-----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,
 JsG04w+6M3KjzcxtAosIbyvKaKGtDMB+u40dp8Q9tQlrdWpiqA8AxKC0O7qpph4h
 zW28HtCvhj/P8MVRiNapYw==

<SEC-DOCUMENT>0001125282-06-005362.txt : 20060829
<SEC-HEADER>0001125282-06-005362.hdr.sgml : 20060829
<ACCEPTANCE-DATETIME>20060828191027
ACCESSION NUMBER:		0001125282-06-005362
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20060630
FILED AS OF DATE:		20060829
DATE AS OF CHANGE:		20060828
EFFECTIVENESS DATE:		20060829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDIA FUND INC
		CENTRAL INDEX KEY:			0000917100
		IRS NUMBER:				133749070
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08266
		FILM NUMBER:		061060147

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		866-800-8933

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA FUND INC /NY NEW
		DATE OF NAME CHANGE:	19940106
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>b414051_ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>
<html>
<head>
    <title>Prepared and filed by St Ives Burrups</title>
</head>
<body>
<div style="page-break-before:always"></div>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top"></td>
  </tr>
  <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
</table>
<P align="center"><FONT size="4" face="serif"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></font></p>
<hr width="150" size="2" noshade>
<P align="center"><FONT size="5" face="serif"><b>FORM N-CSR</b></font></p>
<P align="center"><font size="2">
<FONT face="serif"><b>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br>
INVESTMENT COMPANIES</b></font></p>
<p align="center"><font size="2" face="serif">Investment Company Act file number&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>811-08266</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<P align="center">
<FONT size="5" face="serif"><b>The India Fund, Inc.</b></FONT><BR>
<FONT size="2" face="serif">(Exact name of registrant as specified in charter)</FONT><font size="2"><br>
<br>
345 Park Avenue<br>
New York, NY  10154<br>
(Address of principal executive offices) (Zip code)</FONT></P>
<P align="center"><font size="5" face="serif"><b>SIMPSON THACHER &amp; BARTLETT LLP</b></font><br>
<FONT size="2">425 Lexington Avenue<br>
New York, NY  10017<br>
(Name and address of agent for service)</font><br>
<hr width="150" size="2" noshade></p>
<P align="center">
<FONT size="2" face="serif">Registrant's telephone number, including area code:&nbsp;<u><b>212-583 5000</b></u></font></p>
<p align="center"><font size="2" face="serif">Date of fiscal year end:&nbsp;<u><b>December 31, 2006</b></u></font></p>
<p align="center"><font size="2" face="serif">Date of reporting period:&nbsp;<u><b>June 30, 2006</b></u></font></p>
<div style="text-indent: 3%"><p align="left"><font size="2" face="serif">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.</font></p>
<p align="left"><font size="2" face="serif">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (&quot;OMB&quot;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to 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. &sect; 3507.</font></p>

<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top" bgcolor="#FFFFFF"></td>
  </tr>
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
</table>
</div><p align="center"><font face="serif" size="2">&nbsp;</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p align="left"><font size="2" face="serif"><b>Item 1. Reports to Stockholders.</b></font></p>
<p align="left"><font size="2" face="serif">The Report to Shareholders is attached herewith.</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p1"></a>
<p align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="right"><font face="serif" size="2">August 25, 2006</font></p>
<p align="left"><font face="serif" size="2"><b>Dear Fund Stockholder,</b></font></p>
<div style="text-indent: 3%"><p align="left"><font face="serif" size="2">We are pleased to provide you with the unaudited financial statements of The India Fund, Inc. (the &#147;Fund&#148;) for the six months ended June&nbsp;30, 2006. The Fund&#146;s net asset value (&#147;NAV&#148;) closed at $35.84 on June&nbsp;30, 2006,
representing an increase of 7.94% (after taking the Fund&#146;s dividend into account) from the Fund&#146;s NAV on December&nbsp;31, 2005, which was $34.07. The Fund outperformed its benchmark, the IFC Investable Index, which
gained 6.99% during the same period.</font></p>
<p align="left"><font face="serif" size="2">The year 2006 began on a promising note with almost all emerging markets, including India, seeing continued foreign investor interest. However, a sharp correction in commodity prices together with no let-up from the U.S.
Federal Reserve&#146;s interest rate hikes (100 basis points total in the first half) resulted in across-the-board profit-taking mid-way through the second quarter. Indian equities, among the world&#146;s strongest performers over the past
three years, were especially hard-hit, plunging 30% peak-to-trough. Nevertheless, with a smart recovery in the final two weeks of June, the Bombay Stock Exchange Sensitive Index (SENSEX) still managed to end with a
12.89% gain for the six months ended June, 2006. Foreign institutional investment in Indian stocks was subdued compared to the first half of 2005 but nevertheless was still positive at $2.5&nbsp;billion.</font></p>
<p align="left"><font face="serif" size="2">During the 2006-07 budget speech, the Indian government reiterated its commitment to further reform and privatization, highlighting key measures to ensure sustained high levels of GDP growth. The impetus was on
infrastructure development in partnership with private and foreign participants with the focus on power, roads, and water. The first half of 2006 also saw the privatization process move ahead for two of India&#146;s busiest
airports, with contracts awarded to select private companies. We believe in due course this process will be replicated in other sectors as well. In terms of the economy, India&#146;s 9.3% growth rate for the quarter ended
March&nbsp;31, 2006 was a pleasant, positive, surprise. Moreover, we believe the focus on rapidly addressing India&#146;s infrastructure constraints will help maintain a healthy growth rate, going forward.</font></p>
<p align="left"><font face="serif" size="2">We believe the Indian equity market&#146;s sharp reaction to global macro economic events clearly indicates not only the continued high level of foreign investment in India but also</font></p>
</div>
<p align="right"><font face="serif" size="2">1</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p2"></a>
<p align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="2">the real economy&#146;s increasing globalization. We remain extremely positive on the Indian market&#146;s fundamentals in the long run, and do not expect these intermittent
corrections to have any negative impact.</font></p>
<div style="text-indent: 3%"><p align="left"><font face="serif" size="2">On behalf of the Board of Directors, we thank you for your participation and continued support of the Fund. If you have any questions, please do not hesitate to visit our website at www.blackstone.com or call our toll-free
number, 1-866-800-8933.</font></p>
</div>
<p align="left"><font face="serif" size="2">Sincerely,</font></p>
<p align="left"><img src="melwani.gif" width="25%"></p>
<p align="left"><font face="serif" size="2">Prakash Melwani<br>
Director and President</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">*</font></td>
    <td><div align="left"><font face="serif" size="1">Please note that the benchmark is an unmanaged index. Investors cannot directly invest in the index. The index does not reflect transaction costs or manager fees.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2"><b>PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. </b></font><font face="serif" size="2">There is no guarantee that the Fund&#146;s or any other investment technique will be effective under all market conditions.</font></p>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<p align="left"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p3"></a>
<p align="right"><font face="serif" size="2"></font><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<div style="margin-left:1%">
<div style="margin-right:1%">
<p align="left"><font face="serif" size="2"><b>
Fundamental Periodic Repurchase Policy</b></font></p>
</div>
</div>
<div style="margin-left:1%">
<div style="margin-right:1%">
<p align="left"><font face="serif" size="2">The Fund has adopted the following fundamental policy regarding periodic repurchases:</font></p>
</div>
</div>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">a)</font></td>
    <td><div align="left"><font face="serif" size="2">The Fund will make offers to repurchase its shares at semi-annual intervals pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended from time to time (&#147;Offers&#148;). The Board of Directors may place such conditions and limitations on Offers as may be permitted under Rule 23c-3.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">b)</font></td>
    <td><div align="left"><font face="serif" size="2">14 days prior to the last Friday of the Fund&#146;s first and third fiscal quarters, or the next business day if such Friday is not a business day, will be the deadline (the &#147;Repurchase Request Deadline&#148;) by which the Fund must receive repurchase requests submitted by stockholders in response to the most recent Offer.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">c)</font></td>
    <td><div align="left"><font face="serif" size="2">The date on which the repurchase price for shares is to be determined (the &#147;Repurchase Pricing Date&#148;) shall occur no later than the last Friday of the Fund&#146;s first and third fiscal quarters, or the next business day if such day is not a business day.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">d)</font></td>
    <td><div align="left"><font face="serif" size="2">Offers may be suspended or postponed under certain circumstances, as provided for in Rule 23c-3.</font></div></td>
  </tr>
</table>
<div style="margin-left:1%">
<div style="margin-right:1%">
<p align="left"><font face="serif" size="2">
(For further details, see Note&nbsp;F to the Financial Statements.)</font></p>
</div>
</div>
<p align="right"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p4"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="serif" size="4"><b>Schedule of Investments</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2"><b>INDIA (100% of holdings)</b></font></p>
<p align="left"><font face="serif" size="2">COMMON STOCKS (99.78% of holdings)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1"><b>NUMBER<br>
OF SHARES</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>

  </tr>
  <tr valign="bottom">
    <td colspan="11"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="40%"><font face="serif" size="2"><b>Apparel Manufacturers</b></font></td>
    <td align="right" valign="bottom" width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom" width="10%"><font face="serif" size="2"><b>0.19%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">415,550</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">Crew B.O.S. Products, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,616,140</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,314,163</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">59,826</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Gokaldas Exports, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">808,675</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">787,718</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,424,815</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,101,881</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Automobiles &amp; Ancilliaries</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.21%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">377,264</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">ANG Auto, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,613,019</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,345,609</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,613,019</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,345,609</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Building &amp; Construction</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.23%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">37,265</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">B.L. Kashyap and Sons, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">749,283</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">753,070</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">56,700</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Madhucon Projects, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">269,971</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">290,643</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">159,126</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Unity Infraprojects, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,486,941</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,488,782</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,506,195</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,532,495</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Cement</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.48%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">319,198</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Associated Cement Cos., Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,711,459</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,434,824</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,711,459</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>5,434,824</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Hardware</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.35%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,010,150</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">NIIT Technologies, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,277,414</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,883,505</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,277,414</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,883,505</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Services</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.14%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">420,307</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Allsec Technologies, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,196,432</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,627,275</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>2,196,432</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,627,275</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Software &amp; Programming</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>12.76%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">859,360</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Geodesic Information Systems, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">417,002</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,893,154</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,462,608</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Infosys Technologies, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">37,797,393</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">97,768,229</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">347,964</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">KPIT Cummins Infosystems, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,298,558</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,047,330</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,579,118</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Satyam Computer Services, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18,567,481</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24,400,186</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,342,600</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Wipro, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,905,450</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14,981,771</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>65,985,884</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>143,090,670</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Computer Training</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.53%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,266,171</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">SSI, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,166,520</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,935,020</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>5,166,520</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>5,935,020</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p5qr"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="serif" size="3"><b>Schedule of Investments (continued)</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1"><b>NUMBER<br>
OF SHARES</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="11"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="40%"><font face="serif" size="2"><b>Construction/Building Materials</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom" width="10%"><font face="serif" size="2"><b>2.10%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3,358,815</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Hindustan Construction Co.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,432,952</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,594,014</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,506,692</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">IVRCL Infrastructures and Projects, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,214,159</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12,386,456</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">639,200</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Prajay Engineers Syndicate</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,146,552</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,621,220</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>

    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>11,793,663</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>23,601,690</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Consumer Non-Durables</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>8.31%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">7,413,930</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Hindustan Lever, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">29,487,066</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">36,892,514</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">14,218,745</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">ITC, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">28,653,404</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">56,285,106</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>58,140,470</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>93,177,620</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Diagnostic Equipment</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.64%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">302,400</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Opto Circuits India, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,220,002</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,355,686</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,476,275</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Vimta Labs, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,129,420</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,851,968</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>10,349,422</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>7,207,654</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Diversified Financial Services</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.53%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">848,200</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Indiabulls Financial Service, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,392,917</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,892,257</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,922,343</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Reliance Capital Ventures, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">320,147</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,020,879</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,713,064</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>5,913,136</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Diversified Industries</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>10.13%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">275,743</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Grasim Industries, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,991,727</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,578,630</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">458,300</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Lakshmi Overseas Industries, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,404,956</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,625,061</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4,104,343</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Reliance Industries, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">31,913,350</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">94,384,734</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>41,310,033</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>113,588,425</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Electronics &amp; Electrical Equipment</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>10.54%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">109,000</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bharat Electronics, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,048,340</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,535,600</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,534,012</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bharat Heavy Electricals, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14,866,134</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">65,033,912</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">600,000</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">HBL Nife Power Systems, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,412,893</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,570,460</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">543,104</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Jyoti Structures, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,213,814</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,528,619</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">441,828</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Kei Industries, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,367,451</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,835,799</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">734,159</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Mather &amp; Platt Pumps, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,629,938</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,260,361</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,012,760</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Siemens India, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,537,225</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,473,193</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,159,203</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Sterlite Industries India, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">9,716,336</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,031,377</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>45,792,131</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>118,269,321</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="right"><font face="serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p6"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>&nbsp;</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="serif" size="3"><b>Schedule of Investments (continued)</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1"><b>NUMBER</b>&nbsp;<br>
<b>OF SHARES</b>&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="11"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="40%"><font face="serif" size="2"><b>Energy</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom" width="10%"><font face="serif" size="2"><b>0.57%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">281,100</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Suzlon Energy, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,260,798</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,398,627</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,260,798</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>6,398,627</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Engineering</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>5.87%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">237,549</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">ABB, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,737,816</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12,878,417</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">667,360</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bharat Earth Movers, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,803,023</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14,296,637</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">105,082</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Elecon Engineering Co., Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,679,816</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,380,550</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">496,795</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Gammon India, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,454,731</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,773,441</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,459,000</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Jaiprakash Associates, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10,028,743</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">21,051,582</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,010,790</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Thermax, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,481,800</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,438,443</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>24,185,929</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>65,819,070</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Extractive Industries</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>4.84%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">241,130</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">National Aluminium Company, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,609,537</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,189,938</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,207,941</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Oil and Natural Gas Corp., Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">41,026,526</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">53,138,771</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>42,636,063</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>54,328,709</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Finance</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>12.74%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">706,200</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bank of Baroda</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,147,957</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,049,360</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,948,750</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bank of India</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,991,022</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,313,154</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,029,400</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Canara Bank, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,505,140</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,489,651</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,150,743</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">HDFC Bank, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,392,008</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,774,334</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,578,040</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Housing Development Finance Corp., Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">16,130,981</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">38,731,216</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3,031,041</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">ICICI Bank, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20,765,817</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">32,087,954</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">42,500</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">ICICI Bank, Ltd. Sponsored ADR+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,172,738</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,005,125</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">4,814,565</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Infrastructure Development Finance Co., Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,715,813</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,667,885</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">800,131</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Punjab National Bank, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,552,443</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,657,746</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,263,240</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">South Indian Bank, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,043,919</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,493,993</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">779,600</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">State Bank of India</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,739,888</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12,317,138</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">45,550</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">State Bank of India GDR</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">525,435</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,786,198</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,169,050</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Syndicate Bank</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,732,143</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,353,259</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,263,650</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">UTI Bank, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,932,486</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,321,430</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">500,000</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">UTI Bank, Ltd. 144A GDR</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,955,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,850,000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>103,302,790</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>142,898,443</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">6</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p7qr"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>&nbsp;</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="serif" size="3"><b>Schedule of Investments (continued)</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1"><b>NUMBER</b>&nbsp;<br>
<b>OF SHARES</b>&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="11"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="40%"><font face="serif" size="2"><b>Food</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom" width="10%"><font face="serif" size="2"><b>0.42%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,425,516</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Dhampur Sugar Mills, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,975,447</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,731,078</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>4,975,447</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>4,731,078</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Hotels &amp; Leisure</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.90%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">979,757</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Hotel Leelaventure, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,758,144</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,635,092</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">182,073</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Indian Hotels Co., Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,100,137</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,521,572</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>5,858,281</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>10,156,664</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Household Appliances</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.89%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">594,360</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Voltas, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,421,932</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">9,987,546</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>

    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,421,932</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>9,987,546</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Media</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.06%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">279,200</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Balaji Telefilms, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">601,721</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">657,672</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>601,721</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>657,672</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Metal &#150; Aluminum</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.89%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3,208,697</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Hindalco Industries, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,852,126</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10,040,356</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>6,852,126</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>10,040,356</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Metal &#150; Diversified</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>1.27%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,817,555</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Ahmednagar Forgings, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,785,343</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,377,382</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">647,750</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Hindustan Zinc, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,854,783</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,847,145</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>14,640,126</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>14,224,527</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Petroleum Related</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.63%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">559,989</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Indian Oil Corp., Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,967,877</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,865,239</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">487,220</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Shiv-Vani Oil &amp; Gas Exploration+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,557,603</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,154,075</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>6,525,480</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>7,019,314</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Pharmaceuticals</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>3.43%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">287,210</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Aurobindo Pharma, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,041,797</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,632,233</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,180,745</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Dishman Pharmaceuticals, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,674,993</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,313,669</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">804,393</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Dr. Reddy&#146;s Laboratories, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">23,994,333</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">22,258,833</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">146,150</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Lupin, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,308,345</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,841,100</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">362,600</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Orchid Chemicals &amp; Pharmaceuticals, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,481,690</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,459,379</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">232,712</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Sun Pharmaceutical Industries, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,502,015</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,996,894</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>39,003,173</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>38,502,108</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="right"><font face="serif" size="2">7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p8"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>&nbsp;</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="serif" size="3"><b>Schedule of Investments (continued)</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>NUMBER</b>&nbsp;<br>
<b>OF SHARES</b>&nbsp;</font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="11"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="40%"><font face="serif" size="2"><b>Printing, Paper &amp; Packaging</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom" width="10%"><font face="serif" size="2"><b>0.09%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">600,000</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Business India Publications</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,003,792</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">977,411</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,003,792</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>977,411</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Retail Stores</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.03%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">341,900</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">SB&amp;T International, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">895,066</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">328,607</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>895,066</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>328,607</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Shipping</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.73%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,105,400</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bharati Shipyard, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,040,058</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,235,278</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>4,040,058</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>8,235,278</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Steel</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>2.98%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">503,926</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Jindal Saw, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,490,459</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,880,281</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">574,245</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Jindal Steel &amp; Power, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14,540,434</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">17,541,663</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">588,672</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Shree Precoated Steels, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,116,364</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,148,704</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,100,000</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Sujana Metals Products, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,969,552</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,972,111</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">676,591</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Tata Steel, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,329,637</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,837,228</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>31,446,446</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>33,379,987</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Telecommunications</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>5.52%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>

