-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CDtGF7pThumy+ZCdZk2n3TfDQIWuf5KUfnUXvn822BC9ttgrIWvcyIz4Dqzpwftm RoExLSJXyTR5MYDFNIZzsg== 0000912057-95-010909.txt : 19951211 0000912057-95-010909.hdr.sgml : 19951211 ACCESSION NUMBER: 0000912057-95-010909 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951208 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY INDIA INVESTMENT FUND INC CENTRAL INDEX KEY: 0000916618 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 132838811 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-08238 FILM NUMBER: 95600303 BUSINESS ADDRESS: STREET 1: 73 TREMONT ST 8TH FLOOR CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6175578742 MAIL ADDRESS: STREET 1: 73 TREMONT ST STREET 2: 8TH FLOOR CITY: BOSTON STATE: MA ZIP: 02108 FORMER COMPANY: FORMER CONFORMED NAME: INDIA INVESTMENT FUND INC DATE OF NAME CHANGE: 19931228 N-30B-2 1 N-30B-2 MORGAN STANLEY INDIA INVESTMENT FUND, INC. - --------------------------------------------- OFFICERS AND DIRECTORS 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 la Hausse de Louviere SECRETARY DIRECTOR James R. Rooney Gerard E. Jones TREASURER DIRECTOR Joanna M. Haigney John A. Levin ASSISTANT TREASURER DIRECTOR Fergus Reid DIRECTOR
- --------------------------------------------- INVESTMENT ADVISER Morgan Stanley Asset Management Inc. 1221 Avenue of the Americas New York, New York 10020 - -------------------------------------------------------- ADMINISTRATOR The Chase Manhattan Bank, N.A. 73 Tremont Street Boston, Massachusetts 02108 - -------------------------------------------------------- CUSTODIANS Morgan Stanley Trust Company (International) One Pierrepont Plaza Brooklyn, New York 11201 The Chase Manhattan Bank, N.A. (Domestic) 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 - -------------------------------------------------------- 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 1-800-221-6726. ------------------------ MORGAN STANLEY INDIA INVESTMENT FUND, INC. --------------------- THIRD QUARTER REPORT SEPTEMBER 30, 1995 MORGAN STANLEY ASSET MANAGEMENT INC. INVESTMENT ADVISER LETTER TO SHAREHOLDERS - ------- For the third quarter and nine months ended September 30, 1995, the Fund had a total return, based on net asset value per share, of -6.55% and -26.52%, respectively, as compared to the Bombay Stock Exchange (BSE) National Index returns of 3.65% and -14.91%, respectively, and the U.S. dollar adjusted BSE Sensitive Index returns of -0.43% and -17.74%, respectively. For the period since inception on February 25, 1994 through September 30, 1995, the Fund's total return based on net asset value per share was -25.99% compared to -22.67% for the BSE National Index and -24.34% for the U.S. dollar adjusted BSE Sensitive Index. Bearish sentiment continues to pervade the Indian markets. The Tata group, which is one of the bluest of blue chip industrial groups of India, recently launched a mutual fund which was significantly undersubscribed. No Tata offerings have ever been undersubscribed in recent decades. This may be an indication of a market bottom. The underlying growth story continues unchanged. EPS growth rates of 25% for the year ending March 1996, are likely. The broad deep market is trading at a P/E of 10.5. The Indian market has risen in line with earnings over the 1980s and the 1990s. We expect this trend to continue. The current cyclical downturn has to be viewed in this context. The medium term case for having exposure to Indian equities remains strong, and particularly so at these prices. The Indian rupee has weakened 9% in recent months. A part of this depreciation