<SEC-DOCUMENT>0001104659-20-103033.txt : 20200908
<SEC-HEADER>0001104659-20-103033.hdr.sgml : 20200908
<ACCEPTANCE-DATETIME>20200908152322
ACCESSION NUMBER:		0001104659-20-103033
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200908
DATE AS OF CHANGE:		20200908
EFFECTIVENESS DATE:		20200908

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:		201164103

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA FUND INC /NY NEW
		DATE OF NAME CHANGE:	19940106
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
<FILENAME>tm2024797d3_ncsrs.htm
<DESCRIPTION>N-CSRS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; vertical-align: baseline">Washington,
D.C. 20549</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM N-CSR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Company Act file number: </FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">811-08266</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exact name of registrant as specified in charter:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The India Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address of principal executive offices:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1900 Market Street, Suite 200</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Philadelphia, PA 19103</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name and address of agent for service:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ms. Andrea Melia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aberdeen Standard Investments Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1900 Market Street, Suite 200</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Philadelphia, PA 19103</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">800-522-5465</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date of fiscal year end:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date of reporting period:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 30, 2020</FONT></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1 - Reports to Stockholders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The Report to Shareholders
is attached herewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="tm2024797d3_ncsrs-img01.jpg" ALT=""></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Managed
Distribution Policy</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>


<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Board
of Directors of The India Fund,&nbsp;Inc. (the &quot;Fund&quot;) has authorized a managed distribution policy (&quot;MDP&quot;)
of paying quarterly distributions at an annual rate, set once a year, that is a percentage of the average daily NAV for the previous
three months as of the month-end prior to declaration. With each distribution, the Fund will issue a notice to shareholders and
an accompanying press release which will provide detailed information regarding the amount and composition of the distribution
and other information required by the Fund's MDP</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">exemptive
order. The Fund's Board of Directors may amend or terminate the MDP at any time without prior notice to shareholders; however,
at this time, there are no reasonably foreseeable circumstances that might cause the termination of the MDP. You should not draw
any conclusions about the Fund's investment performance from the amount of distributions or from the terms of the Fund's MDP.</FONT></P>