  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">5,132,210</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bharti Airtel, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">23,472,402</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">41,244,954</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">3,835,121</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Reliance Communication, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,076,228</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20,737,476</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>42,548,630</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>61,982,430</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Telecommunications Equipment</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.69%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,397,890</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">GTL, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">8,277,253</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7,794,184</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Shyam Telecom, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>8,277,267</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>7,794,185</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Televisions</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.35%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">348,022</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Television Eighteen India, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,430,280</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,912,224</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,430,280</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>3,912,224</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Textiles</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.04%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">134,450</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bombay Rayon Fashion, Ltd.+</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">403,607</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">506,962</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>403,607</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>506,962</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">8</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p9qr"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>&nbsp;</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="serif" size="3"><b>Schedule of
    Investments (concluded)</b></font></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">COMMON STOCKS (continued)</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>NUMBER</b>&nbsp;<br>
<b>OF SHARES</b>&nbsp;</font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>SECURITY</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="1"><b>PERCENT OF</b><br>
<b>HOLDINGS</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>COST</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="1"><b>VALUE</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="11"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td valign="top"><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="40%"><font face="serif" size="2"><b>Vehicle Components</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom" width="10%"><font face="serif" size="2"><b>1.70%</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="10%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,983,425</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Amtek Auto, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10,032,082</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">19,051,411</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>10,032,082</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>19,051,411</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Vehicles</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>8.20%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">310,900</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Bajaj Auto, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12,893,475</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18,481,465</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">842,288</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Hero Honda Motors, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11,376,682</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14,480,255</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">1,194,970</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Mahindra &amp; Mahindra, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,954,131</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">16,121,973</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">2,483,897</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">Tata Motors, Ltd.</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">27,696,207</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">42,861,251</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>58,920,495</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>91,944,944</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2"><b>TOTAL COMMON STOCKS</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>674,242,110</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,121,586,678</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr align="right" valign="bottom" bgcolor="#ffffff">
    <td colspan="3" align="left"><font face="serif" size="2">RIGHTS (0.02% of holdings)&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="center"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>Electronics &amp; Electrical Equipment</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>0.02%</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="right"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">60,000</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" valign="bottom"><font face="serif" size="2">HBL Nife Power Systems, Ltd. Rights</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">188,054</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>&#151;</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>188,054</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="3" align="left" valign="bottom"><font face="serif" size="2"><b>TOTAL RIGHTS</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>&#151;</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>188,054</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="left" valign="bottom"><font face="serif" size="2"><b>TOTAL INVESTMENTS*</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="center" valign="bottom"><font face="serif" size="2"><b>100.00%</b></font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>$</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>674,242,110</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>$</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,121,774,732</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="100"><hr noshade size="1" align="left" width="100%"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Footnotes and Abbreviations</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="1">ADR &#151; American Depository Receipt</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td><div align="left"><font face="serif" size="1">GDR &#151; Global Depository Receipts</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">+</font></td>
    <td><div align="left"><font face="serif" size="1">Non income producing.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="1">*</font></td>
    <td><div align="left"><font face="serif" size="1">As of June 30, 2006, the aggregate cost for federal income tax purposes was $676,293,750. The aggregate gross unrealized appreciation (depreciation) for all securities was as follows:</font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Excess of value over tax cost</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="2">472,436,894</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Excess of tax cost over value</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(26,955,912</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>$</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>445,480,982</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="right"><font face="serif" size="2">9</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p10"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font face="serif" size="2"><b><font size="4">Statement of Assets and Liabilities</font></b></font><font face="serif" size="4"></font></b></td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>ASSETS</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Investments, at value (Cost $674,242,110)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,121,774,732</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Cash (including Indian Rupees of $16,148,061, with a cost of $16,147,948)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18,198,551</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Receivables:</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:4%"><font face="serif" size="2">Dividends</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,792,469</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:4%"><font face="serif" size="2">Interest</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,292</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:4%"><font face="serif" size="2">Securities sold</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2,700,401</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Prepaid expenses</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">240,902</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Total Assets</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,145,709,347</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>LIABILITIES</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accrued income tax expense payable</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">4,956,314</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Payable for securities purchased</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">3,461,986</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Due to Investment Manager</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">894,613 </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Due to Administrator</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">182,714</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accrued Custodian fees</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">73,465</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accrued expenses</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">169,493</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Total Liabilities</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>9,738,585</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Net Assets</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>$</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,135,970,762</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>NET ASSET VALUE PER SHARE ($1,135,970,762 / 31,695,662</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>shares issued and outstanding)</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">35.84</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2"><b>NET ASSETS CONSIST OF:</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Capital stock, $0.001 par value; 35,068,462 shares issued (100,000,000 shares authorized)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">35,068 </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Paid-in capital</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">582,861,705 </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Cost of 3,523,737 shares repurchased</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(56,813,859</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accumulated net investment loss</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(5,906,422</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Accumulated net realized gain on investments</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">168,264,428 </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">Net unrealized appreciation in value of investments, foreign currency holdings and on translation of other assets and liabilities denominated in foreign currency</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">447,529,842</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>$</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>1,135,970,762</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="left"><font face="serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p11qr"></a>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="4"><b>Statement of Operations</b>&nbsp;</font></b></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>
For the Six Months Ended<br>
June 30, 2006<br>
(Unaudited)</b></font></td>
    </tr>
  </table>
<p>&nbsp;</p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Investment Income</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Dividends (net of Indian taxes withheld of $48)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,824,940</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Interest</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">51,996</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Total investment income</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>6,876,936</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Expenses</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Management fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">5,922,981</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Administration fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,232,610</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Printing</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">878,345</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Legal fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">380,567</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Insurance</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">190,813</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Audit fees and tax fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">170,480</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Custodian fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">141,909</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Directors&#146; fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">93,770</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Transfer agent fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24,841</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">NYSE fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">14,440</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">ICI fees</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">13,152</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Miscellaneous expenses</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">107</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Total expenses</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>9,064,015</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:12%"><font face="serif" size="2"><b>Net investment loss</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"><b>(2,187,079</b></font></td>
    <td valign="bottom"><font face="serif" size="2"><b>)</b></font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Holdings and Translation of Other Assets and Liabilities Denominated in Foreign Currency:</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net realized gain (loss) on:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Security transactions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">141,043,596</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Foreign currency related transactions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(720,115</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">140,323,481</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net change in unrealized depreciation in value of investments, foreign currency holdings and translation of other assets and liabilities denominated in foreign currency</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(67,897,041</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net realized and unrealized gain on investments, foreign currency holdings and translation of other assets and liabilities denominated in foreign currency</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">72,426,440</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net increase in net assets resulting from operations before income taxes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">70,239,361</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Reversal of income tax expense relating to 2004 (see Note B)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20,551,036</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net increase in net assets resulting from operations after income taxes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2"><b>$</b></font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">90,790,397</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td colspan="2" valign="bottom"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="right"><font face="serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p12"></a>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="4"><b>Statements of Changes in Net Assets</b></font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  </table>
<p>&nbsp;</p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Six Months</b><br>
<b>Ended</b><br>
<b>June 30, 2006</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>December 31, 2005</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>(Unaudited)</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>INCREASE (DECREASE) IN NET ASSETS</b></font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="8%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Operations</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net investment income (loss)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(2,187,079)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,126,333</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net realized gain on investments and foreign currency related transactions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">140,323,481</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">167,065,716</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net change in unrealized appreciation (depreciation) in value of investments, foreign currency holdings and translation of other assets and liabilities denominated in foreign currency</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(67,897,041</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">197,657,985 </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net increase in net assets resulting from operations before income taxes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">70,239,361</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">365,850,034</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Income tax (expense) reversal relating to 2004 (see Note B)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">20,551,036</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(25,507,350</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net increase in net assets resulting from operations after income taxes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">90,790,397</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">340,342,684</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Distribution to shareholders</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net investment income ($0.12 and $0.06 per share, respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(3,802,632</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(1,908,338</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Short term capital gains ($0.00 and $0.51 per share, respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(16,220,875</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Long term capital gains ($0.95 and $3.89 per share, respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2"> (30,104,165</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(123,723,932</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Decrease in net assets resulting from distributions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(33,906,797</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(141,853,145</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Capital Share Transactions</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Reinvestments</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:9%; text-indent:-3%"><font face="serif" size="2">(7,067 and 33,894 shares at $52.83 and $39.14 per share, and 9,936 shares at $26.49 per share, respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,699,994</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">263,210</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Exercise of Rights</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:9%; text-indent:-3%"><font face="serif" size="2">(0 and 9,433,738 shares at $26.50 per share, respectively, net of expenses of $103,539 and $572,549, respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(103,539</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">249,421,508</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Shares repurchased under Repurchase Offer<br>
(150,937 and 279,012 shares, respectively) (net of</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">repurchase fee of $123,919 and $179,279, respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">(including expenses of $151,493 and $347,439, respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(6,223,543</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(9,132,159</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net increase (decrease) in net assets resulting from capital share transactions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(4,627,088</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">240,552,559 </font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total increase in net assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">52,256,512</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">439,042,098</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>NET ASSETS</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Beginning of period</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,083,714,250</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">644,672,152</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">End of period (including undistributed net investment income of $0 and $83,289 respectively)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,135,970,762</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,083,714,250</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="left"><font face="serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p13qr"></a>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font face="serif" size="4">Financial Highlights</font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><font face="serif" size="2"><b>For a Share Outstanding throughout Each Period</b></font></td>
      <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
  </table>
<p>&nbsp;</p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Six</b><br>
<b>Months Ended</b><br>
<b>June 30, 2006</b><br>
<b>(Unaudited)</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec.</b>&nbsp;<b>31, 2005</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2004</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2003</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2002</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>For the Year</b><br>
<b>Ended</b><br>
<b>Dec. 31, 2001</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="19"><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="16"><font face="serif" size="2"><b>Per Share Operating Performance</b></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net asset value, beginning of year</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="2">34.07</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="2">28.47</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="2">23.76</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="2">12.72</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="2">11.93</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom" width="1%"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">16.18</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net investment income (loss)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.07</font></td>
    <td valign="bottom"><font face="serif" size="2">)<sup>2</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.04</font></td>
    <td valign="bottom"><font face="serif" size="2"><sup>2</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.08</font></td>
    <td valign="bottom"><font face="serif" size="2"><sup>2</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.11</font></td>
    <td valign="bottom"><font face="serif" size="2"><sup>2</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.09</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.07</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net realized and unrealized gain (loss) on investments, foreign currency holdings, and translation of other assets and liabilities denominated in foreign
currency</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.26</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11.35</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6.14</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11.00</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(4.29</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Income tax (expense) reversal</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.65</font></td>
    <td valign="bottom"><font face="serif" size="2"><sup>4</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.80</font></td>
    <td valign="bottom"><font face="serif" size="2">)<sup>3</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net increase (decrease) from investment operations after income taxes</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">2.84</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10.59</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6.22</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11.11</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.85</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(4.22</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Less: dividends and distributions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2">Dividends from:</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Net investment income</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.12</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.06</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.01</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.13</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.09</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.07</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Short term capital gains</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.51</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:6%"><font face="serif" size="2">Long term capital gains</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.95</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(3.89</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(1.51</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total dividends and distributions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(1.07</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(4.46</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(1.52</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.13</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.09</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.07</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Capital share transactions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Anti-dilutive (dilutive) effect of Share Repurchase Program</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td valign="bottom"><font face="serif" size="2"><sup>5</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.01</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.01</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.06</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.01</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.04</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Anti-dilutive effect of Tender Offer</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.02</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Dilutive effect of Rights Offer</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.52</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>

    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Total capital share transactions</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">&#151;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(0.53</font></td>
    <td valign="bottom"><font face="serif" size="2">)</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.01</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.06</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.03</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">0.04</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td align="right"><font face="serif" size="2">
    <hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net asset value, end of period</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">35.84</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">34.07</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">28.47</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">23.76</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12.72</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">11.93</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td align="right"><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Per share market value, end of period</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">46.19</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">39.73</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">29.63</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">25.20</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10.59</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">9.50</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Total Investment Return Based on:</b><br>
<b>Market Value <sup>1</sup></b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">18.75</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">49.32</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">23.51</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">139.04</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">12.36</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(20.69</font></td>
    <td valign="bottom"><font face="serif" size="2">)%</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%"><font face="serif" size="2"><b>Net Asset Value</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">7.94</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">35.12</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">26.34</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">88.44</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">10.79</font></td>
    <td valign="bottom"><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">(27.70</font></td>
    <td valign="bottom"><font face="serif" size="2">)%</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2"><b>Ratios/Supplemental Data</b></font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Net assets, end of period (in 000s)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,135,971</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">1,083,714</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">644,672</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">556,811</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">350,838</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">366,491</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratios of expenses after income taxes to average net assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(1.87</font></td>
    <td nowrap><font face="serif" size="2">)%<sup>6</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">4.13</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.64</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.76</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.73</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.70</font></td>
    <td><font face="serif" size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratios of expenses before income taxes to average net assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.47</font></td>
    <td nowrap><font face="serif" size="2">%<sup>6</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.49</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.64</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.76</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.73</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">1.70</font></td>
    <td><font face="serif" size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ratios of net investment income (loss) to average net assets</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">(0.36</font></td>
    <td nowrap><font face="serif" size="2">)%<sup>6</sup></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.12</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.33</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.72</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.65</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">0.57</font></td>
    <td><font face="serif" size="2">%</font></td>
  </tr>
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Portfolio turnover</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">21.18</font></td>
    <td nowrap><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">50.28</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">35.90</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">33.89</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">39.36</font></td>
    <td><font face="serif" size="2">%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right"><font face="serif" size="2">16.06</font></td>
    <td><font face="serif" size="2">%</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="right"><font face="serif" size="2">13</font></p>
<hr noshade align="center" width="100%" size="2">
<page>
<a name="p14"></a>
<p align="left"><font face="serif" size="2"><b>
THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><b>Financial Highlights (concluded)</b></font></p>
<p align="left"><font face="serif" size="2"><b>For a Share Outstanding throughout Each Period</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">1</font></td>
    <td><div align="left"><font face="serif" size="1">Total investment return is calculated assuming a purchase of common stock at the market price on the first day and a sale at the market price on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices
obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges and is not annualized. Past performance is not a guarantee of future results.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">2</font></td>
    <td><div align="left"><font face="serif" size="1">Based on average shares outstanding.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">3</font></td>
    <td><div align="left"><font face="serif" size="1">A provision of $25,507,350 was made for U.S. Federal income tax purposes. This provision was made as the Fund may not have qualified as a regulated investment company (a &#147;RIC&#148;) under Subchapter M of the Internal Revenue Code for the taxable year ended December&nbsp;31, 2004.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">4</font></td>
    <td><div align="left"><font face="serif" size="1">A reversal $20,551,036 has been made to the prior year&#146;s tax provision described above (see Note B).</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">5</font></td>
    <td><div align="left"><font face="serif" size="1">Less than $0.01 per share.</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="1">6</font></td>
    <td><div align="left"><font face="serif" size="1">Annualized.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">See accompanying notes to financial statements.</font></p>
<p align="left"><font face="serif" size="2">&nbsp;</font></p>
<p align="left"><font face="serif" size="2">14</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p15"></a>

  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
      <td align="right" valign="top"><font face="serif" size="2"><b>THE INDIA
            FUND, INC.</b></font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font size="4" face="serif">Notes to Financial
      Statements&nbsp;</font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b><br>
<b>(Unaudited)</b></font></td>
    </tr>
  </table>


<p align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>A: ORGANIZATION</b></font></p>
<p align="left"><font face="serif" size="2">The India Fund, Inc. (the &#147;Fund&#148;) was incorporated in Maryland on December&nbsp;27, 1993, and commenced operations on February&nbsp;23, 1994. The Fund operates through a branch in the Republic of Mauritius. The Fund is registered under the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;), as a closed-end, non-diversified management investment company. The Fund&#146;s investment objective is long-term capital appreciation by investing primarily in Indian equity securities.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">The following significant accounting policies, which are in conformity with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;), and are consistently followed by the Fund in the preparation of its financial statements.</font></p>
<p align="left"><font face="serif" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Significant accounting policies are as follows:</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2"><b>Portfolio Valuation. </b>Investments are stated at value in the accompanying financial statements. All securities for which market quotations are readily available are valued at:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(i)</font></td>
    <td><div align="left"><font face="serif" size="2">the last sales price prior to the time of determination, if there was a sale on the date of determination,</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(ii)</font></td>
    <td><div align="left"><font face="serif" size="2">at the mean between the last current bid and asked prices, if there was no sales price on such date and bid and asked quotations are available, and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(iii)</font></td>
    <td><div align="left"><font face="serif" size="2">at the bid price if there was no sales price on such date and only bid quotations are available.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">Securities that are traded over-the-counter are valued, if bid and asked quotations are available, at the mean between the current bid and asked prices. Securities for which sales prices and bid and asked quotations are not available on the date of determination
may be valued at the most recently available prices or quotations under policies adopted by the Board of Directors. Investments in short-term debt securities having a maturity of 60 days or less are valued at amortized cost which approximates market value.
Securities for which market values are not readily ascertainable are carried at fair value as determined in good faith by or under the supervision of the Board of Directors. The net asset value per share of the Fund is calculated weekly and at the end of each month.</font></p>
<p align="left"><font face="serif" size="2"><b>Investment Transactions and Investment Income. </b>Investment transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification method for</font></p>
<p align="right"><font face="serif" size="2">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p16"></a>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
      INDIA FUND, INC.</b></font></td>
      <td align="right" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
            Statements&nbsp;(continued)</font></b></td>
      <td align="right" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td align="left" valign="top">&nbsp;</td>
      <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
    </tr>
  </table>
<p align="left"><font face="serif" size="2">both financial reporting and income tax reporting purposes. Interest income is recorded on the accrual basis; dividend income is recorded on the ex-dividend date or, using reasonable
diligence, when known. The collectibility of income receivable from Indian securities is evaluated periodically, and any resulting allowances for uncollectible amounts are reflected currently in
the determination of investment income.</font></p>
<p align="left"><font face="serif" size="2"><b>Tax Status. </b>No provision is made for U.S. federal income or excise taxes for 2005 as it is the Fund&#146;s intention to continue to qualify as a regulated investment company under subchapter M of the Internal Revenue Code and to make the requisite distributions to
its shareholders that will be sufficient to relieve it from all or substantially all federal income and excise taxes.</font></p>
<p align="left"><font face="serif" size="2">For the year ended December&nbsp;31, 2005, a provision of $25,507,350 was made for U.S. Federal income tax purposes as the Fund may not have qualified as a regulated investment company (a &#147;RIC&#148;) under Subchapter M of the Internal Revenue Code for the
taxable year ended December&nbsp;31, 2004. In order to preserve the Fund&#146;s status as a RIC under Subchapter M of the Internal Revenue Code for the taxable year ended December&nbsp;31, 2004, on April&nbsp;20, 2006 the Fund distributed a deficiency dividend to
shareholders in the amount of $1.07 per share, of which $0.95 per share was designated as a Capital Gain Dividend. Under the deficiency dividend procedure, the maximum amount that the Fund will be obligated to pay to the IRS in interest and penalties is
approximately $4,956,314. Accordingly, a reversal of $20,551,036 has been made to the prior year&#146;s tax provision.</font></p>
<p align="left"><font face="serif" size="2">Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.</font></p>
<p align="left"><font face="serif" size="2">The tax character of distributions paid during the year ended December&nbsp;31, 2005:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Ordinary income</font></div></td>
    <td width="1%" valign="bottom"><font face="serif" size="2">$</font></td>
    <td width="8%" align="right" valign="bottom"><font face="serif" size="2">18,129,213</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Long term capital gains</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">123,723,932</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2"><hr noshade size="1"></font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%"><font face="serif" size="2">Total</font></div></td>
    <td valign="bottom"><font face="serif" size="2">$</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">141,853,145</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><hr noshade size="2"></td>
    <td><hr noshade size="2"></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2"><b>Foreign Currency Translation. </b>The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(i)</font></td>
    <td><div align="left"><font face="serif" size="2">value of investment securities, assets and liabilities at the prevailing rates of exchange on the valuation date; and</font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="3%"><font face="serif" size="2">(ii)</font></td>
    <td><div align="left"><font face="serif" size="2">purchases and sales of investment securities and investment income at the relevant rates of exchange prevailing on the respective dates of such transactions.</font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">The Fund generally does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. However, the Fund does isolate the effect of fluctuations in foreign currency rates when determining the gain
or loss upon the sale of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amounts are</font></p>
<p align="left"><font face="serif" size="2">16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p17qr"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;<b>THE INDIA
          FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30, 2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>