is related to the overall strengthening of the dollar. Most of it is the pure inflation differential built up over the previous 30 months over which the rupee had been flat. We do not expect the rupee to depreciate more than the inflation differential in coming years, i.e. about 5% a year. In other words, in real terms the rupee should remain steady. We expect the currency to stabilize around Rs. 34.50/ Dollar. Stock markets are a good hedge against undervalued currencies depreciating. A Mexican-like situation is unlikely in India. Politics is moving in favor of the ruling Congress party. Elections are probably due in May-June next year. Irrespective of the outcome, the Indian growth story is going to remain unchanged. Political risk is way over-discounted by the market at current prices. Patience is key at this point of any cyclical correction. It is very easy, but very foolish, to lose hope at the bottom. India is poised to surprise us on the upside in the medium term. Sincerely, [SIG] Warren J. Olsen PRESIDENT [SIG] Vinod Sethi PORTFOLIO MANAGER November 7, 1995 1 Morgan Stanley India Investment Fund, Inc. Investment Summary as of September 30, 1995 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
HISTORICAL INFORMATION TOTAL RETURN (%) ---------------------------------------------------------------------------- MARKET VALUE (1) NET ASSET VALUE (2) INDEX (3) ------------------------ ------------------------ ------------------------ AVERAGE AVERAGE AVERAGE CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL ------------------------ ------------------------ ------------------------ CURRENT QUARTER 1.22% -- -6.55% -- -0.43% -- FISCAL YEAR TO DATE -7.78 -- -26.52 -- -17.74% -- ONE YEAR -24.77 -24.77% -30.24 -30.24% -25.12 -25.12% SINCE INCEPTION* -25.31 -16.72 -25.99 -17.20 -24.34 -16.05
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. - -------------------------------------------------------------------------------- RETURNS AND PER SHARE INFORMATION (2) EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PERIODS ENDED SEPTEMBER 30: 1994 9 MONTHS ENDED 9/30/95 (Unaudited) Net Asset Value $13.99 $10.28 Capital Gains and Other Distributions 0.17 Total Return (2) 0.72% (26.52%) Index Total Return (3) (8.03%) (17.74%)
(1)Assumes dividends and distributions, if any, were reinvested. (2)Total investment return based on per share net asset value 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. These percentages are not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the stock and the net asset value of the Fund. (3)US dollar adjusted Bombay Stock Exchange (BSE) Sensitive Index *The Fund commenced operations on February 25, 1994. 2 Morgan Stanley India Investment Fund, Inc. Portfolio Summary as of September 30, 1995 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PORTFOLIO INVESTMENTS DIVERSIFICATION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
PORTFOLIO DIVERSIFICATION Equity Securities 95.0% Debt Securities 0.8% Short-Term Investments 4.2%
- -------------------------------------------------------------------------------- SECTORS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Automobiles 14.5% Energy Equipment & Services 10.8% Textiles & Apparel 7.5% Health & Personal Care 6.1% Financial Services 5.7% Chemicals 4.9% Telecommunications 4.7% Banking 4.6% Building Materials & Components 4.5% Other 36.7%
- -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS 1. Bharat Heavy Electricals 2. Housing Development Finance Corp. 3. Tata Engineering & Locomotive 4. State Bank of India 5. Mahanagar Telephone Nigan 6. Tata Iron & Steel 7. Hindalco 8. Crompton Greaves 9. Ballarpur Industries Ltd. 10. Associated Cement Co.