</DIV>

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<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Distribution
Disclosure Classification</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund's policy is to provide investors with a stable distribution rate. Each quarterly distribution will be paid out of current
income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character
of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. Dollar
and the currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the
entire year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Therefore,
the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund's fiscal year,
December&nbsp;31, 2020. Under Section&nbsp;19 of the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;), the
Fund is required to</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">indicate
the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter
because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations
in the value of the currencies in which Fund assets are denominated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Based
on generally accepted accounting principles, the Fund estimates the distributions for the fiscal year commenced January&nbsp;1,
2020 through the distribution paid on June&nbsp;30, 2020 consisted of 67% net realized gains and 33% return of capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">In
January&nbsp;2021, a Form&nbsp;1099-DIV will be sent to shareholders, which will state the amount and composition of distributions
and provide information with respect to their appropriate tax treatment for the 2020 calendar year.</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The
India Fund,&nbsp;Inc.</FONT></P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Letter
to Shareholders</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Dear
Shareholder,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">We
present this Semi-Annual Report which covers the activities of The India Fund,&nbsp;Inc. (the &quot;Fund&quot;) for the six-month
period ended June&nbsp;30, 2020. The Fund's investment objective is long-term capital appreciation, which the Fund seeks to achieve
by investing primarily in the equity securities of Indian companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Change
in Primary Benchmark</B></FONT></P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 2pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">At
a meeting held on February&nbsp;19, 2020, the Fund's Board of Directors (the &quot;Board&quot;) approved a change in the Fund's
primary benchmark from the Morgan Stanley Capital International (&quot;MSCI&quot;) India Index (Gross Dividends) to the MSCI India
Index (Net Dividends). The change from a gross to a net dividend benchmark is in line with industry practice and is more appropriate
for the Fund, as it is also calculated net of withholding taxes, to which the Fund is generally subject. The change in benchmark
does not affect the investment objective of the Fund, nor the way in which the portfolio is managed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Total
Investment Return</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">For
the six-month period ended June&nbsp;30, 2020, the total return to shareholders of the Fund based on the net asset value (&quot;NAV&quot;)
and market price, respectively, of the Fund compared to the Fund's benchmark are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="padding-left: 3pt; border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right"><B>6-Month</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; width: 78%">NAV*</TD><TD STYLE="background-color: rgb(239,240,240); width: 2%; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; width: 20%; text-align: right">-15.8%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt">Market Price*</TD><TD STYLE="background-color: rgb(239,240,240); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">-17.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-left: 7pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">MSCI India (Net)<SUP>1</SUP></FONT></TD><TD STYLE="background-color: rgb(239,240,240); font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">-16.9%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black thin solid; background-color: rgb(239,240,240); padding-left: 7pt; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: left">MSCI India (Gross)</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black thin solid; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black thin solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">-17.0%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">*&nbsp;&nbsp;assuming
the reinvestment of dividends and distributions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
Fund's total return is based on the reported NAV for each financial reporting period end and may differ from what is reported
on the Financial Highlights due to financial statement rounding or adjustments. For more information about Fund performance please
see the Report of the Investment Manager on page&nbsp;4.</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>NAV,
Market Price and Discount</B></FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
below table presents a comparison from current six month period end to prior fiscal year end of Market Price to NAV and associated
Discount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right"><B>NAV</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right"><B>Closing<BR> Market<BR>
    Price</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right"><B>Discount</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; background-color: rgb(239,240,240); width: 34%; font: 9.5pt Arial, Helvetica, Sans-Serif">6/30/2020</TD><TD STYLE="background-color: rgb(239,240,240); width: 2%; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); width: 20%; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$17.78</TD><TD STYLE="background-color: rgb(239,240,240); width: 2%; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); width: 20%; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$15.48</TD><TD STYLE="background-color: rgb(239,240,240); width: 2%; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-right: 7pt; width: 20%; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">12.9%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 7pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif">12/31/2019</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$22.60</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: right">$20.13</TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">10.9%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Throughout
the six-month period ended June&nbsp;30, 2020, the Fund's NAV was within a range of $13.50 to $23.31 and the Fund's market price
traded within a range $11.68 to $20.86. Throughout the six-month period ended June&nbsp;30, 2020, the Fund's shares traded within
a range of discount of 8.4% to 14.7%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>COVID-19</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
illness caused by a novel coronavirus (COVID-19) has resulted in a global pandemic and major disruption to economies and markets
around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading
in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest
rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced
particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely
the value and liquidity of the Fund's investments. The ultimate economic fallout from the pandemic, and the long-term impact on
economies, markets, industries and individual issuers, including the Fund, are not known. Governments and central banks, including
the Federal Reserve in the United States have taken extraordinary and unprecedented actions to support local and global economies
and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market
disruption, will not be known for some time.</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 8.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 8.5pt; width: 0in"></TD><TD STYLE="font-size: 8.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">1</FONT></TD><TD STYLE="font-size: 8.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">The
                                         MSCI India Index (Net Dividends) is designed to measure the performance of the large
                                         and mid-cap segments of the Indian market. With 84 constituents, the index covers approximately
                                         85% of the Indian equity universe. Effective February&nbsp;28, 2020 the MSCI India Index
                                         (Net Dividends) replaced the MSCI India Index (Gross Dividends) as the Fund's primary
                                         benchmark. The change from a gross to a net dividend benchmark is in line with industry
                                         practice and is more appropriate for the Fund, as the returns of the MSCI India Index
                                         (Net Dividends) are calculated net of withholding taxes, to which the Fund is generally
                                         subject. Indexes are unmanaged and have been provided for comparison purposes only. No
                                         fees or expenses are reflected. You cannot invest directly in an index. Index performance
                                         is not an indication of the performance of the Fund itself. For complete fund performance,
                                         please visit http://www.aberdeenifn.com.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; width: 97%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The
India Fund,&nbsp;Inc.</FONT></TD><TD STYLE="font-weight: bold; font-size: 7pt; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Letter
to Shareholders&nbsp;</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited) (continued)</FONT></B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Managed
Distribution Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Fund
has a managed distribution policy of paying quarterly distributions at an annual rate, set once a year, that is a percentage of
the rolling average of the Fund's prior four quarter-end net asset values. In February&nbsp;2020, the Board determined the rolling
distribution rate to be 10% for the 12-month period commencing with the distribution payable in March&nbsp;2020. This policy will
be subject to regular review by the Board. The distributions will be made from current income, supplemented by realized capital
gains and, to the extent necessary, paid-in capital, which is a nontaxable return of capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Fund
is covered under exemptive relief received by the Fund's investment manager from the U.S. Securities and Exchange Commission (SEC)
that allows the Fund to distribute long-term capital gains as frequently as monthly in any one taxable year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Indian
Budget Changes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On February&nbsp;1,
2020, the Union Budget of India for 2020-2021 was announced in which effective April&nbsp;1, 2020, dividends are now taxed in
the hands of the shareholder, which means a 20% tax (plus surcharge and tax) will be withheld on dividend payments (potentially
reduced by treaty if applicable). Previously,&nbsp;Indian companies paid the tax rate prior to the distribution of dividends to
shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Open
Market Repurchase Program</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Board
has authorized Fund management to make open market purchases from time to time in an amount up to 10% of the Fund's outstanding
shares, in accordance with Rule&nbsp;10b-18 under the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;),
and other applicable federal securities laws. Such purchases may be made when, in the reasonable judgment of Fund management,
such repurchases may enhance shareholder value. During the six-month period ended June&nbsp;30, 2020, the Fund did not repurchase
any shares. During the fiscal year ended December&nbsp;31, 2019, the Fund repurchased 23,272 shares at a weighted average discount
to NAV of 10.6%. The Fund reports repurchase activity on the Fund's website on a monthly basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Portfolio
Holdings Disclosure</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Fund's
complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semiannual
and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange
Commission (the &quot;SEC&quot;) for the first and third quarters of</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">each fiscal
year as an exhibit to its reports on Form&nbsp;N-PORT (previously on Form&nbsp;N-Q). These reports are available on the SEC's
website at http://www.sec.gov. The Fund makes the information available to shareholders upon request and without charge by calling
Investor relations toll-free at 1-800-522-5465.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Proxy
Voting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A description
of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information
regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ended June&nbsp;30
is available by August&nbsp;31 of the relevant year: (i)&nbsp;upon request and without charge by calling Investor Relations toll-free
at 1-800-522-5465 and (ii)&nbsp;on the SEC's website at http://www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Unclaimed
Share Accounts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Please be
advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed
property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could
be considered &quot;unclaimed property&quot; due to account inactivity (e.g., no owner-generated activity for a certain period),
returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable), or a combination
of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the
applicable state's statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to
the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and
expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser
or the Fund's transfer agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Investor
Relations Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As part
of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeenifn.com. Here, you can view
monthly fact sheets, quarterly commentary, distribution performance information, updated daily data courtesy of Morningstar&reg;,
portfolio charting and other Fund literature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Enroll in
Aberdeen Standard's email services today and be among the first to receive the latest closed-end fund news, announcements, videos
and information. In addition, you can receive electronic versions of important Fund documents including annual reports, semi-annual
reports, prospectuses, and proxy statements. Sign up today at</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="clear: both; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2</B></FONT></TD><TD STYLE="font-size: 7pt; text-align: left; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>The
                                         India Fund,&nbsp;Inc.</B></FONT></TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Letter
to Shareholders</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited) (concluded)</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">https://www.aberdeenstandard.com/en-us/cefinvestorcenter/contact-us/email-services.</FONT></P>