<p align="left"><font face="serif" size="2">categorized as foreign currency gains or losses for federal income tax purposes. The Fund reports certain realized foreign exchange gains and losses as components of realized gains and losses
for financial reporting purposes, whereas such amounts are treated as ordinary income for federal income tax reporting purposes.</font></p>
<p align="left"><font face="serif" size="2">Securities denominated in currencies other than U.S. dollars are subject to changes in value due to fluctuations in foreign exchange rates. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of
domestic origin as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, and the fact that foreign securities markets may be smaller and have less
developed and less reliable settlement and share registration procedures.</font></p>
<p align="left"><font face="serif" size="2"><b>Distribution of Income and Gains. </b>The Fund intends to distribute annually to shareholders substantially all of its net investment income, including foreign currency gains, and to distribute annually any net realized gains after the utilization of available capital
loss carryovers. An additional distribution may be made to the extent necessary to avoid payment of a 4% federal excise tax.</font></p>
<p align="left"><font face="serif" size="2">Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP.
These &#147;book/tax&#148; differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of each fiscal year with the capital accounts based on their federal tax-basis
treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as dividends in excess of net
investment income and net realized capital gains. To the extent they exceed net investment income and net realized gains for tax purposes, they are reported as distributions of additional paid-in capital.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>C: MANAGEMENT, INVESTMENT ADVISORY, ADMINISTRATIVE SERVICES</b><br>
<b>AND DIRECTORS</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">Blackstone Asia Advisors L.L.C. (&#147;Blackstone Advisors&#148;), an affiliate of The Blackstone Group (&#147;Blackstone&#148;), serves as the Fund&#146;s Investment Manager under the terms of a management agreement dated March&nbsp;16, 2006 (the &#147;Management Agreement&#148;).
Blackstone Fund Services India Private Limited (&#147;Blackstone India&#148;), an affiliate of Blackstone, serves as the Fund&#146;s Country Adviser under the terms of a country advisory agreement dated March&nbsp;16, 2006 (the &#147;Country Advisory Agreement&#148;). Pursuant to the
Management Agreement, Blackstone Advisors supervises the Fund&#146;s investment program and is responsible on a day-to-day basis for investing the Fund&#146;s portfolio in accordance with its investment objective and policies. Pursuant to the Country Advisory
Agreement, Blackstone India provides statistical and factual information and research regarding economic and political factors and</font></p>
<p align="right"><font face="serif" size="2">17</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p18"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
    INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30,
          2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">investment opportunities in India to Blackstone Advisors. For its services, Blackstone Advisors receives monthly fees at an annual rate of: (i) 1.10% for the first $500,000,000 of the Fund&#146;s
average weekly net assets; (ii) 0.90% for the next $500,000,000 of the Fund&#146;s average weekly net assets; (iii) 0.85% for the next $500,000,000 of the Fund&#146;s average weekly net assets; and (iv)
0.75% of the Fund&#146;s average weekly net assets in excess of $1,500,000,000. Blackstone India receives from Blackstone Advisors a monthly fee at an annual rate of 0.10% of the Fund&#146;s average
weekly net assets. For the six months ended June&nbsp;30, 2006, the Fund paid a total of $5,922,981 in management fees to Blackstone Advisors.</font></p>
<p align="left"><font face="serif" size="2">Blackstone Advisors also serves as the Fund&#146;s Administrator pursuant to an administration agreement dated January&nbsp;1, 2006. Blackstone Advisors provides certain administrative services to the Fund. For its services, Blackstone Advisors receives a fee that is
computed monthly and paid quarterly at an annual rate of: (i) 0.20% of the value of the Fund&#146;s average monthly net assets for the first $1,500,000,000 of the Fund&#146;s average monthly net assets and (ii) 0.15% of the value of the Fund&#146;s average monthly net assets
in excess of $1,500,000,000 of the Fund&#146;s average monthly net assets. For the six months ended June&nbsp;30, 2006, the Fund paid a total of $1,218,497 in administrative fees to Blackstone Advisors. Blackstone Advisors subcontracts certain of these services to PFPC
Inc.</font></p>
<p align="left"><font face="serif" size="2">In addition, Multiconsult Ltd. (the &#147;Mauritius Administrator&#148;) provides certain administrative services relating to the operation and maintenance of the Fund in Mauritius. The Mauritius Administrator receives a monthly fee of $1,500 and is reimbursed for
certain additional expenses. For the six months ended June 30, 2006, fees and expenses of the Mauritius Administrator amounted to $14,113.</font></p>
<p align="left"><font face="serif" size="2">The Fund pays each of its directors who is not a director, officer or employee of Blackstone Advisors, Blackstone India or any affiliate thereof (each &#147;Independent Director&#148;) an annual fee of $20,000. The Fund pays an additional annual fee of $10,000 to the
Chairman of the Fund. The Fund also pays each Independent Director a fee of (i) $2,000 for each in-person meeting, including each in-person committee meeting; (ii) $4,000 for traveling to Mauritius to attend an in-person meeting; (iii) $1,000 for each
telephonic meeting of thirty minutes or less; and (iv) $1,500 for each telephonic meeting lasting over thirty minutes. In addition, the Fund reimburses all directors for travel and out-of-pocket expenses incurred in connection with Board of Directors meetings.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>D: PORTFOLIO ACTIVITY</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">Purchases and sales of securities, other than short-term obligations, aggregated $255,904,823 and $304,847,499 respectively, for the six months ended June 30, 2006.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>E: FOREIGN INCOME TAX</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">The Fund conducts its investment activities in India as a tax resident of Mauritius and expects to obtain benefits under the double taxation treaty between Mauritius and India (the &#147;tax treaty&#148; or &#147;treaty&#148;). To obtain benefits under the tax treaty, the Fund must
meet certain tests and conditions, including the</font></p>
<p align="left"><font face="serif" size="2">18</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p19qr"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;<b>THE INDIA
          FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30,
          2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">establishment of Mauritius tax residence and related requirements. The Fund has obtained a certificate from the Mauritian authorities that it is a resident of Mauritius under the tax treaty
between Mauritius and India. Under current regulations, a fund which is a tax resident in Mauritius under the treaty, but has no branch or permanent establishment in India, will not be
subject to capital gains tax in India on the sale of securities or to tax on dividends paid by Indian companies. The Fund is subject to and accrues Indian withholding tax on interest earned on
Indian securities at the rate of 20.91%.</font></p>
<p align="left"><font face="serif" size="2">The Fund will, in any year that it has taxable income for Mauritius tax purposes, elect to pay tax on its net income for Mauritius tax purposes at any rate between 0% and 35%.</font></p>
<p align="left"><font face="serif" size="2">The Fund continues to: (i) comply with the requirements of the tax treaty between India and Mauritius; (ii) be a tax resident of Mauritius; and (iii) maintain that its central management and control resides in Mauritius, and therefore management believes that
the Fund will be able to obtain the benefits of the tax treaty between India and Mauritius. Accordingly, no provision for Indian income taxes has been made in accompanying financial statements of the Fund for taxes related to capital gains or dividends.</font></p>
<p align="left"><font face="serif" size="2">The foregoing is based upon current interpretation and practice and is subject to future changes in Indian or Mauritian tax laws and in the treaty between India and Mauritius.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>F: QUARTERLY REPURCHASE OFFERS</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">In February 2003, the Board of Directors approved, subject to stockholder approval, a fundamental policy whereby the Fund would adopt an &#147;interval fund&#148; structure pursuant to Rule 23c-3 under the 1940 Act. Stockholders of the Fund approved the policy on
April&nbsp;30, 2003. As an interval fund, the Fund makes semi-annual repurchase offers at net asset value (less a 2% repurchase fee) to all Fund stockholders. The percentage of outstanding shares that the Fund can repurchase in each offer is established by the Fund&#146;s
Board of Directors shortly before the commencement of each semi-annual offer and is between 5% and 25% of the Fund&#146;s then-outstanding shares.</font></p>
<p align="right"><font face="serif" size="2">19</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p20"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
    INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30,
          2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>



<p align="left"><font face="serif" size="2">During the six months ended June&nbsp;30, 2006, the results of the semi-annual repurchase offer were as follows:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top" bgcolor="#ffffff">
    <td><font size="2">&nbsp;</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="serif" size="1"><b>Repurchase Offer #6</b></font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td bgcolor="#ffffff"><font face="serif" size="2">
      <hr noshade size="1">
    </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencement Date</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February&nbsp;24, 2006</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March&nbsp;17, 2006</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Offer Date</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March&nbsp;24, 2006</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Issued and Outstanding Shares of Common Stock</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Validly Tendered</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,937.1444</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Pro-ration Odd Lot Shares</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Pro-ration Non-Odd Lot Shares</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Non-Odd Lot Shares Accepted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00000%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Accepted for Tender</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150,937.1444</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value as of Repurchase Offer Date ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.05</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Fee per Share ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8210</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Offer Price ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2290</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Fee ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123,919</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151,493</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Cost ($)</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,223,543</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">20</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p21qr"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;<b>THE INDIA
          FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30,
          2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">During the year ended December&nbsp;31, 2005, the results of the semi-annual repurchase offer were as follows:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="serif" size="1"><b>Repurchase Offer #4</b></font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="serif" size="1"><b>Repurchase Offer #5</b></font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff">&nbsp;</td>
    <td bgcolor="#ffffff">&nbsp;</td>
    <td width="15%"><font face="serif" size="2">
      <hr noshade size="1">
    </font></td>
    <td bgcolor="#ffffff">&nbsp;</td>
    <td width="15%"><font face="serif" size="2">
      <hr noshade size="1">
    </font></td>
    <td bgcolor="#ffffff">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencement Date</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February&nbsp;23, 2005</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August&nbsp;26, 2005</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March&nbsp;14, 2005</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;16, 2005</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Offer Date</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March&nbsp;28, 2005</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;23, 2005</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Issued and Outstanding Shares of Common Stock</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Validly Tendered</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,112.1312</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168,899.7396</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Pro-ration Odd Lot Shares</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Pro-ration Non-Odd Lot Shares</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Non-Odd Lot Shares Accepted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00000%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00000%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Accepted for Tender</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,112.1312</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168,899.7396</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value as of Repurchase Offer Date ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.20</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.34</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Fee per Share ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5440</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7068</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Offer Price ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.6540</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.6347</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Fee ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,901</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,378</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126,781</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,658</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Cost ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,061,709</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,070,450</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="right"><font face="serif" size="2">21</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p22"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
    INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30,
          2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>


<p align="left"><font face="serif" size="2">During the year ended December&nbsp;31, 2004, the results of the semi-annual repurchase offer were as follows:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td bgcolor="#ffffff"><font size="2">&nbsp;</font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="serif" size="1"><b>Repurchase Offer #2</b></font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="20%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="serif" size="1"><b>Repurchase Offer #3</b></font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff">&nbsp;</td>
    <td bgcolor="#ffffff">&nbsp;</td>
    <td width="15%"><font face="serif" size="2">
      <hr noshade size="1">
    </font></td>
    <td bgcolor="#ffffff">&nbsp;</td>
    <td width="15%"><font face="serif" size="2">
      <hr noshade size="1">
    </font></td>
    <td bgcolor="#ffffff">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencement Date</font></div></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February&nbsp;20, 2004</font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August&nbsp;20, 2004</font></td>
    <td width="2%" bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March&nbsp;12, 2004</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;10, 2004</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Offer Date</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March&nbsp;19, 2004</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;17, 2004</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Issued and Outstanding Shares of Common Stock</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Validly Tendered</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,437.366</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661,852.704</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Pro-ration Odd Lot Shares</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607.12</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989.70</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final Pro-ration Non-Odd Lot Shares</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,830.166</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652,393.000</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Non-Odd Lot Shares Accepted</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12700%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78600%</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Accepted for Tender</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,437.366</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661,852.704</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value as of Repurchase Offer Date ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.74</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.26</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Fee per Share ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4548</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4652</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Offer Price ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2852</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7948</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Fee ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,232</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307,894</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127,333</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,809</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td bgcolor="#ffffff"><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Cost ($)</font></div></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,078,726</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
    <td width="15%"><font face="serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,152,609</font></td>
    <td bgcolor="#ffffff"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">22</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p23qr"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2">&nbsp;<b>THE INDIA
          FUND, INC.</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(continued)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30,
          2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>

<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>G: 2005 RIGHTS OFFER</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">On December&nbsp;17, 2004, the Fund commenced a rights offering and issued to stockholders as of December&nbsp;17, 2004 one right for each share of common stock held. The rights were not transferable and, consequently, were not listed on any exchange. The
rights entitled holders to subscribe for an aggregate of 7,546,991 shares of the Fund&#146;s common stock. In addition, the Fund had the option of issuing additional shares in an amount up to 25% of the shares that were available in the primary offering, or
1,886,747 shares, for an aggregate total of 9,433,738 shares. The offer expired on January&nbsp;31, 2005. The Fund sold 9,433,738 shares at the subscription price per share of $26.50 (representing 95% of the Fund&#146;s net asset value per share on the expiration date of
the offer). The total proceeds of the rights offering were $249,994,057 and the Fund incurred costs to date of $572,549.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>H: CONCENTRATION OF RISKS</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">At June 30, 2006, substantially all of the Fund&#146;s net assets were invested in Indian securities. The Indian securities markets are among other things substantially smaller, less developed, less liquid, subject to less regulation and more volatile than the securities
markets in the United States. Consequently, and as further discussed above, acquisitions and dispositions of securities by the Fund involve special risks and considerations not present with respect to U.S. securities. At June 30, 2006, the Fund has a concentration
of its investment in computer, finance, and diversified industries. The values of such investments may be affected by changes in such industry sectors.</font></p>
<p align="left"><font face="serif" size="2">Securities denominated in currencies other than U.S. dollars are subject to changes in value due to fluctuations in foreign exchange. Foreign security and currency transactions involve certain considerations and risks not typically associated with those of domestic
origin as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibilities of political or economic instability, the fact that foreign securities markets may be smaller and less developed, and the
fact that securities, tax and corporate laws may have only recently developed or are in developing stages, and laws may not exist to cover all contingencies or to protect investors adequately.</font></p>
<p align="left"><font face="serif" size="2">In the normal course of business, the Fund may enter into contracts that contain a variety of representations and warranties and which may provide for general indemnifications. The Fund&#146;s maximum exposure under these arrangements is unknown, as this
would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, management expects the risk of loss to be remote.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>I: RECENT ACCOUNTING PRONOUNCEMENTS</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#150; an Interpretation of FASB Statement No. 109&#148; (the &#147;Interpretation&#148;).</font></p>
<p align="right"><font face="serif" size="2">23</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p24"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" align="left" valign="top"><font face="serif" size="2"><b>THE
    INDIA FUND, INC.</b></font></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><b><font size="3" face="serif">Notes to Financial
          Statements&nbsp;(concluded)</font></b></td>
    <td align="right" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="right" valign="top"><font face="serif" size="2"><b>June 30,
          2006</b></font><br>
<font face="serif" size="2"><b>(Unaudited)</b></font></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">The Interpretation establishes for all entities, including pass-through entities such as the Fund, a minimum threshold for financial statement recognition of the benefit of positions taken in
filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after
December&nbsp;15, 2006, and is to be applied to all open years as of the date of effectiveness. Management has recently begun to evaluate the tax application of the Interpretation to the Fund, and
is not in a position at this time to estimate the significance of its impact, if any, on the Fund&#146;s financial statements.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>NOTE</b>&nbsp;<b>J: SUBSEQUENT EVENT: 2006 RIGHTS OFFER</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">On July&nbsp;3, 2006, the Fund commenced a rights offering. The offer expired on August&nbsp;4, 2006. Pursuant to the offer, holders of the Fund&#146;s common stock on July&nbsp;3, 2006 were able to subscribe for an aggregate of 13,206,525 shares at the subscription price
per share of $34.00 (representing 95% of the Fund&#146;s net asset value per share on the expiration date of the offer).</font></p>
<p align="left"><font face="serif" size="2">The Fund previously conducted a rights offering in 2005 (see Note G).</font></p>
<p align="left"><font face="serif" size="2">24</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p25"></a>
<p align="right"><font face="serif" size="2"></font><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><b>Results of Annual Meeting of Stockholders</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>Results of Special Meeting of Stockholders</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>SPECIAL MEETING</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">The Fund held a Special Meeting of Stockholders on March&nbsp;16, 2006. At the meeting, stockholders approved a new management agreement between Blackstone Asia Advisors L.L.C. and the Fund as well as a new country advisory agreement between
Blackstone Asia Advisors L.L.C. and Blackstone Fund Services India Private Limited with respect to the Fund. The following tables provide information concerning the matters voted on at the meeting:</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font face="serif" size="2"><b>I.</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>Approval of a New Management Agreement between Blackstone Asia Advisors L.L.C. and the Fund</b></font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Votes For</b></font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Votes Against</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Votes</b><br>
<b>Abstained</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Non-Voting</b><br>
<b>Shares</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Total Voting</b><br>
<b>and Non-</b><br>
<b>Voting Shares</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">14,970,317</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">328,137</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1,066,112</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">15,441,071</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">31,805,637</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font face="serif" size="2"><b>II.</b></font></td>
    <td><div align="left"><font face="serif" size="2"><b>Approval of a New Country Advisory Agreement between Blackstone Asia Advisors L.L.C. and Blackstone Fund Services India Private Limited</b></font></div></td>
  </tr>
 <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Votes For</b></font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Votes Against</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Votes</b><br>
<b>Abstained</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Non-Voting</b><br>
<b>Shares</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Total Voting</b><br>
<b>and Non-</b><br>
<b>Voting Shares</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">14,951,374</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">319,028</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">1,094,164</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">15,441,071</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">31,805,637</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>Results of Annual Meeting of Stockholders</b></font></div></td>
  </tr>
</table>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div align="left"><font face="serif" size="2"><b>ANNUAL MEETING</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">The fund held its Annual Meeting of Stockholders on April&nbsp;28, 2006. At the meeting, stockholders elected the nominees proposed for election to the Fund&#146;s Board of Directors. The following tables provide information concerning the matters voted on at the
meeting:</font></p>
<p align="left"><font face="serif" size="2"><b>I. Election of Directors</b></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" rowspan="2" align="center" valign="bottom"><font face="serif" size="1">&nbsp;</font><font face="serif" size="1"><b>Votes For</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" rowspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Votes<br>
Withheld</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" rowspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Non-Voting<br>
Shares</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td colspan="2" rowspan="2" align="center" valign="bottom"><font face="serif" size="1"><b>Total Voting<br>
and Non-<br>
Voting Shares</b></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="1"><b>Nominee</b></font></div></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1"><hr noshade size="1"></font></td>
    <td><font face="serif" size="1">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Lawrence K. Becker</font></div></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">24,588,015</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">193,443</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">6,907,136</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
    <td width="1%"><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width="8%"><font face="serif" size="2">31,688,594</font></td>
    <td width="2%"><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Peter G. Peterson</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24,474,432</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">307,026</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,907,136</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">31,688,594</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Jeswald W. Salacuse</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24,532,595</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">248,863</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,907,136</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">31,688,594</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><div style="margin-left:3%; text-indent:-3%"><font face="serif" size="2">Prakash A. Melwani</font></div></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">24,590,183</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">191,275</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">6,907,136</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
    <td align="right" valign="bottom"><font face="serif" size="2">31,688,594</font></td>
    <td><font face="serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="right"><font face="serif" size="2">25</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p26"></a>
<p align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><b>Results of Annual Meeting of Stockholders (continued)</b></font></p>
<p align="left"><font face="serif" size="2">At June&nbsp;30, 2006, in addition to Lawrence K. Becker, Peter G. Peterson, Jeswald W. Salacuse and Prakash A. Melwani, the other directors of the Fund were as follows:</font></p>
<div style="margin-left: 3%"><font face="serif" size="2">Leslie H. Gelb<br>
  J. Marc Hardy<br>
  Stephane R. F. Henry<br>
  Luis F. Rubio</font></div>
<p align="left"><font face="serif" size="2">A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling the Fund&#146;s toll free number at 1-866-800-8933 and at the Securities and Exchange
Commission website at http://www.sec.gov.</font></p>
<p align="left"><font face="serif" size="2">Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve month period ended June&nbsp;30, 2006 is available, without charge, upon request, by calling the Fund&#146;s toll free number at 1-866-800-8933 and at the
Securities and Exchange Commission website at http://www.sec.gov.</font></p>
<p align="left"><font face="serif" size="2">The Fund&#146;s CEO has submitted to the NYSE the required annual certification and, the Fund also has included the certifications of the Fund&#146;s CEO and CFO required by Section&nbsp;302 and Section&nbsp;906 of the Sarbanes-Oxley Act in the Fund&#146;s Form&nbsp;N-CSR
filed with the SEC, for the period of this report.</font></p>

<table width="100%" border="1" cellpadding="10" cellspacing="0">
  <tr>
    <td><p align="left"><font face="serif" size="2">
We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.</font></p>
<p align="left"><font face="serif" size="2">
For taxable non-corporate shareholders, 87% of the Fund&#146;s income represents qualified ordinary income distributions subject to the 15% rate category.</font></p></td>
  </tr>
</table>