3 INVESTMENTS (UNAUDITED) - --------- SEPTEMBER 30, 1995
VALUE SHARES (000) - --------------------------------------------------------- - ------------ INDIAN COMMON STOCKS (93.9%) (Unless otherwise noted) - ----------------------------------------------------------------- - ------------- APPLIANCES & HOUSEHOLD DURABLES (0.1%) Kelvinator 125,585 U.S.$ 314 TVS Whirlpool Ltd. 200,000 183 ------------ 497 ------------ - ----------------------------------------------------------------- - ------------- AUTOMOBILES (14.5%) Apollo Tyres Ltd. 359,925 1,517 Apollo Tyres Ltd. (Rights) 426 -- Apollo Tyres Ltd. (Warrants) 91,777 66 Ashok Leyland 424,320 1,676 Autolec Industries 178,500 542 Autolec Industries, 'B' 62,545 190 Autolite Ltd. 88,200 520 Autolite Ltd. (New) 44,470 262 Ceat Tyres 473,619 949 Eicher Motors Ltd. 100 -- Escorts Ltd. 121,050 396 Escorts Tractors Ltd. 1,900 8 Harig Crankshafts Ltd. 210,400 79 Hero Honda 169,421 1,179 Hitech Gears 94,000 191 Invel Transmissions 15,071 14 Invel Transmissions (Rights) 500 -- Jai Parabolic Spring Ltd. 100 -- Jay Bharat Maruti 92,800 175 LML Ltd. 186,000 603 Lumax Automatic Parts Industries 215,400 800 Mahindra & Mahindra Ltd. 1,756 19 Modi Rubber 720,438 1,019 Motherson Sumi 150,700 489 Motor Industries Co. Ltd. 33,915 6,058 MRF Ltd. 54,050 2,872 Omax Autos Ltd. 75,900 103 Pan Auto Ltd. 300,000 113 Patheja Forgings & Auto Parts 450,000 2,149 Premier Instruments Ltd. 'B' 245,987 1,356 Premier Instruments Ltd. (Rights) 17 -- Rane Madras Ltd. 86,300 740 Rico Auto 22,000 75 S.K.F. Bearings Ltd. 16,500 1,357 Sona Steering System 15,800 44 SRF Nippondenso 650,100 1,686 Subros Auto Ltd. 98,000 301 Subros Auto Ltd. (New) 61,395 188 Sundaram Abex Ltd. 24,700 153 Sundaram Fasteners Ltd. 388,400 6,068 Swaraj Engines Ltd. 45,000 395 Tata Engineering & Locomotive 892,804 17,580 Tube Investments Of India GDR 148,600 836 VST Tillers & Tractors 173,000 296 ------------ 53,064 ------------ - ----------------------------------------------------------------- - ------------- VALUE SHARES (000) - --------------------------------------------------------- - ------------ BANKING (4.6%) Federal Bank Ltd. 253,000 U.S.$ 1,768 State Bank of India 2,359,150 15,264 ------------ 17,032 ------------ - ----------------------------------------------------------------- - ------------- BEVERAGES & TOBACCO (0.1%) McDowell & Co. 228,000 208 United Breweries 219,300 168 ------------ 376 ------------ - ----------------------------------------------------------------- - ------------- BROADCASTING & PUBLISHING (0.7%) Control Print (India) Ltd. 75,000 54 Control Print (India) Ltd. (New) 27,500 20 New Delhi Television 66,660 1,326 Tata Press 137,050 1,111 ------------ 2,511 ------------ - ----------------------------------------------------------------- - ------------- BUILDING MATERIALS & COMPONENTS (4.5%) Associated Cement Co. 64,620 6,267 Bell Ceramics Ltd. 170,875 131 Bell Ceramics (Rights) 256,312 26 Dalmia Cement 125,000 1,332 Gujarat Sidhe Cement Ltd. 2,500,000 921 India Cements Ltd. GDR 85,000 734 Madras Cements 16,895 4,482 Murudeshwar Ceramics Ltd. 346,800 971 Mysore Cements Ltd. 1,700 2 Orissa Cement 87,100 762 Priyadarshini Cement Ltd. 241,600 215 Shree Cement 224,050 403 Somani Cement Co. Ltd. 200,000 342 ------------ 16,588 ------------ - ----------------------------------------------------------------- - ------------- BUSINESS & PUBLIC SERVICES (0.2%) Elbee Services Ltd. 182,700 792 ------------ - ----------------------------------------------------------------- - ------------- CHEMICALS (4.9%) Atul Products Ltd. 255,549 640 Atul Products Ltd. (New) 90,000 225 Chemicals and Plastics 100,000 371 Colour Chem Ltd. 13,645 1,174 Goodlass Nerolac Paints Ltd. 65,000 372 Gujarat Narmada Valley Fertilizers Ltd. 477,400 760 Gujarat Narmada Valley Fertilizers Ltd. GDR 212,000 1,617 Hindustan Organic Chemicals 250,000 220 ICI India Ltd. 385,300 1,931 Indian Dyestuff Industries Ltd. 132,745 170 Indian Dyestuff Industries Ltd. (Rights) 30 -- Indian Organic Chemical Ltd. 732,550 896 Indian Petro Chemical Corp. 611,400 2,487 - ----------------------------------------------------------------- - -------------
4
VALUE SHARES (000) - --------------------------------------------------------- - ------------ CHEMICALS (CONTINUED) Indian Petro Chemical Corp. GDR 22,000 U.S.$ 297 Indo Gulf Fertilizer & Chemical (New) 147,200 256 ITC Agrotech Co. 95,800 249 ITC Agrotech Co. (Rights) 95,800 62 Jayant Agro 132,100 701 Jaysynth Dyechem 340,500 1,506 Metrochem Industries Ltd. 209,000 530 National Organic Chemical Industries 18,150 53 Reliance Industries Ltd. 214,707 1,734 Sudarsha Chemicals 154,480 1,380 Tainwala Chemicals & Plastics 84,609 92 Tamil Nadu Petrochemicals 1,700 2 Vippy Solvex Products Ltd. 250,000 147 ------------ 17,872 ------------ - ----------------------------------------------------------------- - ------------- CONSTRUCTION & HOUSING (0.3%) Bharat Pipes & Fittings Ltd. 522,020 223 Kunstoffe Industries Ltd. 118,400 62 Kunstoffe Industries (New) 65,200 34 Nagarjuna Construction 156,100 783 ------------ 1,102 ------------ - ----------------------------------------------------------------- - ------------- ELECTRICAL & ELECTRONICS (1.8%) AKG Acoustics (India) Ltd. 81,300 97 Asian Electronics 148,000 2,181 Bajaj Electricals Ltd. 79,350 940 BPL Ltd. 709,900 2,009 Centrum Electronics 200,000 65 Esab India Ltd. 564,330 1,007 O.E.N. Connectors Ltd. 177,526 366 ------------ 6,665 ------------ - ----------------------------------------------------------------- - ------------- ELECTRONIC COMPONENTS & INSTRUMENTS (3.3%) Fujitsu ICIM 221,950 386 Infosys Technology Ltd. 167,100 2,281 Mastek Ltd. 126,400 950 Onida Savak 3,110 2 Peico Electronics & Electric 894,150 5,535 Punjab Anand Lamp Industries Ltd. 227,000 402 Rolta India Ltd. 1,411,200 998 Salora International Ltd. 243,000 358 Samtel Colour 521,300 730 Satyam Computer 125,000 182 Vikas Hybrids & Electronics Ltd. 61,000 158 ------------ 11,982 ------------ - ----------------------------------------------------------------- - ------------- VALUE SHARES (000) - --------------------------------------------------------- - ------------ ENERGY EQUIPMENT & SERVICES (10.8%) Bharat Heavy Electricals 7,000,000 U.S.$ 21,665 Crompton Greaves 1,213,830 6,977 Datar Switchgear Ltd. 140,200 822 Graphite India Ltd. 100,000 277 Jyoti Structure 148,250 699 KEC International Ltd. 197,900 718 Kirloskar Oil Engine 380,840 1,572 Modern Malleables 250,000 700 Modern Malleables (New) 170,000 476 Ramco 113,800 2,415 S & S Power Switchgear Ltd. 263,105 1,567 Shriram Honda Power Equipment 299,265 1,411 Uniflex Cables Ltd. 137,700 246 Uniflex Cables Ltd. (New) 68,100 121 Uniflex Cables Ltd. (New) 81,600 146 Uniflex Cables Ltd. (Rights) 200 -- ------------ 39,812 ------------ - ----------------------------------------------------------------- - ------------- FINANCIAL SERVICES (5.7%) Canfin Homes 1,011,100 819 Housing Development Finance Corp. 238,806 18,267 ICICI 352,331 966 ICICI (New) 235,233 645 LKP Merchant Finance Ltd. 1,500 2 SCICI 121,400 135 SCICI (Rights) 98,500 -- Sundaram Finance 150 2 ------------ 20,836 ------------ - ----------------------------------------------------------------- - ------------- FOOD & HOUSEHOLD PRODUCTS (0.9%) American Dry Fruits 538,500 611 Andhra Sugars Ltd. 100 -- Aruna Sugars & Enterprises 12,450 12 Brooke Bond Lipton 1,000 8 Dhampur Sugar Mills Ltd. 100,000 357 Sakthi Sugar Ltd. 164,665 202 Satnan Overseas Ltd. 124,700 179 Thiru Arooran Sugars 264,500 741 Umred Agro Complex Ltd. 124,500 39 Vadilal Industries Ltd. 250,000 258 Western Hatcheries 237,933 771 ------------ 3,178 ------------ - ----------------------------------------------------------------- - ------------- FOREST PRODUCTS & PAPER (2.8%) Andhra Paper 19,610 1,460 Ballarpur Industries Ltd. 1,166,353 6,910 Paper Products Ltd. (New) 170,000 576 Paper Products Ltd. (Rights) 42,500 19 Pudumjee 221,600 1,202 Sharp Industries 42,000 28 ------------ 10,195 ------------ - ----------------------------------------------------------------- - -------------
5
VALUE SHARES (000) - --------------------------------------------------------- - ------------ HEALTH & PERSONAL CARE (6.1%) Apollo Hospitals Enterprises Ltd. 500,000 U.S.$ 486 Crossland Research Labs Ltd. 190,000 2,016 E Merck (India) Ltd. 355,250 1,738 Godrej Soaps 602,050 1,827 Hindustan CIBA-GEIGY Ltd. 25,835 2,125 Hoechst India Ltd. 490,000 3,524 Hoechst Schering Agrevo Ltd. 123,400 1,218 Indian Shaving 171,700 1,139 Lakme Ltd. 50,000 442 Pfizer Ltd. 66,450 476 Ranbaxy Labs Ltd. 75,000 1,623 Ranbaxy Labs Ltd. (Warrants) 40,000 692 Sandoz (India) Ltd. 25,000 363 Sol Pharma 59,900 162 Sun Pharmaceutical Industries Ltd. 325,000 2,625 TTK Biomed Ltd. 143,700 284 Unichem Labs Ltd. 162,700 1,511 ------------ 22,251 ------------ - ----------------------------------------------------------------- - ------------- INDUSTRIAL COMPONENTS (0.7%) Carborondum Universal 373,300 1,684 Chicago Pneumatic India Ltd. 153,500 796 ------------ 2,480 ------------ - ----------------------------------------------------------------- - ------------- LEISURE & TOURISM (0.3%) Asian Hotels Ltd. 85,350 541 Indian Hotels Co. 32,300 520 Kamata Hotels India Ltd. 300,000 236 ------------ 1,297 ------------ - ----------------------------------------------------------------- - ------------- MACHINERY & ENGINEERING (3.4%) Ahmed Forge 166,200 377 Artson Engineering Ltd. 192,693 222 Bharat Forge Co. Ltd. 392,918 1,529 Indian Seamless Metal Tubes 375,800 820 Indian Seamless Metal Tubes (Rights) 400 -- Kabra Extrusion Technik Ltd. 153,000 559 Lakshmi Machine Works Ltd. 4,045 1,443 Lakshmi Synthetic Machinery 152,400 413 Praj Industries Ltd. 153,200 880 Thermax Ltd. 365,000 3,486 Wartsila Diesel Ltd. 441,500 2,681 ------------ 12,410 ------------ - ----------------------------------------------------------------- - ------------- METALS -- NON-FERROUS (2.4%) Hindalco 258,500 7,437 Indian Aluminum 67,600 401 Pennar Aluminum Co. 1,629,800 925 SKS Ltd. 100,000 147 ------------ 8,910 ------------ - ----------------------------------------------------------------- - ------------- VALUE SHARES (000) - --------------------------------------------------------- - ------------ METALS -- STEEL (4.1%) Bellary Steels & Alloys Ltd. 300 U.S.