</DIV>

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<DIV STYLE="float: right; width: 48%">

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Contact
Us:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp;Visit:
https://www.aberdeenstandard.com/en-us/cefinvestorcenter;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp;Email:
Investor.Relations@aberdeenstandard.com; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp;Call:
1-800-522-5465 (toll-free in the U.S.).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Yours sincerely,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">/s/
Alan R. Goodson</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B>Alan
R. Goodson</B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">President</FONT></P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>All
amounts are U.S. Dollars unless otherwise stated.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; text-align: right; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The
India Fund,&nbsp;Inc.</FONT></TD><TD STYLE="font-weight: bold; font-size: 7pt; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3</B></FONT></TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Report
of the Investment Manager</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)</B></FONT></P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Market
review</B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Indian
equities, as measured by the Morgan Stanley Capital International (MSCI) India Index (Net Dividends), returned -16.9% for the
six-month period ended June&nbsp;30, 2020. After rallying in 2019, the market initially faltered in early 2020 amid an economic
slowdown and what investors generally viewed as a disappointing Union Budget presented by the Indian Finance Minister in February&nbsp;2020.
The Budget's lack of support for financially stressed non-banking finance companies (NBFCs) meant that real estate, construction
and consumption demand industries encountered difficulty obtaining credit. The Budget also removed incentives for investment-linked
products, which hurt insurers. The COVID-19 pandemic subsequently shocked financial markets globally, including that of India.
The Indian government's strict nationwide lockdown to limit infection rates disrupted the migrant labor supply and caused hardship
to many households. Anticipating a further economic slowdown, the Reserve Bank of India and international agencies lowered their
economic growth forecasts for the country.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Aggressive
monetary policy easing worldwide helped the Indian market to recover some of its losses in the second quarter of 2020. The resumption
of business activity in India alongside domestic pandemic relief further lifted investor sentiment. Policy responses focused on
liquidity for financially stressed NBFCs and micro-, small- and medium-sized enterprises. The stimulus also spurred the recovery
in rural spending, but fiscal constraints limited aid for businesses that bore the brunt of the negative effects of the lockdowns.
Meanwhile, slumping oil prices provided some relief for companies with oil-linked inputs, such as paint- and cement-makers.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">In
India's financial sector, credit risks were heightened as the government urged banks to assist struggling businesses. The Indian
government's seizure of Yes Bank in March&nbsp;2020 rekindled uncertainty caused by large-scale defaults of NBFCs over the past
two years. Among real estate companies, social-distancing regulations and fears of layoffs muted property sales. Additionally,
disruptions to labor supply and materials imports delayed construction work on real estate projects. This hurt liquidity, which
further deteriorated after global investors exited the Indian corporate bond market.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Conversely,
shares of pharmaceutical companies rallied over the reporting period as investors viewed the companies as &quot;safe-havens&quot;</FONT></P>