<p align="left"><font face="serif" size="2">26</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p27qr"></a>
<p align="right"><font face="serif" size="2"></font><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><b>Dividends and Distributions</b></font></p>
<p align="left"><font face="serif" size="2"><b>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>
<p align="left"><font face="serif" size="2">The Fund intends to distribute annually to shareholders substantially all of its net investment income, and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long and short-term
capital gains net of expenses.</font></p>
<p align="left"><font face="serif" size="2">Pursuant to the Dividend Reinvestment and Cash Purchase Plan (the &#147;Plan&#148;), shareholders whose shares of Common Stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by the Plan Agent in
Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive all distributions in cash paid by check in dollars mailed directly to the shareholder by the dividend
paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as
representing the total amount registered in such shareholders&#146; names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should
consult with such nominee as to participation in the Plan through such nominee, and may be required to have their shares registered in their own names in order to participate in the Plan.</font></p>
<p align="left"><font face="serif" size="2">The Plan Agent serves as agent for the shareholders in administering the Plan. If the directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund&#146;s Common Stock or in cash, nonparticipants in the Plan will receive
cash and participants in the Plan will receive Common Stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share on the valuation date equals or exceeds net asset value per share on that
date, the Fund will issue new shares to participants at net asset value; provided, however, that if the net asset value is less than 95% of the market price on valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the
dividend or distribution payment date or, if that date is not a New York Stock Exchange trading day, the next preceding trading day. If net asset value exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or
capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants&#146; accounts on, or shortly after, the payment date. If, before
the Plan Agent has completed its purchases, the market price exceeds the net asset value of a Fund share, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the Fund&#146;s shares, resulting in the acquisition of fewer shares
than if the distribution had been paid in shares issued by the Fund on the dividend payment date.</font></p>
<p align="right"><font face="serif" size="2">27</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p28"></a>
<p align="left"><font face="serif" size="2"></font><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><b>Dividends and Distributions (continued)</b></font></p>
<p align="left"><font face="serif" size="2"><b>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>
<p align="left"><font face="serif" size="2">Because of the forgoing difficulty with respect to open market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market
premium during the purchase period, the Plan Agent will cease making open-market purchases and shareholders will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.</font></p>
<p align="left"><font face="serif" size="2">Participants have the option of making additional cash payments to the Plan Agent, annually, in any amount from $100 to $3,000, for investment in the Fund&#146;s Common Stock. The Plan Agent will use all such funds received from participants to purchase Fund
shares in the open market on or about February 15.</font></p>
<p align="left"><font face="serif" size="2">Any voluntary cash payment received more than 30 days prior to this date will be returned by the Plan Agent, and interest will not be paid on any uninvested cash payment. To avoid unnecessary cash accumulations, and also to allow ample time for receipt and
processing by the Plan Agent, it is suggested that participants send in voluntary cash payments to be received by the Plan Agent approximately ten days before an applicable purchase date specified above. A participant may withdraw a voluntary cash payment by
written notice, if the notice is received by the Plan Agent not less than 48 hours before such payment is to be invested.</font></p>
<p align="left"><font face="serif" size="2">The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be
held by the Plan Agent in the name of the participant, and each shareholder&#146;s proxy will include those shares purchased pursuant to the Plan.</font></p>
<p align="left"><font face="serif" size="2">There is no charge to participants for reinvesting dividends or capital gains distributions or voluntary cash payments. The Plan Agent&#146;s fees for the reinvestment of dividends and capital gains distributions and voluntary cash payments will be paid by the Fund.
There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in stock or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred
with respect to the Plan Agent&#146;s open-market purchases in connection with the reinvestment of dividends and capital gains distributions and voluntary cash payments made by the participant. Brokerage charges for purchasing small amounts of stock for
individual accounts through the Plan are expected to be less than the usual brokerage charges for such transactions, because the Plan Agent will be purchasing stock for all participants in blocks and prorating the lower commissions thus attainable.</font></p>
<p align="left"><font face="serif" size="2">28</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p29qr"></a>
<p align="right"><font face="serif" size="2"></font><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="left"><font face="serif" size="4"><b>Dividends and Distributions (concluded)</b></font></p>
<p align="left"><font face="serif" size="2"><b>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</b></font></p>
<p align="left"><font face="serif" size="2">The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions.</font></p>
<p align="left"><font face="serif" size="2">Experience under the Plan may indicate that changes in the Plan are desirable. Accordingly, the Fund and the Plan Agent reserve the right to terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to
notice of the termination sent to members of the Plan at least 30 days before the record date for such dividend or distribution. The Plan also may be amended by the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable
law, rules or policies of a regulatory authority) only by at least 30 days&#146; written notice to participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent at P.O. Box 43027, Westborough, Massachusetts 01581.</font></p>
<p align="right"><font face="serif" size="2">29</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p30"></a>
<p align="left"><font face="serif" size="2"></font><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="center"><font face="serif" size="2"><b>PRIVACY POLICY OF</b><br>
<b>BLACKSTONE ASIA ADVISORS L.L.C.</b></font></p>
<p align="left"><font face="serif" size="2"><hr noshade size="1"></font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>YOUR PRIVACY IS PROTECTED</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">An important part of our commitment to you is our respect for your right to privacy. Protecting all the information we are either required to gather or which accumulates in the course of doing business with you is a cornerstone of our relationship with you.
While the range of products and services we offer continues to expand, and the technology we use continues to change, our commitment to maintaining standards and procedures with respect to security remains constant.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>COLLECTION OF INFORMATION</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">The primary reason that we collect and maintain information is to more effectively administer our customer relationship with you. It allows us to identify, improve and develop products and services that we believe could be of benefit. It also permits us to provide
efficient, accurate and responsive service, to help protect you from unauthorized use of your information and to comply with regulatory and other legal requirements. These include those related to institutional risk control and the resolution of disputes or
inquiries.</font></p>
<p align="left"><font face="serif" size="2">Various sources are used to collect information about you, including (i) information you provide to us at the time you establish a relationship, (ii) information provided in applications, forms or instruction letters completed by you, (iii) information about your
transactions with us or our affiliated companies, and/or (iv) information we receive through an outside source, such as a bank or credit bureau. In order to maintain the integrity of client information, we have procedures in place to update such information, as
well as to delete it when appropriate. We encourage you to communicate such changes whenever necessary.</font></p>
<table width="100%" align="center" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td><div align="left"><font face="serif" size="2"><b>DISCLOSURE OF INFORMATION</b></font></div></td>
  </tr>
</table>
<p align="left"><font face="serif" size="2">We do not disclose any nonpublic, personal information (such as your name, address or tax identification number) about our clients or former clients to anyone, except as permitted or required by law. We maintain physical, electronic and procedural safeguards
to protect such information, and limit access to such information to those employees who require it in order to provide products or services to you.</font></p>
<p align="left"><font face="serif" size="2">The law permits us to share client information with companies that are affiliated with us which provide financial, credit, insurance, trust, legal, accounting and administrative services to us or our clients. This allows us to enhance our relationship with you by
providing a broader range of products to better meet your needs and to protect the assets you may hold with us by preserving the safety and soundness of our firm.</font></p>
<p align="left"><font face="serif" size="2">30</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p31qr"></a>
<p align="right"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></p>
<p align="center"><font face="serif" size="2"><b>PRIVACY POLICY OF</b><br>
<b>BLACKSTONE ASIA ADVISORS L.L.C.</b></font></p>
<p align="left"><font face="serif" size="2"><hr noshade size="1"></font></p>
<p align="left"><font face="serif" size="2">Finally, we are also permitted to disclose nonpublic, personal information to unaffiliated outside parties who assist us with processing, marketing or servicing a financial product, transaction or service requested by you, administering benefits or claims relating to
such a transaction, product or service, and/or providing confirmations, statements, valuations or other records or information produced on our behalf.</font></p>
<p align="left"><font face="serif" size="2">It may be necessary, under anti-money laundering or other laws, to disclose information about you in order to accept your subscription. Information about you may also be released if you so direct, or if we or an affiliate are compelled to do so by law, or in
connection with any government or self-regulatory organization request or investigation.</font></p>
<p align="left"><font face="serif" size="2">We are committed to upholding this Privacy Policy. We will notify you on an annual basis of our policies and practices in this regard and at any time that there is a material change that would require your consent.</font></p>
<p align="right"><font face="serif" size="2">31</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="48%">&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><div align="left"><font face="serif" size="2"><b>THE INDIA FUND, INC.</b></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Investment Manager:</b><br>
Blackstone Asia Advisors L.L.C.<br>
an affiliate of The Blackstone Group</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Administrator:</b><br>
Blackstone Asia<br>
Advisors L.L.C.</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif" size="2"><b>Sub-Administrator:</b><br>
PFPC Inc.</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="4"><img src="blackstone.jpg" align="bottom"><font size="5"> Asia</font></font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Transfer Agent:</b><br>
PFPC Inc.</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="5">&nbsp;&nbsp;Advisors L.L.C.</font><font face="serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;&nbsp;&nbsp;The India Fund, Inc.</font></td>
  </tr>
  <tr>
    <td><font face="serif" size="2"><b>Custodian:</b><br>
Deutsche Bank AG</font></td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;&nbsp;&nbsp;Semi-Annual Report</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="2">&nbsp;&nbsp;&nbsp;June 30, 2006</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif" size="2">The Fund has adopted the Investment Manager&#146;s proxy voting policies and procedures<br>
to govern the voting of proxies relating to its voting securities. You may obtain a copy of these proxy voting procedures, without charge, by calling 1-866-800-8933 and by visiting the Securities and Exchange Commission&#146;s
website at www.sec.gov.</font></td>
    <td>&nbsp;</td>
    <td rowspan="6"><img src="tajmahal.jpg" width="462" height="364"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif" size="2">The Fund files its complete schedule of portfolio
        holdings with the Securities and Exchange Commission for the first and
        third quarters of its fiscal year on Form N-Q. You may obtain a copy
        of these filings by visiting the Securities and Exchange Commission&#146;s
        website at www.sec.gov or its Public Reference Room in Washington, D.C.
        Information on the operation of the Public Reference Room may be obtained
        by calling 1-800-SEC-0330.</font></td>
    <td rowspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font face="serif" size="2">This report is sent to shareholders
        of the Fund for their information. It is not a Prospectus, circular or
        representation intended for use in the purchase or sale of shares of
    the Fund or of any securities mentioned in this report.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font face="serif" size="5">The India Fund, Inc.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<page>
<a name="p?"></a>
<p align="left"><font size="2" face="serif"><b>Item 2. Code of Ethics.</b></font></p>
<p align="left"><font size="2" face="serif">Not applicable.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 3. Audit Committee Financial Expert.</b></font></p>
<p align="left"><font size="2" face="serif">Not applicable.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 4. Principal Accountant Fees and Services.</b></font></p>
<p align="left"><font size="2" face="serif">Not applicable.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 5. Audit Committee of Listed registrants.</b></font></p>
<p align="left"><font size="2" face="serif">Not applicable.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 6. Schedule of Investments.</b></font></p>
<p align="left"><font size="2" face="serif">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</b></font></p>
<p align="left"><font size="2" face="serif">Not applicable.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</b></font></p>
<p align="left"><font size="2" face="serif">There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant&#8217;s most recently filed annual report on Form N-CSR.</font></p>
<hr noshade align="center" width="100%" size="2">
<page>
<a name="p?"></a>
<p align="left"><font size="2" face="serif"><b>Item 9. &nbsp;&nbsp;&nbsp;Purchases of Equity Securities
by Closed-End Management Investment Company and Affiliated Purchasers.</b></font></p>

<p align="center"><font size="2" face="serif"><b>REGISTRANT PURCHASES OF EQUITY SECURITIES</b></font></p>
<TABLE width="100%" border=1 cellpadding=0 cellspacing=0  bordercolor="#000000">
<tr valign="top" bgcolor="#FFFFFF">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;&nbsp;</font><font size="1" face="serif"><b>Period </b></font></td>
<td width="20%" align="center" valign="bottom"><font size="1" face="serif"><b>(a) Total Number<br>
  of
      Shares (or<br>
      Units) Purchased</b></font></td>
<td width="20%" align="center" valign="bottom"><font size="1" face="serif"><b>(b) Average<br>
  Price
      Paid<br>
      per Share<br>
      (or Unit)</b></font></td>
<td width="20%" align="center" valign="bottom"><font size="1" face="serif"><b>(c) Total Number
      of<br>
      Shares (or Units)<br>
      Purchased as Part of<br>
      Publicly Announced<br>
      Plans or Programs</b></font></td>
<td width="20%" align="center" valign="bottom"><font size="1" face="serif"><b>(d) Maximum Number
      (or Approximate Dollar Value)<br>
      of Shares (or Units) that<br>
      May Yet Be Purchased<br>
      Under the Plans or<br>
      Programs</b></font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><br>
&nbsp;&nbsp;01/01/06 to<br>
&nbsp;&nbsp;01/31/06</font></td>
<td width="20%" align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td width="20%" align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td width="20%" align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td width="20%" align="center"><font size="2" face="serif">&nbsp;None</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><br>
&nbsp;&nbsp;02/01/06 to<br>
&nbsp;&nbsp;02/28/06</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif"><br>
&nbsp;&nbsp;03/01/06 to<br>
&nbsp;&nbsp;03/31/06</font></td>
<td align="center"><font size="2" face="serif">150,937.1444 (1)</font></td>
<td align="center"><font size="2" face="serif">40.2290</font></td>
<td align="center"><font size="2" face="serif">150,937.1444</font></td>
<td align="center"><font size="2" face="serif">None</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><br>
&nbsp;&nbsp;04/01/06 to<br>
&nbsp;&nbsp;04/30/06</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><br>
&nbsp;&nbsp;05/01/06 to<br>
&nbsp;&nbsp;05/31/06</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><br>
&nbsp;&nbsp;06/01/06 to<br>
&nbsp;&nbsp;06/30/06</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
<td align="center"><font size="2" face="serif">&nbsp;None</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><br>
&nbsp;&nbsp;Total</font></td>
<td align="center"><font size="2" face="serif">150,937.1444</font></td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif">150,937.1444</font></td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<div style="text-indent: 3%"><p align="left"><font size="2" face="serif">(1) These shares were purchased in connection with the Fund&#8217;s regular, semi-annual repurchase offer announced on February 24, 2006 that expired on March 17, 2006. In connection with this offer, the Fund offered to repurchase up to 5% of its outstanding shares of common stock. 150,937.1444 shares were validly tendered for cash at a price approximately equal to the Fund&#8217;s net asset value of March 24, 2006.</font></p></div>
<p align="left"><font size="2" face="serif"><b>Item 10. &nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders.</b></font></p>
<div style="text-indent: 3%"><p align="left"><font size="2" face="serif">There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant&#8217;s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this
Item.</font></p></div>

