 30, 2010, the aggregate cost for federal income tax purposes was $908,758,451.
         
Excess of value over tax cost
   $ 659,210,241  
Excess of tax cost over value
     (16,017,096 )
 
      
 
   $ 643,193,145  
 
      

6

 

Supplemental Information to the Schedule of Investments
Fair Value Measurements:
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other significant observable inputs (including, but not limited to quoted prices for similar securities, interest rates, credit risk, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions used in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Investment Manager. The Investment Manager considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund’s net assets as of September 30, 2010, is as follows:
                                 
    Fair Value at Reporting Date Using  
            Quoted Prices in     Significant Other     Significant  
            Active Markets for     Observable     Unobservable  
    Value at     Identical Assets     Inputs     Inputs  
    September 30, 2010     (Level 1)     (Level 2)     (Level 3)  
 
                                
Common Stocks
                                
Real Estate Operation/Development
   $ 21,092,660     $ 20,855,789             $ 236,871  
Publishing
     16,450,254       16,371,474               78,780  
Media
     2,360,313             $ 2,360,313          
All Other
     1,680,486,741       1,680,486,741                  
 
                        
Total Common Stocks
   $ 1,720,389,968     $ 1,717,714,004     $ 2,360,313     $ 315,651  
 
                        
 
                                
Warrants
                                
Building — Heavy Construction
   $ 238,922     $ 238,922                  
 
                        
Total Warrants
   $ 238,922     $ 238,922                  
 
                        
Total*
   $ 1,720,628,890     $ 1,717,952,926     $ 2,360,313     $ 315,651  
 
                        
 
*  See Schedule of Investments for identification of securities by security type and industry classification.
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
                         
            Electronics & Electrical     Real Estate  
    Publishing     Equipment     Operation/Development  
Balance, as of December 31, 2009
   $ 1,268,837     $ 6,728,735     $ 0  
Realized gain (loss)
     0       0       0  
Change in unrealized appreciation (depreciation)
     9,766       85,610       624  
Net purchases (sales)
     0       0       236,247  
Net transfers in/out of Level 3
     (1,199,823 )     (6,814,345 )     0  
 
                  
Balance, as of September 30, 2010
   $ 78,780     $ 0     $ 236,871  
 
                  

 

 

Financial Derivative Instruments:
Effective January 1, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose a) how and why an entity uses derivative instruments, b) how derivative instruments and related hedged items are accounted for, and c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows. The adoption of the additional disclosure requirements did not materially impact the Fund’s financial statements. At September 30, 2010, the Fund held no derivative instruments.

 

 

Item 2. Controls and Procedures.
  (a)   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s 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 registrant’s 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

SIGNATURES
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.
         
(Registrant) The India Fund, Inc.
    
 
        
By (Signature and Title)*
  /s/ Prakash A. Melwani    
 
       
 
  Prakash A. Melwani, President
(principal executive officer)		    
 
        
Date November 5, 2010
        
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.
         
By (Signature and Title)*
  /s/ Prakash A. Melwani    
 
       
 
  Prakash A. Melwani, President
(principal executive officer)		    
 
        
Date November 5, 2010
        
 
        
By (Signature and Title)*
  /s/ Joseph M. Malangoni    
 
       
 
  Joseph M. Malangoni, Treasurer and
Vice President
(principal financial officer)		    
 
        
Date November 5, 2010
        
 
*   Print the name and title of each signing officer under his or her signature.