</DIV>

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<DIV STYLE="text-align: justify; float: right; width: 48%">

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">due
to their limited exposure to India's economy. The communication services sector also ended the reporting period in positive territory
as internet companies and network operators benefited from higher online activities as more people began working from home.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Fund
performance review</B></FONT></P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
India Fund returned -15.79%<SUP>1</SUP>&nbsp;on a net asset value basis for the six-month period ended June&nbsp;30, 2020, outperforming
the -16.95% return of its benchmark, the MSCI India Index (Net Dividends). The Fund's outperformance was driven by stock selection
in the financial and materials sectors, as well as the overall positioning in the consumer staples and healthcare sectors.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Though
the financial sector was one of the primary market laggards over the reporting period, it emerged as the main contributor to the
Fund's relative performance due to stock selection. The Fund's limited exposure to large lenders with weak corporate loan books
benefited performance as COVID-19 pandemic-induced economic challenges were likely to slow their turnaround. This included the
absence of positions in State Bank of India,&nbsp;ICICI Bank Ltd., and Bajaj Finance Ltd., as well as the underweight position
in Axis Bank Ltd.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Conversely,
overweight positions relative to the benchmark in Bandhan Bank Ltd. and Kotak Mahindra Bank Ltd. detracted from Fund performance
for the reporting period. However, Bandhan Bank's share price recovered in the second quarter of 2020 with the resumption of business
activity, particularly in the rural and semi-urban areas. The microlender's<SUP>2</SUP>&nbsp;credit-cost outlook improved along
with debt collection rates. Moreover, Kotak Mahindra Bank's, the leading private-sector lender, first-quarter 2020 results exceeded
investor's expectations due to an increase in net interest margin, even though lenders were hampered by higher loan loss provisions.
Despite prudence in extending loans, Kotak Mahindra Bank's share price decreased over the reporting period amid negative investor
sentiment towards financial stocks. Kotak Mahindra Bank took advantage of the Indian equity market's rally from its low level
in March&nbsp;2020 to raise capital to improve its competitive position. We participated in the Kotak Mahindra Bank's institutional
placement as we believe it has the strongest franchise among Indian lenders. Amid higher credit-risk and limited access to funds,
we believe that Kotak Mahindra Bank can extend loans where rivals cannot due to its wide base of retail deposits providing a low
cost of funds.</FONT></P>

</DIV>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="clear: both; width: 100%">

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</DIV>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 9.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">1</FONT></TD><TD STYLE="font-size: 9.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt"><B><I>Past
                                         performance is no guarantee of future results. Investment returns and principal value
                                         will fluctuate and shares, when sold, may be worth more or less than original cost. Current
                                         performance may be lower or higher than the performance quoted. Net asset value return
                                         data include investment management fees, custodial charges and administrative fees (such
                                         as Director and legal fees) and assumes the reinvestment of all distributions.</I></B></FONT></TD>
</TR>
<TR STYLE="font-size: 9.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">2</FONT></TD><TD STYLE="font-size: 9.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">A
                                         microlender specializes in the offering and servicing of small-balance loans to low-income
                                         groups or individuals.</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>4</B></FONT></TD><TD STYLE="font-size: 7pt; text-align: left; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>The
                                         India Fund,&nbsp;Inc.</B></FONT></TD>
</TR>
</TABLE></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Report
of the Investment Manager</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)
(continued)</B></FONT></P>

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<DIV STYLE="float: left; width: 48%">