<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>Item 11. &nbsp;&nbsp;&nbsp;Controls and Procedures.</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">(a)</font></td>
<td>
<font size="2" face="serif">The registrant&#8217;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) (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)).</font></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"></td>
<td width="3%">
<font size="2" face="serif">(b)</font></td>
<td>
<font size="2" face="serif">There were no changes in the registrant&#8217;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&#8217;s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><b>Item 12. &nbsp;&nbsp;&nbsp;Exhibits.</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="6%" align="left"><font size="2" face="serif">(a)(1)</font></td>
<td><font size="2" face="serif"> Not applicable.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif">(a)(2)</font></td>
<td align="left">
<font size="2" face="serif"> Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">(a)(3)</font></td>
<td><font size="2" face="serif"> Not applicable.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p align="center"><font size="2" face="serif"><b>SIGNATURES</b><br>
</font></p>
<P> <font size="2" face="serif">Pursuant to the requirements of the Securities
    Exchange Act of 1934 and the Investment Company Act of 1940, the registrant
    has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=left><FONT size=2 face="serif">(registrant)&nbsp;&nbsp;<b>The
          India Fund, Inc.</b></FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="25%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="serif">By (Signature and Title)*</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">/s/ Prakash A. Melwani</FONT></TD>
    <TD align=left><FONT size=2 face="serif">&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Prakash A. Melwani,
        President</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><font size=2 face="serif">(principal executive
        officer)</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><FONT size=2 face="serif">Date </FONT><font size="2" face="serif" align="left"><u>August
    25, 2006</u></font></TD>
  </TR>
</TABLE>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the
    Securities Exchange Act of 1934 and the Investment Company Act of 1940, this
    report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.</font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="20%" align=left><FONT size=2 face="serif">By (Signature and Title)*</FONT></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="25%" align=left><FONT size=2 face="serif">/s/ Prakash A. Melwani</FONT></TD>
    <TD align=left><FONT size=2 face="serif">&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Prakash A. Melwani,
        President</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><font size=2 face="serif">(principal executive
        officer)</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><FONT size=2 face="serif">Date </FONT><font size="2" face="serif" align="left"><u>August
          25, 2006</u></font></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="20%" align=left><FONT size=2 face="serif">By (Signature and Title)*</FONT></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="25%" align=left><FONT size=2 face="serif">/s/ Brian S. Chase</FONT></TD>
    <TD align=left><FONT size=2 face="serif">&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Brian S. Chase,
        Treasurer</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left><font size=2 face="serif">(principal financial
        officer)</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><FONT size=2 face="serif">Date </FONT><font size="2" face="serif" align="left"><u>August
          25, 2006</u></font></TD>
  </TR>
</TABLE>
<p align="left"><font size="2" face="serif"><sup>*</sup> Print the name and title of each signing officer under his or her signature.</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>blackstone.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 blackstone.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_[0N*4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`$@````!``$`2`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300(!D=U:61E<P`````0`````0```D````)``````#A"
M24T$'@U54DP@;W9E<G)I9&5S````!``````X0DE-!!H&4VQI8V5S`````'4`
M```&``````````````!.````WP````H`8@!L`&$`8P!K`',`=`!O`&X`90``
M``$``````````````````````````0``````````````WP```$X`````````
M````````````````````````````````````.$))3001$4E#0R!5;G1A9V=E
M9"!&;&%G`````0$`.$))3004%TQA>65R($E$($=E;F5R871O<B!"87-E````
M!`````$X0DE-!`P53F5W(%=I;F1O=W,@5&AU;6)N86EL```'X0````$```!P
M````)P```5```#,P```'Q0`8``'_V/_@`!!*1DE&``$"`0!(`$@``/_N``Y!
M9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43$Q@1
M#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-$`X.
M$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#/_``!$(`"<`<`,!(@`"$0$#$0'_W0`$``?_Q`$_```!!0$!
M`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$``@,$
M!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R!A21
MH;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7R
MLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?'
MU^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q0B/!
M4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3
M=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@`,
M`P$``A$#$0`_`.&).XZGD]TI/B?O2=](_$IDE+R?$_>E)\3]Z9))2\GQ/WI2
M?$_>F224O)\3]Z4GQ/WIDDE+R?$_>E)\3]Z9))2\GQ/WI2?$_>F224O)\3]Z
M0)D:GE,G'(^(24__T.1IZ1UC*K]?$Z?E9-+B0VVFFRQA(.UPWU-<WVH>7TWJ
M>"UK\["R<1CSM:^^FRII/[H?:QK-RZ7ZB4V787UJHJCU+NFEK07!C2YS<IC-
M]EA96S_C+'>Q&^K_`$_J/1/JWUN_JK/4Z5?C.IKPJGMRF&\@_K!.&_)Q\.MC
M?YS(L?5_YZ24\I3T[J-^-;F48EUF)0'.NR6L/I,#!-FZ\_HMS/\`1[O45==!
M]5=PZ)]:6DS_`)+$^!,VZJK1T?"&+T[)ZAFNH_:]SZ<5E%3;C7L>W'];,WW4
M/;^E?_,4,LL]'W^IZGZ))3DJ5==EMC:J6.MML(:RMC2Y[G'AK*V2][OZJT3T
M#*KZIG]/R;64U])W/S\R"YC*QMV/KKECK;LG>QN-C;_YS\_]&A=2Z9A,Z)^U
M<#--U9M?C78N0QM60Q^SU&6M93=D,MH>S_MO_A4E(,O!SL&QM.=CV8MKV"UM
M=S=C]CBYK7[#[F[G5O\`IH"[/ZYX-69U^BS*R#AX5/2\;U\W8+0QY.2::?1]
M2JRZ[)_P=57Z7_"_S-=KUSN-TO'NP\WJ9MR/V;@OKJ<]E+#>YUOT7/J^T.Q\
M6BO_``EK\BSZ=522G.274?57HG1LCZVX^!DW.ZABNI9EXQ%36LM)J&5Z>97Z
MUOI-HW;'T?IO7M]EOIU?3QL#I5&95EYE>38SI/3JF69.;;2!<76?H\?&JPJK
M[6OR,B[V,_6_1_PMUE?T$E-!):MW1*G='=USI^4Z_!HN;1G,NK%=^.7;=ESZ
MZ;+Z\G'=ZC??4]C_`.1_.^EI6_4_IN/U3"Z;D]<#;>HUTOQ'5XKW2Z\O;5ZS
M7V,;12][654_I/7ML_G:\:M)3S"<<CXA:F)]7<R[+ZC3:7-JZ.YS,VS'K-[R
M\/=CTTX>,'5/OLR;&.V;W55TT_I;T3K'U;NZ9@875:WVVX&<XUM^T4G'OJM:
M7_H,C'WVM][:K'5VUO\`S/\`BTE/_]&M]1\.VSI/UH>'5!M_3GU,#[JFF=N4
M-US7/W8U/N_GLGT:E/\`Q?8IZ-D9W5,A]5V/7BNKMP,"RO-ML)+'UOMIZ<[)
MIKK_`$=M;+;[*_YS\RKU%Y@DDI]`^IV);;T+ZREAJ:+>G"M@==6V#-KM?4>W
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M#?N?DWV_HW9-GT<;'H_2,J]6Z[_1KBTDE/\`_]D`.$))300A&E9E<G-I;VX@
M8V]M<&%T:6)I;&ET>2!I;F9O`````%4````!`0````\`00!D`&\`8@!E`"``
M4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S
M`&@`;P!P`"``-@`N`#`````!`#A"24T$!@Q*4$5'(%%U86QI='D`````!P`!
M`````0$`_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`3@#?`P$B``(1`0,1`?_=``0`
M#O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`X=[G!Q`)`E+>[Q*9_P!,_%,DIEO=XE+>
M[Q*BDDIEO=XE+>[Q*BDDIEO=XE+>[Q*BDDIEO=XE+>[Q*BDDIEO=XE+>[Q*B
MDDIEO=XE+>[Q*BDDIEO=XE+>[Q*BDDIEO=XE+>[Q*BDDIEO=XE+>[Q*BDDIE
MO=XE+>[Q*BDDIEO=XE+>[Q*BDDIEO=XE+>[Q*BDDIEO=XE)KG:ZG@_D44[>?
MD4E/_]#AG_3/Q3)W_3/Q3)*4DDDDI22222E))))*4DDDDI22222E))))*4DD
MDDI22222E))))*4DDDDI22222E))))*4G;S\BF3MY^124__1X9_TS\4RNX/2
MLSJ=SZ\,5NL:1[;+:ZB=W[GVFRKU/["UO_&[^N/_`)7_`/@U'_I=)3SB2Z)_
M^+[ZX,:7.Z>8&OMMJ<?\UESG+#R\+,P;C1F4V8]H$[+&EKH/]8)*0I*ST_IN
M?U._[-@4/R;MNXL8)(;(;O=^XSW+2ZO]3NM=%Z:SJ'46UTLLM;2VD/#K`7-?
M9N=Z8=5L_1?Z5)3B))))*4DDDDI222M=.Z7U#JEWV?I]#\FT#<6L'#9`W.GV
ML24U4EN=8^IW6NB=-9U#J+:ZFV6BEM(?OLW%MEDN],.JV?HO]*L-)2DDDDE*
M22224I))))2DDDDE*22224I))))2D[>?D4R=O/R*2G__TN&?],_%>O?6I[S_
M`(MW/+B7NQL0N<3J2Y^/N_SEY"_Z9^*]FZMB8^9]0J\;)RFX5+\;%WY#QN:S
M::'MW-G\]S=B2GR'!ZCG].N&1@WV8]K==S'1/DYOT7_VUZE]9F4]>^H+>IY5
M8;DLHKRF.`^B\[?5#/\`@[/>N:Z3]2/JWEY3:W_6&F]LQZ-0;78_^2QUUG_H
MJU:O^,7,ZKA](9TG%P'8W1P&5NR00X%K"WTJ1Z;GNI9[6?SO\ZDI\T7IOU_<
MYWU$Z0]QW.=9C$D]R<>XKS)>F?7[_P`071_Z^-_[;W)*?,U(TVAF\L<&0#N(
M,0?DNR_Q<T?5YK\S/ZM;0V_&#?L[,@MVM!#G/N;4\_I7MV_];0OJO];>OY/U
MEQ:\O+LR:,RT578[S->VSV^RKZ%>W=^8DIY!)=+_`(P>E8G3/K'97B,%5-];
M+O3:(:USBYK]@_<W,WK1?AT_4_ZN8O436RSKW4]:'VM#ACU@![G55O'\_M?5
M[_\`A/\`MU*>,=3:P!SV.:TZ`D0#.O@H<:CE=Q]3/KE=9U&W"^L>8+\#+K<)
MRH<QMDAS=WJ#:RE[=[/]&N:^LM?2ZNN9;.D.:_`#P:2T[FZM:ZQK'?Z-EV]C
M$E/??XR27?4SIKG$DNOH))\31>2O+EZI]?\`'OR?JETG'QV.MNMR,=M;&"27
M&B_P6`.MO^J'3'=*KN;F]6LCU0XBRC$`+OT%7^ER/=^E_P`$DIXI2;78]I<U
MKG-;R0)`^Y:N#=E?6#KN#C]3O?<R^]E;I,0U[F^HVMK=K:]W\A=']>,[ZP=#
MZPRCI]EG3^E5M8,%F/-=1AH-H>&?H[;/6W[_`%4E/"KI_J[]4;,SH_4>MYK"
MW$QL6]V(-6^I:RMY;9_Q5+F_]N_]=0?K3UBKK&'TK+`J9DBJQF777#2+&O\`
MYQU;/H^M_.KN/JUUOJ>7]1.H9]]H=DXK,D4O#&-#155OI:*F,;3['?R$E/DR
M36EQVM!+B8``DDK4RNH]9^LF;BXV38V^]S_2H`K96`;"UON]"NM=5]9KJOJ5
MBXO2.B!M6??5ZN9U#:#<YI/IAM;W;O298]EOT/YI)3P;Z[*X#VN83J`X$2HK
MN_J;]9[>K9HZ#]8MO4,7+#A2Z\!SF6`;OYP^[])_@_\`"^HLKZR](;]4_K#%
M5-67BV-]7&KR6E[`TDM].QNYN]U3FI*>:VNV[H.V8GM,2G].P-#RUP8=`XC0
MKUCZY9'1\#H73LZW`9<&N#L3#T;0++&;]U[&;?4KK:W^;_PB#]2?K;D?6:[*
MZ1U7'I>P4FQK6,AA8',J?4^MSGM_PC-B2GRM.UKG$-:"YQX`$DK1ZCTAU?UB
MR.CX?O(RG8]`)UU?Z=6Y=?UG$Z[]7?2Z1]5\+(VLK:[,ZE3CNLLNL<)V^MZ=
MFVJO]QB2G@'L>QVU[2T\P1!3-Y^17K?1<7,^M7U?OP?K3AV59=3MM61;2:GP
M1^COJW,K_25N^GL7ES<"_P#:?[-@>OZQQX[;]WH_]4DI_]/AG_3/Q7KGUI__
M`":'_P`+8?\`U>,O+\+$P\FYXR\ZO`8V/=8RVPN_J-QZK?\`I^FO7NOXW2K?
MJ4['R,LX_3C1CM;F>FYY#0ZG[/9Z#1ZCO4?Z22GQ3C4<KV?ZF6/ZS]3::^IS
M<VQMM#W/,EU8<ZMLG^2WV+@,;HWU#KL#LKZPV9%0YKJQ+:G'_KCVW+L^HYW4
MC]6A1]4NG.'3W4$,RS94-M4'>::1:_(?=MW?SGZ;U/\`A4E/DK@`X@$.`)$C
M@@+TOZ_?^(+H_P#7QO\`VWN7G>)CT7V[+LJO$9$^K:VQS?ZH&/5>_?\`V%ZA
M]=\3I]OU,P*79K**6.H^RY%K+"VPBI[6;V45775[Z?4?_-I*>,^J?U1'6:<C
MJ6=:<;I6'/K/9J]^UOJV,KT=M].OZ;U9Z!U]G_./!Q.D8M?3\&S(8QP:T/OL
M82!^L9=F^WW_`+E7I5KI/\7;JQ]6.H49K`>G,?<7Y0/L>PL`O;L]N0W;7[_=
M3_TUB](J^IF!UW"=TFZ_J^59>P4ML'HUU@GW6.-S*777L;_-,]E22D/^-$L_
MYTUEX.S[-5N`YC=:MG_&UAV68G3L^H;L>HV5O+>!Z@K?4?[7I/0/\9M/0/MW
MKWY%O[5^SL95BL:=D%S]E]MKF[-C??\`HV.WK=Z#D7O^JHI^MF(VK!KH;&3:
MYA993#?1]2MKW7UW_0_P?J;_`/ADE/CR)?C7XY8V^MU;K&-L8'""6.'L?_:7
M;>G_`(L\.[[3A66]2R)_085Q=73O/T/5MR*L=C:O^.O?_47.]5HS,KKV2.N9
M%>#E.=NN-@>YC=!LKK^R5Y/M]+^9_P`'L_PB2GU7J77J>A=(Z3EY#`ZBVRFB
MUW=C7TV'UF?U=G_;:X?_`!@?5-N%;^W.F`/Z=EG=8&06UO?[FO;'_:>[\S_U
M4NF^OV+AW?5+"JLS&8U3+:31=:RPM>15:UK2VBNZVO?5O?\`S:']1VY#?JE>
M.NNK?T>'>@ZS=/H>[U0]KVM_0?\`<?\`PG_@:2GR[#9EORZ6X>XY1>TT;-'[
MP1LV?R]R]%Z)_C"Z7U7&'3/K/4P%X##>YH=2\\;[61^KO_E_S?\`Q2Y[IV%T
M6CZW=/LZ/U!N9C.S*]E1KN9:T%WYWK5,J>UG[_J[_P#@U4Z]T[ZONZI?9TSJ
ME+,>Q[G&JVN\&MQ/OKW4XUU=E3?\&]C_`*"2G2^O?U,Q^BMJZETQV[I^2\,]
M,G=Z;G`V5[+/\)18UJV_JA_^3;J_]3,_\\!9_P!;CDU_4WI6)C-==TNL5EW4
M'>T6/VO]*NJAY^U-JUM_G:J_\&M/_%^ZIWU-ZE3GM=7T^;_5R09'INJ'VGV#
M=;NJ9_P:2GBOJ6^MGUJZ:ZSZ/K!H_K.!97_X(Y=!_C;QWMZSAY)^A9C>FT]I
MK?8]W_G]BY_J-'0L8T4="R;L_,=:'C++'U!O:JBFAP]1UN_W/M_XOTEV_P!9
M35G_`%=HI^MP'1^HL=^K9(VWL?8&_I-M>(ZZYM=C?Y[V?H_T?O24^??5Y[V=
M>Z:^OZ0RJ8'C^D9HNQ_QO/8<WIU8/O;58YP\G.8&_P#4/69]4\/H.)U>G)MS
MV=1RZWC[#A8[+6>I:=*2^_.JQ*6;7>[^NJ?UG9U/,^LEAZ^]G3;K`"T6;K&5
MU?X%C'8C,CU/\W^>]3?L24]5_C)_\2?2?Z]?_GERR/\`%-_XH\C_`,)/_P#/
MN.NB_P`86+@W?5G`8[,9C,996:+;6V%KP*WC:1CU76,<YGO]S%B_XJ<?&;U6
M_(&4Q^2[&<W[(UMF]K/4JW66V/K91])M6S9=9_.)*:>,:Q_C1<;/H_;[`/ZQ
MWBO_`,$1_P#&1?UCI_UB+Z<O(IQLJIEE0KL>U@+1Z-C6M:[;^9O_`.N+.^L^
M/Z?UPMLZ9E,OS+,R:ZFM>+*[]S=M;O5K93_/_P`WZ=MJ[WKMO1\OH-)^N=/[
M.L)VM`<+'BR/=9BNQ?M#]G]=G_&?X-)3Y2.M];)@=0RB28$7/))/]M)V)U6K
MJ_V9[;!U,V#V[IL]9Y#F?I&N_GO4?_I/YQ=;AM^I6!DL/U;=9U?K-A+<(99%
L=5=GYEDW5X=3G_Z%GZ3])_HUR0'4_P!L<V?M3USX^K]HW?\`GSUDE/\`_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>melwani.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 melwani.gif
M1TE&.#EA6`&&`(```/___P```"P`````6`&&```"_X2/J<OM#Z.<M-J+L]Z\
M^P^&XDB6YHFFZLJV[@O'\DS7]HWG^L[W_@\,"H?$7^"(/!:7S"8Q"8TJG=2J
M%29-`J#7KO?+06XK8K#YC#:4,X'M-`V/!Z7AM?R.I]'S_/XUZA<H.*1E\C:(
MF&A1.-)VJ`@9N6!W\BAY"=FV0HG9V:?98NDY&@>*94J:JHK!N>KZVM`*.PLK
M2WN;:HN[VRG*^XN)"CQ\Z4M\'&B,O(RGS/R<Y@P]_25-?5UEC;V]I,W]/:<+
M/F[D2'Y>Y(V^KB?,_IZC#C^_Z4Y_?XJOCZ5FO_]?R1_`@2#D$3RXR!S"A1_$
M,7PXP2'$B0X,4KR(,>,BC?\<TW'I"-+-QY`<]Y#$:/(D2D`J,RIA%$-BRTA:
M8)X2.+.8&)LO9.9$M(:G"Y\__3AZ(Y1%TJ**1BY5\93I(*=$&U656HJ3Q1!1
ML5*X>F/D@:T%P7J=1+:=.[,-NYZ-(%;(2P5NQ[*E6_=MQ;PV;,G,@A/NW0>!
M5PY6*JMN(;YX#Z-U_(_Q37]N8;*-VP%PVGV2>R:N;.=R9\*:5VEF.73GE,*A
M,",`+0PLZKTX3Z?4:1LR&=6L/2]UW3C!:.#"G>4F/O6X<MW]-"&/*0YV[-[%
MNP*_;3=+IN7<`=L=PP#U<]^U_ZZU./NQ3>_JC_.IVMTV[<97F3<OK-C2UI?*
MM+__3A^>2/(U8]9::OP7GST`MK<9@KWYU(H\->G'TH!L*!?->!<F*)Z`I/E7
MAS<0GD>=AU156)H'&)IQU&BQ<-A=>'0X!I^(%#X8U&(`@BB"A=5@]Q6,9;3H
M7G9:E4A?B2-.%^0A/E:'Y`5$/MD-D'`)"".4/L[F8G-2VC@=?AX:N6`-15KA
M'G>"I4A;;L6Q,IPZ.AJW8)D\N.F$D.Q]R&.;I[T)IVQR#AG=;5;>26430DKI
M(')Z)A1E=KO9B65_#:K%ID<)?MDH(*#H66-:H1+79W5HGHEFCPJ"BLJ>?(8(
MZ9&4RN$<JE-55.F?I4YI*8T2QD=3KJ6^9\B.9<X:$9)J_ZKR9S*13KJ>>,@&
MV:23KKZ2:!<:9L;>LBI2Q].VI"SW8Y?06I:M!F`^2PN>IUX::%R'POHJ.^D"
M8>X&P))@3;[`V(JOOR%Z:A]>5W*6:3F(7LL5O/,TNX/##3/<,$D0_U)P<#G-
MJT_&^'!,C\<=B[N.R.>L2)#)XY";LLK!U,H;J\-&YO(=$\J,,T,"PX%SSR`O
MM',W]_E,=,(NU;QPT45C%;0;&R$XAM(R@Z>75>PR*'76.?Y7=0H%:\VA<%W+
M)7&G2H^=U=5^LAP+VGD@[?8M<,<]R]QTF];TW1CGK?<N?/>-R]^`MVOWX,&(
M9/@[+28.3^&,Z_1XR4Y'?K+CE!TG(OCEHV2NN2>6=PYZZ**/3GKIII^.>NJJ
&KYY1`0`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tajmahal.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tajmahal.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@!;`'.`P$1``(1`0,1`?_$`+(``0`"`@,!````````
M```````!`@,'!`4&"`$!`0`"`P$```````````````$"!0,$!@<0``$$`0,#
M`@0#!`<%!@<!``$`$0(#!"$2!3%!!E$387$B!X$R%)&A0E*QP6)R@J(CDK(S
M0Q71PF.C)`C24X.31"46%Q$!``("`0,!!04'`@<``P$```$"$0,$(1(%,4%1
M(C(387&AL0:!D<'1X4)2(Q3P\6)R,R05@K(T%O_:``P#`0`"$0,1`#\`^J4!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`05NNJIJE;=.-=4`93LF1&,0.I).
M@4F8B,RL1EYKQC[B^.^1\IG<=@6'WL27^G*;`7UC0V5:N8@_]JZG'YVO;::U
M]8_%S[>-:D1,^UZ==QUQ`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0=#SOG?BG!O'D.1KC</_P`>L^[:_P#<
MAN(_%=3?SM.KYK1ES:^/>_I#77.??Z3RKX/C--1'(S)?O]JL_P#?6HW>=_PK
M^]WM?C?\I_<USY)YEY/Y'(?]5S964Q_+C5CVZ1_@CH3\9.M/R.=MV_-/1WM7