$ -- India Seamless Steel & Alloys 916,900 263 Isibars Ltd. 500,000 1,046 Mahindra Ugine Steel Co. Ltd. 50 -- Mukand Iron & Steel Works 212,991 1,689 Panchmahal Steels Ltd. 197,700 653 Sesa Goa Ltd. 86,970 1,007 Sesa Goa Ltd. (Rights) 26,142 228 Shri Ishar Alloy Steels 50,000 57 Shri Ishar Alloy Steels 'B' 319,500 363 Special Steels Ltd. 62,550 256 Tata Iron & Steel 1,226,567 8,786 Uttam Galva Steels Ltd. 753,600 550 ------------ 14,898 ------------ - ----------------------------------------------------------------- - ------------- MISCELLANEOUS MATERIALS & COMMODITIES (2.4%) Asian Paints Ltd. 118,240 2,210 Container Corp. of India 2,274,600 5,263 Flex Industries 68,858 321 Flex Industries (Rights) 27,866 -- Flex Industries (Warrants) 53,939 239 Garware Plastics & Polyester 525 3 Garware Plastics & Polyester (Rights) 275 -- Pearl Polymers Ltd. 338,300 658 PVD Plastic Mouldings Industries 152,400 87 Shrenujur Co. Diamond 1,400 2 Su-Raj Diamonds 10,000 20 Su-Raj Diamonds (Rights) 450 -- Su-Raj Diamonds (Warrants) 31,900 -- ------------ 8,803 ------------ - ----------------------------------------------------------------- - ------------- MULTI-INDUSTRY (3.5%) BOC India Ltd. 131,500 407 E.I.D. Parry Ltd. GDR 94,320 354 Grasim Industries Ltd. 284,905 4,955 IFB Industries Ltd. 146,400 604 Indian Rayon & Industries Ltd. 2,190 31 Indian Rayon & Industries Ltd. GDS 50,000 725 Indian Rayon & Industries Ltd. GDS (New) 8,900 122 Kothari Sugars & Chemicals 191,700 220 Larsen & Toubro 24,697 203 Master Gain 1992 (Units) 4,349,100 1,513 Master Shares Ltd. 1,943,700 888 S&S Industries & Enterprises Ltd. 597,340 322 Shriram Industrial Enterprises Ltd. GDR (Warrants) 34,000 9 Standard Industries Ltd. 121,366 100 Straw Products Ltd. 382,498 1,624 VXL Ltd. 712,710 751 ------------ 12,828 ------------ - ----------------------------------------------------------------- - -------------
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VALUE SHARES (000) - --------------------------------------------------------- - ------------ RECREATION, OTHER CONSUMER GOODS (3.0%) Blow Past Ltd. 227,100 U.S.$ 1,305 Cosmo Films Ltd. 209,900 873 Essel Packaging Ltd. 368,225 2,290 Kitply Industries Ltd. 540 1 Modi Xerox 652,950 3,368 Navneet Publications 152,400 674 Premier Vinyl Floors Ltd. 1,050 1 VIP Industries 161,900 372 Zee Telefilms Ltd. 396,400 2,138 ------------ 11,022 ------------ - ----------------------------------------------------------------- - ------------- TELECOMMUNICATIONS (4.7%) Cable Corp. 15,800 44 Indian Telephone Industries 832,700 761 Mahanagar Telephone Nigan 2,836,300 13,293 Modi Steels Ltd. 124,000 494 Punjab Wire 138,700 879 Surana Telecom Ltd. 148,700 127 Videsh Sanchar Nigam Ltd. 75,000 1,879 ------------ 17,477 ------------ - ----------------------------------------------------------------- - ------------- TEXTILES & APPAREL (7.5%) A.P. Rayon 470,600 971 Arun Proce 167,000 49 Arvind Mills Ltd. 194,048 818 Baroda Rayon Corp. 30 -- Baroda Rayon Corp. (Rights) 15 -- Bata India Ltd. 154,100 341 Century Textiles & Industries GDR 6,500 1,203 Coates of India Ltd. 248,000 1,791 Coates Viyella Ltd. 170,000 621 Coates Viyella Ltd. (New) 13,260 48 Coates Viyella Ltd. (Rights) 30 -- Cosmos Leather Exports Ltd. 325,000 237 DCL Polyesters Ltd. 705,250 499 Deepak Spinners Ltd. 2,500 3 Delta Industries Ltd. 380,000 1,109 G.T.N. Textiles 316,500 1,166 Indorama Synthetics 1,034,638 1,296 J.K. Synthetics Ltd. 2,094,786 1,991 Mahavir Spinning Mills Ltd. 441,000 1,898 Maral Overseas Ltd. 650,800 787 Modi Threads Ltd. 662,300 151 Precot Mills Ltd. (New) 66,777 276 Priyadarshini Spinning 177,100 144 Raymond Ltd. 418,100 3,500 Raymond Ltd. GDR 202,000 3,307 Santogen 318,000 159 Shree Rajasthan Syntex 266,550 409 SIV Industries Ltd. (Units) 104,500 1,097 SRF Ltd. 470,164 998 Super Spinning Mills Ltd. 200,357 709 Vardhaman Polytech 283,600 393 Vardhaman Polytech (Rights) 200 -- Vardhaman Spinning & General Mills Ltd. 34,500 158 Viral Synte 250,000 483 Woolworth India 478,320 902 Woolworth India (Rights) 430 -- ------------ 27,514 ------------ - ----------------------------------------------------------------- - ------------- VALUE SHARES (000) - --------------------------------------------------------- - ------------ TRANSPORTATION -- SHIPPING (0.6%) Chowgule Steamships Ltd. (New) 225 U.S.