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Among
the Fund's holdings in the consumer staples sector, consumer goods company Nestle India Ltd. was one of the strongest performers
in the Indian market over the reporting period. Nestle India posted revenue growth that surpassed its peers during the May&nbsp;2020
corporate earnings season, attributable to higher volumes and a more extensive product range. Consumer products maker Hindustan
Unilever Ltd. also defied the stock market downturn, benefiting from greater demand for its products, including hand soaps, detergents,
and floor cleaners. Within the healthcare sector, the Fund's holding in multinational pharmaceutical firm Sanofi India Ltd. contributed
to performance with the lifting of curbs on the export of drug ingredients. Furthermore, Sanofi India's contract research subsidiary,
Syngene International, benefited from the continued research-and-development spending in pharmaceuticals. Meanwhile, the U.S.'s
approval of Biocon treatments lifted the pharmaceutical firm's stock price. Within the materials sector, the Fund's position in
cement-maker Shree Cements contributed to performance for the reporting period due to recovery in housing construction in villages
and second-tier cities.<SUP>3</SUP></FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
lack of a holding in Reliance Industries Ltd. was the main detractor from Fund performance for the reporting period. Shares of
the conglomerate rallied on news of a much-needed capital injection from Facebook (which the Fund does not hold) and from other
investors who took significant stakes in its telecommunications and technology subsidiary, Jio Platforms. Despite the high-profile
partnerships, we maintain our concerns regarding Reliance Industries' corporate governance. Reliance Industries' aggressive seeding
of businesses and subsequent write-offs also failed to meet our quality criteria. The absence of a position in Bharti Airtel Ltd.
also hampered Fund performance as the network operator benefited from higher data consumption due to the shift to working remotely.
The Fund does not hold shares of network operators as we believe the sector suffers from regulatory uncertainty, competition and
fast-changing technology. Nonetheless, we continue to closely monitor the progress of Reliance Industries' subsidiary, Jio Platforms,
as we believe that it eventually could develop into a compelling internet-based business. Furthermore, the Fund's holding in Lemon
Tree Hotels Ltd. detracted from Fund performance as the hotel chain operator had substantial debt even before the COVID-19 crisis,
and we think the economic downturn created significant financial stress for the company. We exited the position during the market
rebound in the second quarter of 2020.</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Regarding
portfolio activity during the reporting period, we initiated a holding in India's second-largest hospital chain, Fortis Healthcare</FONT></P>

</DIV>


<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"></P>


<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Ltd.
Fortis Healthcare has an established presence in Delhi, and is 30%-owned by regional operator IHH Healthcare (which the Fund does
not hold). We believe that Fortis Healthcare's new CEO has an excellent track record in execution and cost-focus and can potentially
deliver much-improved earnings.</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Within
the energy sector, we established new positions in Gujarat Gas Ltd. and Power Grid Corporation of India Ltd. Gujarat Gas is India's
largest city-gas distributor which we believe offers the best exposure to the push to switch to clean energy. We funded these
purchases by exiting the Fund's position in lubricants maker Castrol India. We believe that the lubricants industry is challenged
by rising competition and declining demand, as electric vehicles are making inroads into the two- and three-wheel segments, and
further into the four-wheel market over the longer term. Power Grid Corporation of India is the national power transmission utility
with countrywide networks. In our view, Power Grid Corporation of India benefits from government investments in electric power
infrastructure and alternative energy sources. In our view, the public-sector enterprise is prudently managed and has healthy
operational cash flow, backed by a robust balance sheet.</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">We
expect Kotak Mahindra Bank to gain market share as state-owned lenders and NBFCs face greater funding and asset quality challenges.
Additionally, we believe tougher rules&nbsp;to deter conflicts of interest among housing-finance companies and new thresholds
defining key players could lead to further industry consolidation. We participated in Kotak Mahindra Bank's two recent stock placements,
which we think will help to shore up Kotak Mahindra Bank's balance sheet.</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">In
the communication services sector, we have conducted significant research on internet companies. In our view, many segments within
the sector are promising, but profitability remains elusive because of the early stage of adoption and intense competition. Consequently,
we initiated a holding in Info Edge (India) Ltd., a leader in online classified advertisements in recruitment, housing, and restaurant
listings. We believe that Info Edge has a well-managed portfolio of &quot;dot.com&quot; start-ups. We view positively its profitability,
positive cash flows and steady dividend payments supported by a net-cash balance sheet.</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">We
also established a new position in Crompton Greaves Consumer Electricals Ltd., which we believe is a well-run household name in
lighting, fans and pumps and enjoys high returns and cash flows. In our view, Crompton Greaves Consumer Electricals' growth in
an under-penetrated market is driven by product innovation and an expanding distribution reach.</FONT></P>