M'I3TAU&-9D8M\,C&LG1?4=U=U<C&<3ZB0U"ZU=DUG,3B7--<QB6P.#^]7E^!
M&-6:*N3JCH]H]NUO[\-#^,2MII\WMITM\3I;/'TMZ='LL#[]>/V1`S^/RL:;
M?4:]ET7^;PE^Y;+7Y[7/S1,?BZM_'7CTF)>TX/S/QCG`/^F\C3=8?^09;+1_
M].>V7[EM-/,U;?EM$_FZ>S1>GK#NEV7$("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@\]YEYMQ'BW'F_+E[F78#^DPH
MGZ[9#]NV/K(KI\SFTT5S;U]D.?1Q[;)Q'HT5Y/\`<WRGR`F%N0</$[8F*90B
M?[\GW3_$M\%Y7E>3W;?;VU]T-UIXE*>S,O,UQ$G/<]76LF7:B$&#_),B1`#J
MF1)@&T3(J(ID3L<IE$>V`006D"X(ZA6+&'L/%_NCY3P4H5SR#R.!$_5BY),B
M!_8M+RC^\?!;/B^6VZNDSW5^UU-W"I?[);S\4\MXCR;COUG'S.Z!$<C'GI95
M,C\LA_0>A7K.+RZ;Z]U?^33;M-M<XEW2[+A$!`0$!`0$!`0$!`0$!`0$!`0$
M!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0=/R?F'BW%R,<_E,:BP=:S8)3_`-B+
MR_<NMLYFJGS6B'-31>WI$NA/WD\#]S8,RTC^<46[?]UUU)\SQ_?^$N?_`.?M
M]SLN.^Y'A/(61KHY6J-L_P`L+MU)_P#,$0N;7Y+1?TM'[>GYN._$VU]:NVY7
MF,/C>'R>5MF)8V-5*TF)!W-T$3ZR.@78W;JTI-Y](APTUS:T5CUE\Q<_S7(\
M[RM_)YT]]]YTC_#"`_+"/I&*\%R.1;;>;V]9>EU:HI7MAUXK"X,N7"XBW93)
MA+!#"-FJ9,+&*F3"I`=E40Q=7)A8Q"F120].BL),/3_;/GY\)Y=AV2M%>'ER
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MKZSZ/4K8.L("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("#KN?
M\@XO@>-LY#DK?;HAI&(UG.1Z0A'O(K@Y'(IIKW6GHY-6JVRV*M$>6_<_R/G[
M+*:;9<?QDB1'&IDTY1_\6P,9?(:+R',\MLVSB)[:^[^;?:.#37UGK9XZ-(/9
MEJYL[N%A2Q4[C"WLE3N,.95G<E5@V8$,JV.#:0;<43E[4B"X)ATZK.-]XK-8
MF>V?8QG57/=CJP1KCJP7%,L\(]L/IU[IDPG8Z9,*>V0KE,!CW[H`<G4(B95Z
M/W4B3!&I,F$&M7*81LT5R(]MQJF1'M-JF4PL`5%"$#VWU*9,+0$ZY1LKD860
M(E"<2001T((Z%6+3$YA)ANO[8?<:SEMO"\Q-^2A%\;)+#WXQ&L9?^)$?M"]=
MXGRGU?\`3O\`/[)]_P#5I>;P^SXJ_+^38ZWS6B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(,67E48F+=E9$ME%$)66S/:,`Y/[`L;WBM9M/I"U
MK-IQ'K+YO\W\LS/)^8EE6DPPJB88.,>D*W_,1_/+K+]B\'S^?;??/]L>D/3\
M;BQJKCV^UT<:@SK7S+M86$%,F`03)A8:=G4%]FX+'*HC`CHK,F%A$=>ZF0.I
MT1"4`VG5(DPJ*WZJ]R86]G53N,!K[)E,(E'LD284E$@+*)10`E9(G85,A[:9
M$QK+LI,F$FITBQA(@%)E<!"9,&-DY.)E4Y>-(PR*)QLIF.HE$N%S:]DTM%H]
M88VI%HQ+Z>X/E:>6X?#Y*K\F55&QAV)'U1_PR<+Z+Q]T;=<7CVP\MMUS2TUG
MV.<N9QL?ZK&)870?TW!UCWQ[U[99%D@@("`@("`@("`@("`@("`@("`@("`@
M("`@(""E^1116;;[(U5CK.<A&(_$K&UHK&9G"Q$SZ.OGY1XU`M/EL.)]#?7_
M`/$N">9IC^^O[X<L<?9_C/[G,Q>0P,N.[$R:LB/\U4XS'^4E<U-M;?+,2X[4
MM7UC#R'W>Y4X?B,\:!:SD+84?X!]<_W1;\5J?.;^S1C_`"G#O>,U=VW/^/5H
M8UDE>)R])ADC`CJ%C,F&6,`L)E<+>WKT3)A!K8IE,+`-HR@A@ZH,`@JR(.%1
MDB'^"QD"%(%-NJRRBNPOJKD08'T=,H>R4[C"36P3)A`@F3"VQ3)A&V05R&PI
MD##X)D5V#T5R8>MX;[D\[POC]?$8%54?:E,PRK`9R`G(R80TCH3W6WX_F=FG
M5&NL1T]KH[>!2]^Z70\KY-Y'RA/Z_D;[HG_E[S&O_8AMC^Y=3;SMNSYK3+GU
M\>E/2(=28:Z:'U76RYL.XXGRWR?B)`X/)75Q'_*G(V5G_!/=%=S3S]VOY;2X
M-G&UW]8;"\;^]>Z=>/Y!C"`.ASL=V'QG5J?]D_@M[Q/U!$SC;'[8_DUN_P`7
M[:3^QM+&RL?*QZ\C&LC=1:!*NV!$HR![@A>DI>+1F)S$M3:LQ.)]619(("`@
M("`@("`@("`@("`@("`@("`@("#6WE_W>QL.RW!X*$<G)@=L\V>M,2.NP`O-
MO7I\UYWG^=K29KJZV]_L_JV_%\7-OBOTCW>UJKE>7Y;E\@W\EE695A+C>?IC
M_=B/IC^`7E]_*V;9S><MUJTTI&*QAP_9"Z_<Y%JH2KENA(PEZQ+']H5[YCT,
M9<W+Y;D\RBG'S,R[(HQW]BNV9F(OIHZY-G(V7B(M:9B&%-5:S,Q$1,N*VBX,
MN1(U*@R"(4R#E05E(>JRB!4F3:*B!N[I*+D2;HH85W#NKA$`,=-4&4/Z+%%N
MJ@J8.=$R!@P3*$#%]4D)UDZO\E8E<,;$+)!E%6B.ZDR$P"K"*`?M5$LBA"9!
MD164'U3*J;5EE,(D`D&%)%NBRA'L/MOYWD>/\A'"S+#/ALJ8%D27]F<M/=C\
M/YA^*W7BO)3IMVV^2?P^UT.;Q/J1F/FC\6_000XU!Z%>V>=$!`0$!`0$!`0$
M!`0$!`0$!`0$!`0$&H?NEY]DVY=O`\5<:\:IX9]T-#9/O6#VC'I+U.B\GYKR
MDS:=6N>D?-_)O?'<*,=]HZ^QK,`^B\RW*\8'JI,C)M6.5!!,A[3IW"PK#*=P
M""F181T1%#"2N0]J75E<@8D!3*D8GT5F49(B3,5C("N+ID6,--`IE%A65,HD
M5CNIW`:R.@3(B47"L2C$8D2661+$J*;'"9%=FJN0VGT3**^V2KD2*R$R'MID
M/;(*9`Q3(&.G1,BAB0LLC$8%91(QD@%BLD3M!T93(^@?MCS,^4\1Q3;+=D89
M.+:3U/MML/\`L&*][X?D?5X\9]:]/^/V/,\_5V;9QZ3U>K6T=,0$!`0$!`0$
M!`0$!`0$!`0$!`0$'5^4<K+BO'\_D(_\2BJ1J_OR^F'^8A=7G;_I:;7]T?C[
M'/QM7?LBOOE\Y[3*1E,F4I%Y2/4DZDE?-+6F9>OB%Q7'JL,KA4Q#L%3"37HF
M52*]%,F%A45.Y$2KD#T5B0VD:()$)%3)A(B0?BF57$-RQR+&DDLIW"PH8:!3
MN$&I7N,(%![IW(O[0'53N181B.G53(@Q<IE#8.Y3)A!K@5<JI*G7X*Q8PI*L
MK*+"14ZG<)]ID[DPJ8*Y,(V_!,H;4R&WX)D#'X)D08A7(I,@*P,4B664(H[K
M(5,`2KD6%7HIE7N/`/.,'QCCLZG)HNR+K[8V50KVB.D=I>4CIT]%O?%>6IQJ
M6BT3,S+6\WA6W6B8F(P[X_>ZM].'EM^-X?\`W%WO_P#31_A^/]'6_P#D3_E^
M#G8/WGX"V0CFXE^(_P#'';;$?-MLO\J[&K]1ZK?-6:_BX[^)O'I,2]IQ7-<3
MRV/[_'95>37_`!&!UC\)1/U1_$+=Z.1KVQFDQ,-=LU6I.+1AS5S.,0$!`0$!
M`0$!`0$!`0$!!T?-^:^.<,37EY0ED1ZX](]RP?,#2/\`B(6OY7E-&CI:W7W1
MUEVM/"V[/2.GO>>L^\7CXDU>'ESC_-MKC^XS6MM^I=$>E;?A_-W(\1L]\.G\
MU^X?"<YX[;Q^)7D0R+9UR:R,1%H3$CJ)2]%T?)^:T[]$TK%NZ<>O_-V.'X_9
MJV1:<8:Y%9(]5Y;+=86]J3*=PC:W4*Y5D&UM5B(^A^J=1>)CZ+&1/4]$$2K5
MB15C$>J"80G+4G1)F!FV1#%]5AD)/V*0(>P!7HBT=W4J2+:=U$1M=,A[:9$B
M+)D4(+JHKJZJIWZ,F!!=NB"P"(G3HR@&O3HF125:L2'LCJG<'MNKD8Y`C0*P
MC'(2/99Q)ABE7)91)A'MZ)DPD4!.XPGV@ZF3#(!$#IJL<JQGY+)%91T5@82"
MZS1R>.Y+D>,RX9>!?/'R(=+(%G'H1T(^!7-IWWU6[J3B6&S76\8M&8;H\"^X
ME'D$?T.<(X_+0#B(TA<!UE!^A'>*]KXORU>1\-NFS\_N>>YG!G5UCK7\GM%N
M6O$!`0$!`0$!`0$!`05LLKJKE99(0K@#*<Y%@`-222I:T1&9]%B)F<0U7YA]
MR,G,E/"X:<L?##QGE#2RS^Y_)']_R7BO*>?M>9IIZ5]_MG^7YO0</QD5^+9U
MGW/!QA$DEW)U+^J\Q-I;C"T:`L9L).,"D7$>U*/Q5[@,P.H9,"-L9:ID1*J+
M*Q(B-)/9)L,D8'T4RH0IDPL\68HBOM@G1,B\:R/DI,B3!U,@*P/FF1?VR>RF
M1;V_4*9124%<B8Q/HF1)J4R'M*Y`U%3N,*&J(ZK+N,(]N*91D%093(K[3ZIW
M"I#'HJ+Q;NH(EK)!#,JBDR%85CD0RS1@E(NLX@0Q/5!(BH,@K*F14P;LF1)@
M$R*&.JN10Q(*RR*&#_!7**2@Q642)IMR,:^O(HL-5],A.JR.AC*)<$+DU[)K
M:)CI,,;5B8Q/H^A?#?(H\_P&/GEHY`>K*@.D;8?F_`_F'S7T3Q_+CD:HO[?;
M][RG*T?2O-?9['=KO.N("`@("`@("`@("#6_W*\EE;<>$QI[:JV.;('\TCJ*
M_D.I7BOU)Y.9M]"D](^;^3?^*XD1'U+>OL_F\":XMHO(Y;I7V(D=%>X4E2(A
M6+"@WCHLN@L-QZJ"""3T06$/@ID(P)+,KE6:,``RPF0V!,A[42F55E2.P5BR
M+5U$*387D-NA"QA#;%DR(]L>JN1:(8+&0.WN4$B,"F0VQ3($L.B(QRE)91"I
M#MJH!A$A,HIMB%D)!4$HF&.42_19"1#U3(EHC5U!ALFYT6<0,,O7JLQC8JHC
M:YU&JN1(@1V9,BXKZ+'(M&LNIE2R/HD2*`'NJ$ODK"**BA&JR%2/@J@8.$RC
M9?V5RIB?*89_(U5T?@?JB?VZ+UGZ9VS\=?NEI?+T^66T5ZQI1`0$!`0$!`0$
M!!CRKXX^-=?+\M,)62^40ZPVWBE9M/LC+*M<S$>]\_Y-]V1D6Y-TMUMTY63/
MQD7*^2;=D[+3:?69R]I2L5B(CV,?N-V7'AEE<V`CJI@RH2/542#'T125M8&H
M2(D5C=4"K-958WP[+'ME62%@*DP)WAW4P*&8)ZK+`K*1)T5P+P!;58RC*)1B
ML4)2B4P,<I]@-5E$!"L]5)D78J!MC^*9$Q@^KJ9`P(5R*$%^JHE@H##N@M$Q
MZ.DH&`3(Q[2_199$^V3W4R!@W5,BD@%D,,A(K*$4]K7JLNX!5KZIW"PH+=%.
MX7]AM5.XPCV@^O1.X3L@.J9`@$:*"ICV*N14PCW5R*RB.RRB1BD!T64(IHJ*
MF)97**K)&V/LYQHKXS-Y$CZLBT4P/]FH.?\`-->R_36C&NU_?./W?\VA\MLS
M:*^Z&PUZ9J1`0$!`0$!`0$!!P^9KE9P^=7'\T\>V('Q,"%U>=6;:+Q'KV6_)
MRZ)QLK/VPT>:HD!?(>Y[%7V(]U>X8YX_HLHLJOZ<CLKW`:`!U8IW+EBE6/FL
MHE5#5IT67<*QH+JS89121W6'<N5A6/5U,F5ML0%!:,7[),F6:,6'183(&`*9
M$"$1U3*)VP3(L`%`V@ID2*P.RF0VD=-%<BFPGJ5<BLHLKD<;-RC0,=@/]7(K
MJ+EM)DA<NK7W9^RLRQM;&/O<D@$=5Q,E-(]51<#TZ*(DC1NZ#&00=2RH@G\5
M<""2>R8$=^BHG:"%,BL:]LE<C*`&6(@&'0IU%;)0'34*Q`P]2LT"=J#%*V16
M40,<I$]UE@5,F[JX1!M5[10V/V5P(^HJHCVRF3#;/@?F/BW&^-XN!DY8QLFK
M?[T9PFQE.9DXD`0VJ]GXGRG&UZ*TM;MM'KZ^]H.;P]MMDVB,P]M@<UQ/(#_T
M.93DD=17.,B/F`76_P!/*U;?DM%ONEK;Z;T^:)AS%SN,0$!`0$!`0$!!Q\OD
M>/Q(DY>353'O[DXQ_I*X=O(UZX^.T5^^6=-=K?+$RTCR?Z:KD,B&)<+L:-DO
M9M#L8$N.O[%\GY>NE=MHI/=7/2?L>OTS,TB;1B7&]XQ[KK]KD1^I=.Q%96D]
M"K%58C.7<K/"J_B@?4>Z+EDB#WU4F3*YB^K+')D%;ZA,F5A4IW&6:NL!83*L
MFV'JL<C'*.O591(@5@G4E)L,HI@.JQ[I$RC`#1,BFYCT5P),RR8%"2J`=!0D
MOT60\C]QH84J.#&7FG"!Y7'VF%GMF0UW'0'\OKV6X\/-L[.VO=_IV]F72YN/
MAS./BAZU@)E_5:=W4RJ=(D0S!`(?KV04D?190(VN'=DR+5U.'Z^JDV1;VP^G
M53(H=):+(.IU01*79(@8C,`Z++`QRF>BRB$5$I=@LL")2]4B!CGM;3JLH&/:
M2LLHC82F1/M'T3("MM2F1/10$%9.K"2K&<ZYB<)&$QTE$D$?B%G6TQ.828SZ
MO:>+?=#E.-LKQN5E+.P-`;#K?6/42_C'P.OQ7H?'^>V:YBNSXJ?C'\VLY/C:
MWZTZ6_!M[!SL3.Q*LO$MC=CW#=79'4$+V>K;796+5G,2T%Z36<3ZLZY&(@("
M`@(.'RW+8'%84\S-M%=,-!WE*7:,1W)77Y/*IHI-[SB'+JTVV6[:QU:K\@^X
MW+\E*56',X.&=!&L_P"K(?VICI\HKPO/\_NW3,4^"GV>O[_Y/0<?QM*=;?%;
M\'E;+YR)E(F4S_$2Y/XE:&<S.9;&(PP&RXG3HLL0)$K4Q`R1WMJL9P+;CZ*8
M$]>R@>W(]DR,D:BI-C*XA(+')E80FID6$)J9A66%4BL9LC(*P.JQRJ3&/901
MM`[*Y,LD6]%C)E)C$HJI'[%10UIE6.0(6<#%)_59"`9`JC)M!&O58C6OWGXG
M"RSX_;?3EVSLROTA_2@2'M6$&08@_P"H?X/Q7IOTYOM3ZL1-8^'/7WQ_#WM7
MY+7$]N<^N&RH41HA"F`.RJ(A'<7+1#!R5YF;=TS,^ULXC$87ZK%4$'T5R,4A
M/T64"WM"4=0IW"(T,?AZ*]PM&+%N@4F402@Q&T`]%G@0;@W1.T8)V#L66<0,
M9F%E@#(LZ8165A"N!C/U=UD!`'=!7<W17")WE3`;CW3`@R5P(W%,"#,A7",<
MIR.BRB$58G4E44G(1640CUGV[\VLX/DH8F3/_P#4Y<Q&X2Z53.@LCZ?VO@MY
MX;R$Z+]EI_T[?A]O\VOY_%C97NCYH;T!?4=%[IYP0$!`01*48Q,I$1C$/*1T
M``4F<=9&EO-/)9<YRLI0F?T&.3#%AV([V?.7]"^;>9\E/)V]/DKZ?S_:]3P>
M+]*G7YI]7GC`%:C+NJ[(]RKD7A`=E)D7C62L<IE<4GNIW&5A2?313N3*\:#U
M(93N,L@I(Z+'N,K"F7HIW&5A0?DIW&5XT+&;&600`"QR92(_@F1/M/W3N7*#
M6W=,KE3\514LJJIDRN!46]E>U4;R>Z85!96!#.65#84R*963C8>);EY=L:,6
MB)G;=,M&,1\UEKI:]HK6,VEC:T5C,^CY[^XWG^1Y'S-<N/MMHXO!;]$`95R,
M^IND`=)/H/0+Z)X?Q,<;5/?$3>WK_+[GF^;RYV6Z?+'HVK]M?N%B>2X5.!F6
MB'/45M;4=/>C#3W($Z&1&LAV7D_->(MQK3>L?Z4_A]G\FWX7,C9&)^9[6<3$
M]%HXEWUH;-O]I2<A+;Z:I`QRR&#,_P`5E%!46O\``J]HQS,B25E$#&27_,LA
MCD6UZK*$1[BN!C(<JP*D@*P(-BN$5D00J*#4*B6#:J!)D@4<A9"NZ1*N(1;5
M009`*X%#-]%<)*)38*X10V:*X&*9)6<(J1HW94;]^V?-6<KXEBSNGOR,4RQK
M9=S[?Y"?\!BOH'B.1.WCUF?6.G[OZ/+\[5V;9B/2>KU*V;J"`@(/)_<OEI8/
MC<Z:Y"-N=,4#778038WX!OQ6C_4')G5QYB/6_3]GM_X^UL/&:>_;F?2O5I^+
MCHOG<O2K2D2%(%!&3JY'*IH.FBX[63+EQI8:A<,V8Y1[6JO<97C2L9L99A4?
M18]QE85_!3*96$%CE<C!,B"#T"J@A+U3(2<=TA5#<`&5[10R?NLL*./FBL<Y
M'\%E$"@(54#`HJ"Y*JD8GJ2DR,\(?V5QS(ZWR#R3@>`QXW\QEQQ(V"1I@03.
MS;U$(Q!)*[7$X6WD3C77N_@X=V^FN,VEH+[@_<?.\JR!CTB6+PU,GIQ7^J9'
M2RUNI]!T"^@^(\-3BQF?BV3[?=]D//\`,YL[9Q'2KQSA;MT67%R\C$R:LK%M
ME3DT2$Z;8%I1D.A!6&S76]9K:,Q*UM-9S'JW;X;]Y^)SZ(XOD<XX&?``#+$2
M:+?B1$$UR^'1>&\C^F]FN>[3\5/=[8_FWW&\E6T8OTELN&U@0="`0?4%>7EM
M5;!NZ%6!B(V]>BR%#,#4%98&*5K_`"640*ERJC&9'N5E@4W:Z*X`F7;]J"L@
M>Y5&.164"A)62+1/TOW6,P()5P!*""J`(05E/T5B$4U)<JB),[HDJ$^JR14`
MJB#M5&.R0;JLHA&UOL5D&6+S%#O&%E-D1\9QE$_[@7KOTY;X;Q]L-'Y:OQ5E
MM)>D:@0$!!K+[N7[\[C<:0^F%=EC_&4A'_NKQ?ZJV3W4K]DS_P`?N;WP]?AM
M+PP$0&!7D&X2*)RUBG<F7+Q\,RZKAOL8S+F1H$.SLN*;98]R[$Z;=%B9!2.X
M3N,LD*HK&;)E,A%]$@5VCNBA,0%58R?140#KJKA5961!ZJQ"JF6CA7`Q$OV6
M2FTLF5`"Q16.18K*(&+ZMRR6&6,'4F62XA+LL<C+57(_Q!86D=3Y3Y7P_C''
MG,Y.YC)QCXT&-MLAVA'^D]`NYP>!MY5^VD??/LAP;^175&;/GGS?SOE_+,V%
MN6U.%CD_H\.&L:Q+J3+K*1;4KZ/XSQ6OB5Q7K:?6?>\YRN5;;/7T>:9;1U1`
M0!H01H1J"@W!X#]WXV>WQ?D]NV6D*.4.@/8"]NG]_P#;ZKQ?EOT],9V:(^^O
M\OY-WP_)?V[/WMJ2L`(E$[X2`,2-00>A!7D\-RI*9U(&GQ5B!C/U?!9"NT*Y
M$$G5!C]LR66164-H/JK$H@28?%7`I(DJBI,>ZN!5QV5P`C(ID-DDR&QCJF4"
M!ZH,$Y:]=%G"([.J)-@/0:I@48DE4)::%(10V`=UEA''LM^"SBHQ&3E9X1M'
M[$3/Z[F(#H:J)'YB4Q_6O2_ISUO^S^+3>6]*_M;@7J6E$!`0:S^YU,;^;Q@=
M?;QQI\3.17S_`/5FW'(K'_1_&6_\5TUS][RM>"!_#^*\I.QLYLS1Q6.@6$W8
MY9ZJR"Q6%I8S+D[(AEQY3)(1'0*"`=VG1408R"1*L9#:%9*K+JLH6&.4HQ5B
M%8C<_19=JKQF"-5,#CV2&[1<D0J!N]$5=F#E04-O9UEA<*O)W"JHU)#HK((#
ML%CD98Q]0L9E5S$$?]BQR//^:^9\=XCQ!S,B/NY=SPP<1V-DP.I](1_B*V7C
M/&WY>SMCI6/6?=_5UN5R8U5S/J^:^?Y_E>>Y.WDN4O-V39H.T81[0A'^&(]%
M]-XG$U\>D4UQB(_XZO-;=MKVS;U=<NTXA`0$!`0;$^W'W*OXFRKB.7M-G$3.
MVBZ6LL8GIK_\OU'9>;\SX2-L3LUQ_J>V/\OZMIP>=-)[;?+^3=)?J"""'!!<
M$'T7AGH$1'IT5`R8.>B8&(V^@67:*"X@J]HF5P/9TBJ,1+K(1*!_!(D5,6Z!
M99%HA21>/Q6(F1;H$''M,B=%R5A&(QF_59"K-U5$``G3HJBP=NB@&3)@8+YE
MM.JSK"2XYD2N3"*D$JHKLU=7(VI]B,:8OYG(Z1$:*V^),Y+T_P"G8^>?N_BT
MOEI^6/O;=7IVF$!`0>%\W\?Y.[.LY2H"W&C7$2C'\\!`:DCN.^B\+^I?%;[[
M)WUCNI$?MC#<^/Y-(KV3TG+QON.6?1>*PV^&:$P`-RXYA)ADC;$G0-\5)JQP
MJ9S?KHF!>!<,I,!.)CJ-$B2&&1FZSA84,I.Y63)BNN(T"RK58A@-DI!B%GAE
M@@#$&12>HI"9E)BLIC"DB1+1D@B%H2`#E8S"JRGOZ+*(P(]M,JN_0**L`H,D
M?18R+M'NZQ$77T44SNND*Z:HF=DR6$8Q#R)^05K2;3B/629Q&9?+?G/EF3Y1
MY#?R-A(QA_I85)Z0HB?I_&7YI?%?5O%\"O%TQ2/F]9GWR\MRM\[+S/L]CSZV
M+K)5$("`@("`@W;]G/*9<IQEG!Y<]V9Q\1+&E(ZSQG9OG6=/DR\)^H^!]+9&
MVL?#?U_[OZO0>,Y/=7LGUC\FP2##1M%YWU;1AG-]`LX@8V)60B-?;JDR+"H#
MK^Q3N`@#L@C67R1$&MAT<JY",?AHDR)E$*9&&SKH=%G5)8I$LZS@8P.Y*R`[
M602(_2X4RBID=JHQ&8"SPBDF(T[JP,9@&Z_-990]L)E`ANB9&U_L5;`T\S4_
MUB=$V^!$Q_4O5_IR?AO'W?Q:3RT=:_M;47IFG$!`08<UOT=^[I[<W?TVE</)
M_P#';/\`C/Y,]?S1][3,,4$!NI7Q6;O6Y<H42]MB=0N/NZL<J0ID)Z]%9LLR
MR3(!`;58Q#%`MB^UF^*O:85NM$#J7]&2M<K$,$K20YT7)%66&.=LF]76456(
M=?RV39B<;D9=8!G5`S`()Z?)=GC:XOLBL^V2TXC+G^V8DN''HNOEDK=8!'H"
M?1*P,==U;ZQ64UE<)$(2D2`P]$S(PVG5@%G545Q*3*LAD.FJQP`9PR*L)@%3
M`&ST3"J2MD^BRBH\/]X.9MX_PRVF$C&WD;(XP;^0O.S_`"Q;\5O?T]QHV<F)
MGTI&?Y.AY+9VZL>_H^?5]%>;$!4$!`0$!!#H.^\(YF?#^5\;G1EM@+HU7?&J
MWZ)C]DG6O\IQHW<>]?LS'WQU=CB;.S9$OI&Z32(/4+YE6'K&`RB=6U6>!79W
M5R+0CW4F1D^)6(H2#V5$!AHJ),AW4PC!9=('0:+DBHQ^Y.6A66(%9`]U81C/
MU:`Z+(3&#14F1Q>4RCBXL;8`$FZFLZ/I9;&!_=)<VC7WVQ/NG\(<>RW;&7+D
M1$:Z!<,.1QK+8](ZE<D53*D9;AJ%DA./X)$HHP!8=543$,#JDBEDH@:E6(1V
M7B?DE_!<YC9]4YQHC.(RZX$@64DM*,AT.A<?%;#@<F=&V+9Z>UUN5IC928]O
ML?3$)QG",X'="0!C(="#J"OH,2\LE`0$'BO)?*\+,PY8>)*P$V-;,C;&4`_3
M5V)7@//_`*AU[],ZM,VSW=9](F/ZMSP^%:ENZV'D9[`0R\5&6U(6E]0X2:KA
MBLNE*6@T645PL0K,[1]74+*.HBJW=V9DM4F"8G8?I2,0*;?X9'JKE5X84?52
M=AW-&?>;SGD[.7R_%\67L<?BF,<HP/UW3,1,QD>T(N-/5>\_3GB]<:XWVZWM
MZ?9_5I^=R;3/9'H]3]F//.3YZC)X;E)>_D\?5&RC+/YYU&6S;9ZRCHQ]%JOU
M)XK7HF-FOI%YZQ]OV.QP.3-XFL^QL:=<2=0O-1+9*FB`U&BO<JK$:=50V0)]
M"F51LB#_`%IE5)"`*L9%3;$:*]JJ&T=@LNU5383\%<*;21U3(U9]^IRCA<+4
M_P!)LOF1\1&`']*]9^E(^/9/V1_%I_+STJTZ5[1I!$0J)0$!`00@:[D%H2,9
MB0Z@@C\"I:,PL>KZIW;ZZY^L8D_B'7R7&)F'LH]`,>HT44(!0`!T02X'=!$M
MHZ]T%3*).BN$8YSBLH@89[CT6<"02SD((D!/1^B1T%8T;3U5FR)E",CU_!(D
M:<^XWF^?E\E=Q&'/V<'"N:4X'ZK;:B#N,NPC(:`+VOAO%TKKC9;K:T?NB7G^
M=S+6M-8](>L^W?E^7Y!@Y&-GM+.PA`F\:&V$W`E*(_B!&K+3^8\?7CWBU/EM
M[/<[_`Y4[:S%O6'IC1]2U7<[[((F/=8Y163'J58%00ZJ,,K1$D?O6<53+#*3
MG59Q"909Q'3NF$?1/VTY_"Y7Q3!KJO%F7A4PHRZB?KA*`V@D>D@-"O>^,Y%=
MFFN)ZUC$O,\S5--D^Z7JUL'5$'2^1\[AX>%D4"T',G68PKCJ09!@2W1:#SGE
M].C5;7W?ZMJS$1'K&??[G<XG&M>T3CX6MI1,]&U]5\JB</0Y4G#;(-KZK*)R
MRB509@[6^D]T'(F!".@U6$=48!_J3:;-ZK/TA67V8`L%CW2F4U"$"1+NI;J2
MH:(2L+#Y++NQ"Y39CO7.HF<-T2!9`M*+]XG5BI6_7*3U?/7.?:_F.6\YS\;!
MS/<JLS[,>65EV&VV!CCQR-UQB'+B6T=]%]%XOF]>KBUM>N)[(G%8Q'S=O1I]
MG$M:\XGVNU^U7@/,\?Y%/(SK[L6'Z>V59QI[1,U9)I,;'!W1.S<`NIYWRNO9
MIQ6(M\4>L>^N>CFX?&M6^9;G-4>IGJO%=S;JF4(_%,9&.61!N@6447#%/*AZ
M+.*,HAQY9?HLXUJI^I)[++L7"ON2/97`L)E3`L"3T"BLD"6U4F!JG[X&O,X'
M@N3HUHE;8(R9M+("0Z_W%ZW],Q--VRD^N(_"6G\KUI6T-.KV;1A*`@.J#A`=
M`=!"`@RX]4[KZJ8:RMG&$1\92`"PV6[:S/NA:QF8A]4&OVXQK=S$"/[`R^39
MS.7LHAQ\3+AEU>]27KW3@_36N9A+]\5R[-<TG$_9^/5*VB8S#*8%M>JX\LD!
ME44D`LH%7`&NJ"GN2=X]%EA,J/N))*HDSVQ?T3&1%=T;"W0=W2:X1UO"\G#-
MXW]3"V-W^M=7O@01]%LH@:?V67:Y6GLOVXQTC\G%IV=U<Y<KWYD_!</;#DRM
M9&=M<JX72HG(,+:]N^/QCN$A^Y*S$3F8S]B6ZPT1E^(\W?SF5C4"5IE9F3KN
MM8&R.+(FPR8-N/\`2O?:_(ZJZHM/3I7T]G=Z/-6XUYO,1]OX._\`M9PV?'D,
MC*G?=B1_3U6PC7MVVPLG)HSW"6GT'HM?YWE4FD5Q%NLQ]V';\=JGNF>L=&T1
M(@:KRF&Z8[+B1Z+**HQF0&I*N$RPSR(@Z'59Q1,L%ETB05R15C,L?N2ZG598
M3*/U'KVZ)VF7I_M?Y(>(\WP#*9CC9TOT>0.Q%ND"?E9M6T\5M^GNCW3T=/FZ
M^_7/V=7TNO:/.L&?E1Q,*_)ETJ@9-ZD#0?B5UN9R8T:;;)_MB99ZJ=UHK[VK
M+K;)SG98=]EA,IR/<G5?%=FVVRTVM.9F<R]16L1&(<:=ACW`/HI$,L*@63CN
MCK)7I"K>W>8@C4A3,#++?+Z91;3JL8PB#C`:Q+GN"G>N66O'GMW#KZ+&;PDR