$ -- Great Eastern Shipping Ltd. 1,097,800 1,780 Great Eastern Shipping Ltd. GDR 20,000 183 Mercator Lines Ltd. 200,000 125 ------------ 2,088 ------------ - ----------------------------------------------------------------- - ------------- UTILITIES -- ELECTRICAL & GAS (0.0%) Andhra Valley Power Supply 2,345 6 CESC Ltd. (Preferred Warrants), U.S. $7.62, expiring 4/24/96 353,000 28 Tata Hydro Electric Power Supply Co. Ltd. 600 2 ------------ 36 ------------ - ----------------------------------------------------------------- - ------------- WHOLESALE & INTERNATIONAL TRADE (0.0%) Alpha Geo 100,000 113 Uniworth International Ltd. 5,600 4 ------------ 117 ------------ - ----------------------------------------------------------------- - ------------- TOTAL INDIAN COMMON STOCKS (Cost U.S.$457,435) 344,633 ------------ - ----------------------------------------------------------------- - ------------- FACE AMOUNT (000) - --------------------------------------------------------- - ------------ FIXED INCOME SECURITIES (0.8%) - --------------------------------------------------------- - ------------ CONSUMER GOODS (0.2%) Srishti Video Corp. 12.00%, 12/12/95 INR 225 398 Srishti Video Corp. 12.00%, 11/12/96 225 398 ------------ 796 ------------ - ----------------------------------------------------------------- - ------------- MACHINERY & ENGINEERING (0.1%) Indian Seamless Metal Tubes (Convertible) 10.00%, 7/13/96 13,950 312 ------------ - ----------------------------------------------------------------- - ------------- MISCELLANEOUS MATERIALS & COMMODITIES (0.2%) Garware Plastics & Polyester 16.00%, 5/1/05 277 818 ------------ - ----------------------------------------------------------------- - ------------- WHOLESALE & INTERNATIONAL TRADE (0.3%) Chemox Chemical Industries Ltd. 14.00%, 12/31/00 250 486 Chemox Chemical Industries Ltd. (Convertible) 14.00%, 7/1/96 250 486 ------------ 972 ------------ - ----------------------------------------------------------------- - ------------- TOTAL FIXED INCOME SECURITIES (Cost U.S.$3,524) 2,898 ------------ - ----------------------------------------------------------------- - -------------
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AMOUNT VALUE (000) (000) - --------------------------------------------------------- - ------------ FOREIGN CURRENCY ON DEPOSIT WITH CUSTODIAN (4.1%) (Interest Bearing Demand Account) Indian Rupee (Cost U.S.$15,487) INR 511,085 U.S.$ 15,065 ------------ - ----------------------------------------------------------------- - ------------- TOTAL INVESTMENTS (98.8%) (Cost U.S.$476,446) 362,596 ------------ - ----------------------------------------------------------------- - ------------- OTHER ASSETS AND LIABILITIES (1.2%) Other Assets U.S. $8,552 Liabilities (3,973) 4,579 ----------- ------------ - ----------------------------------------------------------------- - ------------- VALUE (000) - --------------------------------------------------------- - ------------ NET ASSETS (100%) Applicable to 35,707,092, issued and outstanding U.S.$.01 par value shares (100,000,000 shares authorized) U.S.$367,175 ------------- - ----------------------------------------------------------------- - ------------- NET ASSET VALUE PER SHARE U.S.$ 10.28 ------------- - ----------------------------------------------------------------- - -------------
GDR -- Global Depositary Receipt GDS -- Global Depositary Share 8 -----END PRIVACY-ENHANCED MESSAGE-----