</DIV>


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<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
government of India classifies Indian cities into X (Tier 1), Y (Tier 2), and Z (Tier 3) categories based on the population density
of the city. Residents of highly populated cities need to pay more to purchase goods and services.</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; text-align: right; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The
India Fund,&nbsp;Inc.</FONT></TD><TD STYLE="font-weight: bold; font-size: 7pt; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>5</B></FONT></TD>
</TR>
</TABLE></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Report
of the Investment Manager</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)
(concluded)</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">In
contrast, we exited the Fund's position in industrial technology company ABB India Ltd., as we believe that it has a weakening
business outlook.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Outlook</B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Even
as India's economy reopens amid rising COVID-19 infections, we do not anticipate a smooth recovery over the upcoming quarters.
In our opinion, many companies are struggling, especially those in the informal (labor-intensive) sector and those businesses
dependent on government largesse. We believe that the Indian government needs to reach a balance between managing rising COVID-19
infection rates and normalizing economic activity. Additionally, we believe India's bid to supplant China as the production base
for multi-national companies averse to U.S. sanction risks requires political finesse.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Nevertheless,
some of the leading companies in India are gaining market share in the face of challenges. We feel these are the few companies
with robust balance sheets, supply chain and logistical superiority, coupled with distribution and technological capabilities.
Additionally, in our view,&nbsp;India is home to some of the strongest companies in the region. We believe that these companies
are well-represented in the portfolio.</FONT></P>

</DIV>

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<DIV STYLE="float: right; width: 48%">

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">We
believe that there will be market volatility in the near term, and we now are more defensive in positioning the Fund. While valuations
have rebounded, they remain discounted amid challenges in domestic growth, policy planning and structural bottlenecks in the economy.
We remain focused on identifying those companies with deep business moats,<SUP>4</SUP>&nbsp;clear earnings drivers and prudent
capital management, which we believe should deliver sustainable returns over time.<SUP>5</SUP></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Risk
Considerations</B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Past
performance is not an indication of future results. International investing entails special risk considerations, including currency
fluctuations, lower liquidity, economic and political risks, and differences in accounting methods. Concentrating investments
in the India region subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. Equity stocks
of small and mid-cap companies carry greater risk, and more volatility than equity stocks of larger, more established companies.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I>Aberdeen
Asset Management (Asia) Limited</I></B></FONT></P>

</DIV>

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<TD STYLE="font-size: 9.5pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">4</FONT></TD><TD STYLE="font-size: 9.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">A
                                         moat is a distinct advantage a company has over its competitors which allows it to protect
                                         its market share and profitability.</FONT></TD>
</TR>
<TR STYLE="font-size: 9.5pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 9.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">5</FONT></TD><TD STYLE="font-size: 9.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">Forecasts
                                         and estimates are offered as the Fund's opinion and views of the portfolio manager at
                                         the time of this report and are subject to change. Forecasts and estimates are not reflective
                                         of potential performance and are not guaranteed. Actual events or results may differ
                                         materially.</FONT></TD>
</TR></TABLE>

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<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6</B></FONT></TD><TD STYLE="font-size: 7pt; text-align: left; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>The
                                         India Fund,&nbsp;Inc.</B></FONT></TD>
</TR>
</TABLE></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Total
Investment Returns</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The following
table summarizes the average annual Fund total investment return compared to the Fund's primary benchmark, and prior benchmark
for the 6-month (not annualized), 1-year, 3-year, 5-year and 10-year periods as of June&nbsp;30, 2020.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="background-color: rgb(220,221,222); font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 7pt"></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>6 Months</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>1 Year</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>3 Years</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>5 Years</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right"><B>10 Years</B></TD></TR>
<TR STYLE="background-color: rgb(235,236,236); font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 7pt; width: 45%; text-align: left">Net Asset Value (NAV)&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 10%">-15.8%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right">-15.2%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right">-1.5%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right">2.6%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; width: 10%; text-align: right">3.8%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 7pt">Market Price</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-17.7%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-17.1%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-2.4%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2.0%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">3.5%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 7pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MSCI
India (Net)<SUP>1</SUP>&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-16.9%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-17.0%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-1.6%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">0.9%</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">1.7%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 7pt; text-align: left">MSCI India (Gross)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-17.0%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-16.9%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">-1.6%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">0.9%</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">1.7%</TD></TR>
</TABLE>