MG],Y$B-0IWF4^RTG=CW*=P\7]V_)K?'/$,F["RH4\K>84XOU1]T"<FG.$3K]
M,7U;1;OP'"CD<F(M7.N.L^[[(=?E;>RDX]7S?X_Y5S'`\S#E\&XG*C(RL%CS
MC:):2%@)UW/UZKZ5R^#JWZIUVCX?L]GW-+KW6I;NA[[P/[L<M/R#&Q<_$_5Q
MR0<6H8XVR@;\@VRLD^YQ'>?P7G_*^!UQIFU+=N.O7[*XP[_&YMIMB8;OG*()
M8KPL0W+BV2EV7)"L<A*2SCHN6,XY*O>J/TTO17O5/L$)W*L*PVJF56]H%3N%
MHUD*95T'DWEO&>/95<N1R8UX\\6ZR-(^JVRV,H"`A!CU<_!;'@^/V<BL]D9G
MNC[HCKEU=_)KKGXI]CPG)<YP'E'VGMQ*;XPY;B*H9$L28A"P&J3&4(Q$8RB8
M2/Y5OM/&W<7R$6F/]/9.,_?_`%:[9NIMX^,_%5I]E[)ID'T1$L@,J#(#(#(&
MJ!J@S8>5=B9=&53M]['LC;7N`E'=`[@X/74+#9KB]9K/I,895MVS$Q[&[/&_
MNKQN1P-_)<[D4X^93<8G$I!,Y18;-D"23N+_`"7AN;X'97=%-43-9CUG^+?Z
M/(5FDVO/4^WWG?$<CCRXV=GZ?/\`>NLJJMVCW(662F-DHB$21NU'7YIY?Q6W
M7;OB,UQ'I[,1A>%S*7CM])>RE>1):2*MBH+)REZ*X@RDV,0Y_!3"9<'&SXY.
M9G8T0!+#G7$EP2=]8F[`Z=6U78OI[:UM_EG\V%=F9F/<Y`F8`F1=<>,LE?<K
M&H/57$F6.=KGKHK%4R\']T_(OTO%T\7AY(AD9,S^LA"0WBD1TC)M0)$_BO0^
M!X?=LG9:.D>GWM7Y+?BL5B?7U>*\!\BGP_/T"S(]GCLF7MYD9'_38@B,R/6)
M[K>>6X<;M,XC-X]&OX6_Z=XZ_#/JW;"^J<!95(3KF'A.)!!!Z$%>$FLQ.)>B
MB<N)RG*PXSCLG.LKE='&@;)50_,0#T"YM&CZMXI$XRPV;.RLV]S3\_N#R<.4
MGFX]=8B)99IA.))$<P@R$F/6+:+V<>(USK[;3/\`;G_\6@GFV[LQ]OXNR\#\
MTLHY&K!R:C;^HA3AT&L`;=DYD2G_`/<[+J^5\;%J3>LXQFT_A_)S\+ES%NV?
M;B&SYSUUT7E8ANLL4[:QW=9Q$IE@.0"ZS[6.6",MQ/HLYC"(L`"L(J),%<"E
MFO16&,L8$A,3$C&42#&0T((U!"SBV/1);]I\\Y2[[-7\]"U^7QX#$LO8.+3=
M&GW&Z/ML$OFO4QS;3Q)V?W1T_'#2SQXC?V_VN\\^YB=8JXRHL+![N01_*#],
M?VAUHOU;Y":UC17^[K;[O9#F\9HSF\^ST>--]9``<E>`[9;C"T*=TB9C0]%)
MLCET5`D!OQ7%:R.1*@#HN.+(M",2PE%_BI,BQH@'<!BIW&5X1B`S+&926*UH
M%UG7JRAQ[+HD=%R157C/N/P?%<]Q6+@YPC"-F;CP.0!'W!$S(,8S.H=;KPW*
MV:-DVK[*6Z>S]SBW:HO&)][Y7R*A7?96#N%<Y0$O7:2'7U>ELUB7GK1B7O\`
M[&$?_P!M,=Y85S?[4%Y[]4?_`,L?]T?Q=[QO_D_8W][)/4KY[W-\B50'=6+#
M&01U63*!P.A*BGN1[E7"NMCY'Q$N>'"C)C^M]F5IH_B^F0'RZ:LNU/"V1I^K
MCX<^KCC;7O[<]782()T76AS84E[CZ:!6,+AYCSCSS#\6X_=+;D<G</\`TN$9
M,2#_`,R;:B`_?V6U\7XJW*O[J1ZS_#[W3Y?+C57_`*O<^?.9YCD.8Y*[D>0M
M]W*O+SDS``:`1B.@`7T7C<:FFD4I&*P\UMVVO;NMZN$N=QY04%3U03JJ&J!J
M@`'J@E!"`@E`03IH1VZ%!N#[<>>7\M`\1R1$LZBO=CY'0VPCH1+^U$=^X7B_
M,^*C3/U*?+,]8]S?<#F3?X+>KW<+&U)"\_,-GEAG9`61)E^8B`^<NBSB.B3+
MQ_CW.\%?YASE&&:HVY.R8M@)"5LJ1ML#RT+'73KU6YYG%VUXVN;9Q'X9]'0T
M;J3MM$>UZB-Q)8Z@+535WLKRL#:!8Q`J`_55'CON9QW'Y6)@RR;108#),)Z`
MF0IW1#GKK'HMUX3=>MK=L9^7\VO\A2LQ&>GJZ'C.!\=QO*L"6+D">V>%977N
MC(&5E4C/U=YQ'R6QW\K=;CV[H_S_``GI^#JZ].N-L8GW-DV3VR^79>7B&Y5C
MD`S#AU>PRT#RX@.6S1#\@R+=H^&\KZ)QLSJKG_&/R>5V_//WO5_:DUQY3/D1
M]8QX[3Z?7JM/Y_/97[_X._XSYI^YL:>1(C0.R\S%6XRQ3L_F&GHLXA,JF<&.
MB83*(SAV5P9)2?LD0F6(D.LD.JHC:.Y3+%M[B?#_`"?&^SO.85^(??S;:LS$
MQ07M]N,Z9S,H]CMK)V]?Q7H=7$VQP[5F.LXF(_<U=]])WUG/2.GYO1^88_(Q
MYVZVZEL>[:,>WK$QC$`CYNO)?JG1LKR9V7CX;?+/W0[GC[UG5$1/6/5TM>//
M>"(MZNO,S?H[V781QK)`$+KS>(89<JNK:/B%Q39C,K&L'4J9,I=NVB(K/\NI
M96%AQK+]O=_BN6*Y988[,B,HG<LHHN'#G)]1T7+"M-_^X'#Y:&'@Y]>=,<9.
M<<>SCPXC[PW61N)!8EM%[3])[-<VM2:_'Z]WV=(PU_D8MB)ST:0*]TT[WOV1
MF8^>T@?Q8N0&_P`(/]2\_P#J:/\`U)_[H=[QW_E_8^A3*?9E\YQ#?L<C9Z@+
M.,+#$93Z/%98AE"IW^L5>C+"/K<.8M\$Z+$-1^!_JY?<[EIY5TLBV$<R%=EA
MW$".1&.GHO8>5[?]C2*QB/A__5I^'G_<6SU]?S;5]VT'1EY/MAN42R;(@F1<
M#4CY)%()?,/D?-97,\UF<EDR,K+["P/2,`6A`?",5]3X7&KIU5I7V0\AOVS>
M\VEUJ[3A'0-51&J`$$H"`=`@A`[((02Z`Z"70=UX5GUX'E/'9-LA"H6;+)R.
MT",XF)))]'70\GJG9Q[UCUP[/#OV[8F6\A?&V&^JV,H,^Z)!#>KA>"[)B<3#
MTN8EK/[A^:6661XOC,EZJR)WY-$])%B-C@=O@5ZGP_C8B/J;(ZSZ1/YM-S^7
MF>VLO`X^1?CWUWT3-5U4A.JR)8QD.A"]#>D6B:S&8EJZVF)S#;_A7FV/S=9Q
M\XU8W)081AN;WM-90B1I\G7C/)^+MHG-<S3\F_XG-C9&+=+?F]5*;%EJ(AW<
MJF\#JKVF6K?NIB70Y3'RCD3LIRHG9CG\M<JQ&)VZ_P`3^B]9X'9$ZYKCK7V^
M_+2>2I,6B<^KQ_&TVV\ABTU6&FRVV$(71TE$RD!N#-T=;K?:*TF9C,1#7ZXS
M:(AO*J$J<>NB5AM-4(P-DNLC$-N/S7@;3W6F<8R]/$8C!"0$OI.B3"Y:*SI;
MLW(E_-;,_MD5]`TQBD?=#RVSYI>J^V$@.8RXGI+&/[IQ6H\['^G7_N_@[_C9
M^.?N;&$HQ#+S&,MPK(/TZJP*&0'59)DW1;0:E$09$?-,(KO'=7!E$IQ[%6(3
M+%*?Q640CW>)]X_)(>+9W"Y6199E60KKX_D8[1;5$3'N1F?XMU;@2ZC^C:U\
MGL^G-9GK[)=*>'3OB8]/;#8^;F9G(Y4K\B1))^FL$[8#TB"OG_D?)[>5LF]Y
M^Z/9'W.[ITUUUQ!&G37HM7W.3++&8$`%A,,<)<=4%)9$-O7\%8I*Q5@-XW:E
M<G:N&,Y(/TZL5EV&&*V8V]UE6%AQ3.+ZN%RX9X1*8;0I$$-7?^X&T#Q7CZW_
M`#9P)_PU3_[5ZO\`2=?_`&+3_P!'\8=#R/R1][03A?06D>V^S5FS[@X/]JK(
MC_Y1/]2T7ZDC/#M]\?F[OC__`"P^B96#HSKYQ$/0Q#&_]G]RRPRB%9;0-0D,
MH8S*`[!9XEDI*Z`+``*Q57SS9Y=E\%YIR')8,*[S[V5&,;=VTPNMW:[2/1?1
MJ^/KOXM:7S'2OI]D/,3R9U[IM'OEN+Q7RFKF_'Z.2,ZXV[6S(P<0JL&LHO+T
M'Q7C.?P9T;IIUQ[/MAON-OC9KBW[WB^>^[>)CGD:^*V95DK(UU2M$Q`Q]O;.
M=9CU:0[LMYQ/`6MV3L^'I_'VM?O\E$9BO5J$LO8-&,&=$(@=2%18E!#H"`Z"
M-4$2+H#E`=`=`U0"4$$_4"@[7C\*.)SO'5\G09T73IME4!NWU6L8Z#J_HNGN
MV]^J\ZYZQF/VPY]=.V]>Z.G1W/F'DUIR\KB.,V8W%UR%4HXXV"PP=W9M-TCH
M%T_'<*.VNS9\5YZ]?8['+Y,YFE>E7DW6YPUXZ"1(@@@L1J"-""DQD;*\'\RR
M,^/_`$O/L-F77$RQ[Y=9PCUC+^U'U[A>6\KXVNN?J4CX9]8]S<\+ES;X;>KU
MAOF>I9:;M;'+P'W/S*[,G`H$Q*VJ%DK(CK$2(VO\V7H_!:IB+6]DX:CR5XF8
MAY+AYB/+84C_``WU'_.%N.3&=5H_Z9=#3\\?>W+;>3,@'\5X>M7I)ECB91<O
MV*R3+2MLGLF?61/[2O>4CI#S-O5Z3[>6F'/3`_CHL'[#$K5>9KG3'_=#N^/G
M&S]C8F]SJ5YG#<97$V&AT4P95-S]E>U,H-S)VIEC-XUU67:94E=\58JF6*5P
M&KK**L<L<L@D_P!:SBB=RGO%V5[4R^CZ=P7SJSM,YG)M-2L,(PRG;TTU641`
MK]7\4F^2JHF(&!!+^A*L9'%]L1+B;?O7+E<K[JR-23Z%ECB45E[9/YI*QD8)
MQKUU/R99Q,LH8C$=B3^"SRK4W_N%D(\-P\&_-E6E_P"[6W]:]=^D8SMO/_3'
MYM=Y*?AC[VC.Z]XTSV7V@D(_</BG[^\/VTS6E_4,?^G?]GYP[G`_\L/I&=L!
MT"^9Q5Z.(8)Y&G5<D491#`;@?S%9Q5EAQ[+H]ER15DX'(&R6%DQKL-5LJIB%
MD?S1.TL0_HNQIQ%XS&8S#"_RR^8;92+3D3*4@\I'4DGJ5]2KZ='CI;$\BYJG
M&^UW$\9CSE"_)A5[T8PF(F&LY`S;8Y+.'7F^)QIMSK[+>D9PVV_;$<:M8]K6
MIF2O3-0JY=!VW$CACE6PY"S;1/%L]NT"1VY!@]>@UTGIZ+K<B=G;$T]>Z/W>
MURZHIGXO3'XNMW%@NRX3<%1+H()002H+.51C<N@:H#E01N03KZJAJ@@NQ'=!
MZ?R/G,/*Y'B<G!GOEB8M<)D@QVV0<L7;HM7PN+:E;UO_`'6G]SN<C=%K5FOL
MAYO<3J2Y/4K:.FG<$!U45?5!S^"ONIYK!LI?W!=!@.[EB/V%=?EUBVJT3[G+
MHF8O$Q[VUL_E*<.BR^TM&`)&DI!P'UV@E>/TZ)O,1#?7V16,M-Y.5;DY%F1;
M+=9;(SG)W<DNO:TI%:Q$>D//6M,SF4X<Y1RZ)1;<+(&+]'W!39\L_<M/6&XX
MW6;?]7;[G\6Q]OX.O%S6/9Z/0Q,^U6V]J;)/TA(_N5K7K#&T]&GB7U[KV\/.
MN_\`!I[/(*_C58/W.M;Y:,Z?VP[?"G_4;!E;JO-15N,ANT9T[4RJ;@.ZO:F5
M)9"RBB=S'*]6*IE3W767:F4&:N#*AL&NJN$RK[FJO:F7TB#9(#ZF"^<SB'=9
M(3D.I_%8S"*6")+[ODK`/-PTB1Z,JJ37*6NH4R95-([ZJ]QE23@L6`[*P,4Y
M1?4L?FLXAE$,9G!NH;YJXE<*F^L:`J]LKAIS_P!P^1&>-P=<?Y\B7^6`7M/T
MA3%MD_9'\6L\GZ5:3<KV[3NS\9P.0Y#GL+!P,@XF9D6;*LF)E$UN"\GCK^5U
MU>;MIKTVM>.ZL1Z>]R\>DVO$1.)?3E0MKQZJ[+-\JX1C*S^8Q`!/XKY=;$VF
M8AZVL8A4SCU))5PRPI.R!Z.K$2,$YMV7)$#AY=@_3W=7]N?^Z5S:XZQ][&WI
M+YIG)]H]`OI\>CQLLMV?GVXT,6S)MGBUM[=$IR-<6Z-$E@L(U4BW=$1F?:RF
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M9+6.0P`<]->@7!R;UK29M&8<FFLS:(ALHW%M2Y7E>UNLH-Q5[3*AN<Z'59=J
M95-A[E,)E!M5[4RJ;/BKA,JFP^JN#*IM^*O:F53?$$:ZGHKV2F7T2+[7#%OQ
M7SWMAL\0RF^V46=ODL(I!AFI%DB-S,NUKX<VAC:8<V$0S+LU\9#BFRYCV$@%
MQ;/&X],D68IR$1J0?DM=LT6K/6&<3EQ9V5D]4B)9Q##,4L\B3\`%E&649<>R
M=+_Z<2?FN2(GVLXB73'R'CAY*>'-U1R!C>[^FW#W-V_^7^[JR[W^TO\`0^IB
M<=V,^QCWQW=N>K3/WORN<GS]%.;77#C8"4^+,&W&,A$6;SU<2"]I^F::HU3-
M9GO_`+OX-1Y/N[HB?E]C6IF'7IFK=QX=R^/Q7DW'\CD/[.-893$0Y+PD`!\R
M5TO(Z)W:+4CUEV.+LBFR+3[&[_'?,8<[?=0<6S#G5$3B+"#N!]&]%X7F>.G1
M$3GN>ET<F-D^F'?1LC!R2Y"Z&,NPQV9`9P0%E%!Q;LJ3%NJY:T273V9O_4>)
MN,+I5PMKD#946G'Z7+$C]Z[L:_I;(S&<3[7#,]])PT`>WR7T*'D98[)=E441
M1!!)9!(DB)W(&Y`W%!#H(0-R"'00Z`9((=`=!#H""7;NJ+":"IZNH"HSXN7;
MCY%>14PMJD)0)#APL;TBU9K/I*UM,3F'*SN?Y'-$AD3$HR+[0&`T;3T7#JXM
M*?+#DONM;U=<Z[#B5*#O/'.5LXVR5D@98]@(,`0!N[$KI\OCQMC'M<^C;V2X
M^;RUMN9*_IH1&LZ@`]OWKEUZ8K7#"VR9G+K@'#CJNPXG+P\R6+F571)>$@2Q
M8MW#_%<>VD6K,,M=NV<M@8N;')QZ\B(:-@<!P6_8O-[-4TM,-M6_=&5,[)A7
MCR,_RG19Z-<S9-EL0X?%YE9!KT%A)Z>CZ:KGY.J?5Q:KP[`V%=3M<V538LHJ
M91[BO8F6&S($+:H.'L)`#ZZ1=<M=68F6,VZK&:D5,N/;*S]51]8%;R.UM3+:
M>_[URUB.V6$S.8?05659+KU7SNU(;[M<_&E>2"SKM<;CUMUEA;#O>-P<S*G&
MJJK=.2WG'XL6F(CK+I[=E:QF9>MQ/#6@#D6@2/6,`_[RM_K\-:8^*<?BUE^?
M[H7R/#ZMKTS$CZ2T_>%AO\)?'P6B?P*<_P!\/.YV!^FG*NRG;,=077D.=Q;1
M,UMTELM>R+1F)=7=.NLL*PZ\[;7,3B9=JO5Q;<N6H$0/P"M=;.*M4?=/[KYO
M#9%G!</MCG[`<K+(!]H3#B,!_.VKGHO7>"\#7=6-NSY?9'O^_P"QT.9R^R>V
MOJT:<_,_5_K?U%GZS?[GZG?+W=_\V]]S_%>Z^E3M[<1V^[V--WSG.>KM?)?,
MN5\BQL"'([++\",X#(B&E8)[=9CHXV]NJZG"\=KXUK33TM[/<YM_*MLB(M['
MGI=77?=8A*(G$R<Q!#MU928(>E\9R>0R\\U49]E!H!LA*4B&K!^KZGTT6MYM
M*4KF:Q.7>XMK6MB)QAMOB>8E9Q^*)9,;LB4=LI"0)E*/YNB\CR./B\],0]#J
MV1-8ZYERYYEA[!_1<$:X<DR\+]RO);Z<*K`Q;_;MR)']3&!:0K`T#]A(E;_P
MO"BUIO:,Q'I][5>3Y$Q6*Q/KZO.>$^4WX=LN+N.[#R!/V]Q;VY[2=/A+T6R\
MGP8O'U(^:/Q='A<J:SV3\LO)2)8MU6X:]B8]T`:(!00?1$0^J"1U03JZ`Z`@
M.@J6*`2@JZ`Z"'T5!`*`Z"`@E`=06T5$.@/H@@N@(+PM,=P.L9!F]"DP,QGC
MCZ_S;H_DCV/Q6/57'B3ZK-%JV,QN]=5)(>EX>0IY"L0F?:G`Q$0=`1\%K^37
MNI/O=K3.+.3SF57[1A[GUNVT'HZX^)KF.N&6^[I^-Y&S'NC]1]L$N#KHN[MU
M1:'!KOB7IZ^0HMANA,'1]KZ_L6JGCS$]7<C9$LD;"0_0^BDT7+K^8Y?]%&,:
MXB=UFL0>@`[E=GC\;OZSZ.';M[7F+\S(R+O>ML,K!^60+-\O1;.NNM8Q#I6O
M,SEV_&>07&R%&5]<9':+?X@3TW>JZN[B1C-78U[Y])=\9C<`>KZ?L70[7:RW
MUC6B0#AOBOGEZX>AF'?<=`,'DP]5L./#K;&T/&./JQN.A:`]EXW&7?;V"]WX
M;CQ75WS\UOR><YFV;7Q[(=PMPZ@@ZGR3"A=@2M;_`%*=7_L]PM!^H.+%M/U/
M[J?D[G"VS6^/9+6G(RC7/KHOG/)IGJ]'J=#S/.\7Q.'/,SK373#K(1E,Z!]!
M`$IQ>)LW6[:1F?W.6]HI&9]'S)YKS6-S'E/)<GBF1QLFW=3O&V6P1$0XU]%]
M/\=QK:-%-=OFK'5YKD[(OLFT>DN@E+XKO8==`D040E)T%7U"#+CY,Z92V%A,
M&$NWTGJL;5B5K;#U?A_(8M'(B,I`FLO&3D:>K]-%J?(Z9M3HV/"V1%NK8!Y(
M[@1/0]^VJ\]]%N?J/(_<#]-D4XDK[1&T2D(2U/TZ./ZUN?$]U9M$1T:SR.)B
M,^KR%5?'8]XM-PNC7$2,>@)(8CMW6XF;VC&,-;$5B?7+K#8"/BNRX6,E!(/K
MT0#+5`W/^*(!%2Y"(@E!#E`!02Z"'U002@A!"`J`0$!`?5`=`02@((=`=!"H
ME`0`@L),79!GIS;JP1&1#@CKV*PFL2L2I9?.9)E(R)ZN25E$)E072B0Y8)@9
MZ,Z,+-P>+!AM/7T=8VIE8G#O\?G8C&_U@U@&@CT*ZEN/UZ.Q7=TZNAY7DQF9
M`L#B(B(@'X+MZM?9&'7V7[I<+W/C\URL$BX@N[-J/FH.Y/D`-PR`)L([3%^[
M,NM]#IAS?5ZY?2U%\`SR?X/HOF-JSE[6:N]X_+I!!;7TZK9:JRZNRC<'C')T
M97$8YB=81V2'H8Z+U7BN?6*1JM\U7E^9IFNR7;[X^JW4;JS[74P@V0'=2W(I
M'K)B72>5\O1B\1<#,1G8-D/F5Y[RWDJ;*3JIUF?7[G=X6B;;(GW-/\IRU;_\
M4$KRVWC3,3T>HUTPZ/,Y3$MJG1<=]5L3"R+Z2C(,0?F%UM>FT3$QZP[';&,2
MU99P'B%(YSB0/]69E=B2E(&VN-5<9QC`G5GD7]0O5_[OD6^GL_9/NG,M-_MM
M,=]/;['B>3X/DZ*HF-.[%V"T3@`P!B[EN[+=:>52T^O7T:O;QKUCTZ.GG+2,
M?Y0W[W7<=25'00@`AT&>G(E7=NC(Q!T+=6]%C:L3"Q;$O8<#SU]@]G([_P#"
M/P'9:;E\6(ZPV?&Y$STEUOF!$K:+=\OJ>)@23'1M0.R[/CO28</-ZS$O-2(/
M=;-T5"4$.@.@.@.@D'5!+HBKH#E!.[X((W%7`ATP(11T`E$$!4%`0%00.R`Z
M"'02Z!H@(#H#H`*"#,!$0+6^:N!!M)3!E4DJF1T,KPR)Q.A^:F#*1*DR&X:-
MJQ[H(AL$9/)AW!"2*&RO9*('4@@GJKA,AG7N`;Z4P9?1U?-5!B[?!?.9XTO<
MQLAV>)Y`0'B1^"V&KC,9M$O1\#]Q+^)NWQ_U:I_\6DN`?B#V*[&SQT;8]<3[
MW3Y''KLC[6PN/^Z/B^56#9DSQIMK"V,M#\XB06KV<#FZ_3XH^R6JMP;Q[,J<
ME]T?&\:HFFZ>58WTPKB0"?C*0"PIX[E[/F^&/MEE3@7GUC#6?DGG&=RUYMMM
M]NL:54P?;$?UGXK=:.!357$=9][;:-%=<8AX/F/-,'$N-&1*9LB`28A]"NQ'
MC[[(S7&'%N\CKU6[;>KQ_DOG->1AQKXVVZG(W@FQMOTL7'4KDX?B9I>9V16:
MNERO)Q>N-<S$O$7YF3;?*^RV4[IEY6$G<2=.JV\4K$8B.C4S>9G,SU9)<ORA
MJ%1R[36([!#>6V]&98?0UYSVQEE.Z^,9EPY$GJ77,XD.@@E!#M\U1:'Y@Z2.
M75EY`OB!(F0E]'S7':D89Q:<N?Y'8?8QH.X#DGNY&JZW$KB9ES<B>D.@7==8
M=`5!00Z`ZH.@;DP@Z*$J"751"*("(A%$05!`0'0$!T!T$.@$H*DE42)(&Y01
MO*N$1O/JF%-R"-R,4*KE('Q0"SHB-R"'=!!DJF4;BR"'50=!MZ/(S`7D9U0]
M/&UR*>3F/XR/DNUJPOU7+JY:?4S.GJ5W*Q!&UR!S$C_&6^"Y(9?5)\PQ'U.Z
MDGUF*WE"2=>JZ]CZKR_E?LW8_P"IC$_J!*,`1_$"68KEX>Z8OV_VM=S]<6CN
M_N>.R*KZY3]R!B82V2?M+JRV/U(GTEK.R8]7&)4#;+;N8[?7L@AU45)05=4'
M0'/5!RJ+S")GH[OMZ$+&T96)PIF97O[6`#=]7/S2M<+:V7&63$5$.@.@.@.@
MA`=`=4'0'02Z"$011T00'0'0'0$!`05)5#<@J2@AU42Z*@E$E#H!*"'1`(+.
MBH)1%253(@.B(002JF4.@.B-C"_XKSO:W<77CD-W4[5[V6.6W4KFK=>YD&;\
M5R1L.X_7?%2;G>QRSI'NN&TY.]U>9SF*?H,R91G$E@?X9:KFU\6WJX+\B/1T
MW(<E/(G;$,:YRW`LQZ`#^A=S5IBL1[W5V;)M+@.N=PLOZJT8QQW'MR(D1W<+
M'MC.5[IQA@)62*DJ@Z""4!T$.J#H#H(=`=!#J@Z`@.@.@AT!T$NB#H#H#HHZ
M(@E!#JJ.B)!0'*`9((,B@AU1#H(1!`0$$.B#H(5`()=002J(=5$("(/H@AT!
M`1'N!<5J?IMEW)%RQ^FO<D7)])>]/OJ?2.\]]/I'>K[ROTSO=+RL:O?,HM$L
M#*/J25W-6<.MLQEP'7*XD;D$$J@Z"KH#JB'0'00ZH(#H(=`=`=`=!#H#J@Z"
M'U02^B`#J@.B#I@%`8J@2@CNJ!4!U0=!"`@A$$$(@Z`#H@(""%1"(!D!T$.J
M(1!T!`00B"`@];[JZ7:[F06J=IE/NE.TR>Z4[5R&WXIVF597Q'4LR=J=SI\F
MS??.6[<YT(]%SQ'1Q3+!N"H&28$;E<"'1!T!U0=`=!#H#H(0%1#H`*`2@CLJ
M#H#HB$5+H#H@Z!JX09`/W+$2R"#!_F@H8R?HLA$@1U0F4.B"*.B"""@A$$!4
M%!#J@Z`@@JH.@A$$!`00Z`Z`J@@(.].8&T"ZO:['<I^NEW"=J=R1G%.U>XEG
MENB=IW,4L^1'17L,L-N3*Q@26]%E%48G66!#H#H@Z`Z`Z"'5!T!T$.F`?U3`
MAT0)=54.B#HH@(@Z`@.@.@.@O`_2I(B4]=$P($M>K*H;CZHIN_M(B']2@%OF
M@A!8%H_BA`Y14$ED%71BE!54$$(B6**A$'5$(""$00$!`1!4$$()0<QRN%S#
MJ"75%923`JZH.JHZ`ZB#H(=4-R8$;DP(=4'0'00Z(.@("`Z`@(F1T$.AD=$$
M$NBK1#]>B""2!IT0E5T0=`=`U02Z*?-$$$AF**JZ(D="@,$4(1$;?BKD"&U=
M,B(]4D6=04EU5A$*B$00%00$$("(("`@A!S'7$Y@R3`KN3`.%0=,"'3`.@;D
MP(=4'00@(@@$H(?U1$NBA00B"`@("((HB"`BB(D(J"43*'5!T!T!T$H(=!*"
M0%%0ZJ#Z((0"=$$.@G1!'15#<5,*@ZJHAD00$!40@E!"`@("(((0<DR+KC<R
MKE4$!`=`0$!$0@.@(@@AU4.J"'*"VJBH=5!T!T!T!T!T!`=`=`0'0'0"4$(@
MJ#H#J`Z*(#H&[4%#(Z`J@Z"$`H"`@((=$R%"4*@B"`BB(A!+H"`@((09W'XK
M!RJDMT52909:Z)A,@DW5,$2"15P93N?YJ87*-R8,I=#(2B*[F=7!DW%,)D=,
M&1T,H=$R;BF%R.5<(.H)=%RAT0=%B4NAD=#(Z&4.AD=$RET7*'3!D=,)D=,+
MD=#(Z&1T0=#(Z+D=,)D=7!E""70'00@ER@A`<H#H9'*`Z((#H""$!`0$!`0$
M!`06U11!""4$()4!4-5`U0%000@("`@(@BB`B"*("`@("`@("`@("`@("`@(
:B$$H"`@(""$!`0$!`0$!`0$!`0$!`0$'_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>5
<FILENAME>b414051_ex99cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Financial
</title>
</head>
<body bgcolor="#FFFFFF">
<page>
<p align="right"><font size="2" face="serif"></font></p>
<p align="center"><font size="2" face="serif"><b>Certification Pursuant to Rule 30a-2(a) under the 1940 Act and</b> <b>Section 302 of the Sarbanes-Oxley Act</b></font></p>
<p align="left"><font size="2" face="serif">I, Prakash A. Melwani, certify that:</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">1.</font></td>
<td align="left">
<font size="2" face="serif"> I have reviewed this report on Form N-CSR of The India Fund, Inc.;</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">2.</font></td>
<td align="left">
<font size="2" face="serif"> Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">3.</font></td>
<td align="left">
<font size="2" face="serif"> Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">4.</font></td>
<td align="left">
<font size="2" face="serif"> The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(a)</font></td>
<td align="left">
<font size="2" face="serif"> Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(c)</font></td>
<td align="left">
<font size="2" face="serif"> Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(d)</font></td>
<td align="left">
<font size="2" face="serif"> Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">5.</font></td>
<td align="left">
<font size="2" face="serif"> The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(a)</font></td>
<td align="left">
<font size="2" face="serif"> All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </font></td>
</tr>
</table>

<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%"><font size="2" face="serif" align="left">Date:&nbsp;&nbsp;<u>August
    25, 2006</u></font></td>
    <td width="10%">&nbsp;</td>
    <td><font size="2" face="serif" align="left"><u>/s/ Prakash A. Melwani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Prakash A. Melwani, President<br>
    (principal executive officer)    </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<p align="left">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b>Certification Pursuant to Rule 30a-2(a) under the 1940 Act and</b> <b>Section 302 of the Sarbanes-Oxley Act</b></font></p>
<p align="left"><font size="2" face="serif">I, Brian S. Chase, certify that:</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">1.</font></td>
<td align="left">
<font size="2" face="serif"> I have reviewed this report on Form N-CSR of The India Fund, Inc.;</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">2.</font></td>
<td align="left">
<font size="2" face="serif"> Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">3.</font></td>
<td align="left">
<font size="2" face="serif"> Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">4.</font></td>
<td align="left">
<font size="2" face="serif"> The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(a)</font></td>
<td align="left">
<font size="2" face="serif"> Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(c)</font></td>
<td align="left">
<font size="2" face="serif"> Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(d)</font></td>
<td align="left">
<font size="2" face="serif"> Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">5.</font></td>
<td align="left">
<font size="2" face="serif"> The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(a)</font></td>
<td align="left">
<font size="2" face="serif"> All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </font></td>
</tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="45%"><font size="2" face="serif" align="left">Date:&nbsp;&nbsp;<u>August
          25, 2006</u></font></td>
    <td width="10%">&nbsp;</td>
    <td><font size="2" face="serif" align="left"><u>/s/ Brian S. Chase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Brian S. Chase, Treasurer<br>
      (principal financial officer) </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="left">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>6
<FILENAME>b414051_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906CERT
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Financial
</title>
</head>
<body bgcolor="#FFFFFF">
<page>
<p align="right"><font size="2" face="serif"></font></p>
<p align="center"><font size="2" face="serif"><b>Certification Pursuant to Rule 30a-2(b) under the 1940 Act and</b> <b>Section 906 of the Sarbanes-Oxley Act</b></font></p>
<p align="left"><font size="2" face="serif">I, Prakash A. Melwani, President of The India Fund, Inc. (the &#8220;Registrant&#8221;), certify that:</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">1.</font></td>
<td align="left">
<font size="2" face="serif"> The Form N-CSR of the Registrant (the &#8220;Report&#8221;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">2.</font></td>
<td align="left">
<font size="2" face="serif"> The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</font></td>
</tr>
</table>
<br>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%"><font size="2" face="serif" align="left">Date:&nbsp;&nbsp;<u>August
    25, 2006</u>&nbsp;</font></td>
    <td width="10%">&nbsp;</td>
    <td><font size="2" face="serif" align="left"><u>/s/ Prakash A. Melwani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Prakash A. Melwani, President<br>
    (principal executive officer)    </font></td>
  </tr>
</table>


<p align="left"><font size="2" face="serif">I, Brian S. Chase, Treasurer of The India Fund, Inc. (the &#8220;Registrant&#8221;), certify that:</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">1.</font></td>
<td align="left">
<font size="2" face="serif"> The Form N-CSR of the Registrant (the &#8220;Report&#8221;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">2.</font></td>
<td align="left">
<font size="2" face="serif"> The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</font></td>
</tr>
</table>
<br>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="45%"><font size="2" face="serif" align="left">Date:&nbsp;&nbsp;<u>August
          25, 2006</u>&nbsp;</font></td>
    <td width="10%">&nbsp;</td>
    <td><font size="2" face="serif" align="left"><u>/s/ Brian S. Chase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Brian S. Chase, Treasurer<br>
      (principal financial officer)</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