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<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Returns
represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment
of dividends and distributions, if any, at prices pursuant to the Fund's dividend reinvestment program. All return data includes
fees charged to the Fund, which are listed in the Fund's Statement of Operations under &quot;Expenses.&quot; The Fund's total
investment return is based on the reported NAV on the financial reporting period end. Total investment return at market value
is based on changes in the market price at which the Fund's shares traded on the NYSE during the period and assumes reinvestment
of dividends and distributions, if any, at market prices pursuant to the Fund's dividend reinvestment program. Because the Fund's
shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore,
returns are calculated based on both market price and NAV.&nbsp;Past performance is no guarantee of future results. The performance
information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund.
The current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, market price and
NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenifn.com or by calling
800-522-5465.</I></FONT></P>

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<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>The annualized
net expense ratio for the six-month period ended June&nbsp;30, 2020 was 1.43%.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At
a meeting held on February&nbsp;19, 2020, the Fund's Board of Directors approved a change in the Fund's benchmark from the MSCI
India Index (Gross Dividends) to the MSCI India Index (Net Dividends) as the Fund's primary benchmark, effective February&nbsp;28,
2020. The change from a gross to a net dividend benchmark is in line with industry practice and is more appropriate for the Fund,
as it is also calculated net of withholding taxes, to which the Fund is generally subject. The change in benchmark does not affect
the investment objective of the Fund, nor the way in which the portfolio is managed.</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 7pt; text-align: right; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The
India Fund,&nbsp;Inc.</FONT></TD><TD STYLE="font-weight: bold; font-size: 7pt; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>7</B></FONT></TD>
</TR>
</TABLE></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Portfolio
Summary</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt">The
following table summarizes the sector composition of the Fund's portfolio, in S&amp;P's Global Industry Classification Standard
(&quot;GICS&quot;), expressed as a percentage of net assets as of June&nbsp;30, 2020. The GICS structure consists of 11 sectors,
24 industry groups, 69 industries and 158 subindustries. As of June&nbsp;30, 2020, the Fund did not have more than 25% of its
assets invested in any industry or industry group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-left: 7pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B>Sectors</B></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 7pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>As a Percentage
    of Net Assets</B></TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; width: 76%; font: 9pt Arial, Helvetica, Sans-Serif">Financials</TD><TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; width: 22%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">25.6%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Information Technology</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">20.3%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Consumer Staples</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">20.0%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif">Materials</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">9.5%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Health Care</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">8.8%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Real Estate</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4.4%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Consumer Discretionary</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3.8%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif">Utilities</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2.4%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif">Industrials</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2.2%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif">Energy</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1.4%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Communication Services</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1.3%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Short-Term Investment</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">0.4%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Liabilities in Excess of Other Assets</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(0.1)%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">100.0%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of June&nbsp;30, 2020, the Fund's holdings in the Financials sector consisted of three industries: Banks, Diversified Financial
Services and Insurance which represented 11.9%, 9.4% and 4.3% respectively, of the Fund's net assets.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>Top
Ten Equity Holdings</B>&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(unaudited)</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The following
were the Fund's top ten equity holdings as of June&nbsp;30, 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 7pt"><B>Name of Security</B></TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right"><B>As a Percentage
    of Net Assets</B></TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; width: 76%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Housing Development Finance Corp. Ltd.</TD><TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; width: 22%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">9.4%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Tata Consultancy Services Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">8.0%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Infosys Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">6.5%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Hindustan Unilever Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">6.4%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Kotak Mahindra Bank Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">6.0%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">SBI Life Insurance Co. Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4.3%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">UltraTech Cement Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4.0%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Nestle India Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4.0%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="padding-left: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">ITC Ltd.</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 7pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4.0%</TD></TR>
<TR STYLE="background-color: rgb(235,236,236); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 7pt; text-align: left">Asian Paints Ltd.</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 7pt; text-align: right">3.4%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: top; text-align: justify">
<TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8</B></FONT></TD><TD STYLE="font-size: 7pt; text-align: left; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>The
                                         India Fund,&nbsp;Inc.</B></FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Portfolio
of Investments&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">As
of June&nbsp;30, 2020</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 5pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Description</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: center; padding-bottom: 1pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares
    or<BR> Principal<BR> Amount</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>LONG-TERM INVESTMENTS&mdash;(99.7%)</B></FONT></TD><TD STYLE="padding-top: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>COMMON STOCKS&mdash;(99.7%)</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>INDIA&mdash;(99.7%)</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Communication Services&mdash;(1.3%)</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; width: 69%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bharti
    Infratel Ltd.</FONT></TD><TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,190,289</FONT></TD><TD STYLE="width: 4%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,494,657</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Info
    Edge India Ltd.</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">78,000</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,846,505</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>6,341,162</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Consumer Discretionary&mdash;(3.8%)</B></FONT></TD><TD STYLE="padding-top: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Bosch Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">30,023</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,532,318</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Crompton Greaves Consumer
    Electricals Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">633,500</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,998,270</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Hero MotoCorp Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">123,216</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,170,616</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Maruti
    Suzuki India Ltd.</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">97,600</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">7,544,671</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>18,245,875</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Consumer Staples&mdash;(20.0%)</B></FONT></TD><TD STYLE="padding-top: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Godrej
    Agrovet Ltd.<SUP>(a)</SUP></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,156,080</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,623,417</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Godrej Consumer Products
    Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,087,867</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,978,571</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Hindustan Unilever Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,050,818</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">30,338,143</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">ITC Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">7,369,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">19,086,079</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Jyothy Labs Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">5,995,940</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,299,568</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Nestle India Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">84,300</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">19,113,485</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Varun
    Beverages Ltd.</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">144,176</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,300,873</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>95,740,136</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Energy&mdash;(1.4%)</B></FONT></TD><TD STYLE="padding-top: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: left"><FONT STYLE="font-size: 10pt">Aegis
    Logistics Ltd.</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,843,940</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,618,200</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Financials&mdash;(25.6%)</B></FONT></TD><TD STYLE="padding-top: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Axis Bank Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,116,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,046,948</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bandhan
    Bank Ltd.<SUP>(a)</SUP></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,730,241</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">7,409,822</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">HDFC Bank Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,047,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">14,724,414</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Housing Development Finance
    Corp. Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,926,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">44,945,648</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Kotak Mahindra Bank Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,591,476</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">28,554,060</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SBI
    Life Insurance Co. Ltd.<SUP>(a)(b)</SUP></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,939,500</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">20,747,834</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>122,428,726</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Health Care&mdash;(8.8%)</B></FONT></TD><TD STYLE="padding-top: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Biocon Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,713,576</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">8,831,295</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fortis
    Healthcare Ltd.<SUP>(b)</SUP></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,900,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,277,585</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Piramal Enterprises Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">386,161</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,941,105</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Sanofi India Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">106,170</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">11,051,342</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Syngene
    International Ltd.<SUP>(a)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,660,000</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">8,963,508</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>42,064,835</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 6pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Industrials&mdash;(2.2%)</B></FONT></TD><TD STYLE="padding-top: 6pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABB
    Power Products&nbsp;&amp; Systems India Ltd.<SUP>(b)</SUP></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">69,844</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">777,080</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Container
    Corp. Of India Ltd.</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,727,950</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,557,196</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>10,334,276</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">The India Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><FONT STYLE="font-size: 7pt"><B>9</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Portfolio
of Investments&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited) (concluded)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As of June&nbsp;30,
2020</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom"><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; padding-top: 4pt; padding-bottom: 1pt; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Description</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: center; padding-bottom: 1pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares
    or<BR> Principal<BR> Amount</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right; padding-bottom: 1pt; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>

<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-left: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>LONG-TERM
    INVESTMENTS (continued)</B></FONT></TD><TD STYLE="padding-top: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>COMMON
    STOCKS (continued)</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>INDIA
    (continued)</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Information
    Technology&mdash;(20.3%)</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Infosys
    Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,214,854</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,155,106</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Mphasis
    Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,380,748</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">15,930,813</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Tata
    Consultancy Services Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,394,366</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">38,436,903</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Tech
    Mahindra Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,640,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">11,804,367</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>97,327,189</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Materials&mdash;(9.5%)</FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Asian
    Paints Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">723,434</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">16,169,629</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Grasim
    Industries Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">307,230</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,512,891</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Shree
    Cement Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">25,170</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">7,691,627</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">UltraTech
    Cement Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">370,969</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">19,162,514</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>45,536,661</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Real Estate&mdash;(4.4%)</FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Godrej
    Properties Ltd.<SUP>(b)</SUP></FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,104,528</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">12,647,292</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Prestige
    Estates Projects Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,997,469</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">8,339,885</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>20,987,177</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 5pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Utilities&mdash;(2.4%)</FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 5pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Gujarat
    Gas Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,462,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,185,341</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Power
    Grid Corp. of India Ltd.</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,237,000</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">5,186,985</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>11,372,326</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-left: 85pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Total
    Common Stocks</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>476,996,563</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>SHORT-TERM INVESTMENT&mdash;(0.4%)</B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>UNITED STATES&mdash;(0.4%)</B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-left: 6pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">State
    Street Institutional U.S. Government Money Market Fund, Premier Class, 0.12%<SUP>(c)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1,778,984</FONT></TD><TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1,778,984</FONT></TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-left: 85pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Total
    Short-Term Investment</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>1,778,984</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-left: 85pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Investments (Cost $297,503,327)<SUP>(d)</SUP>&mdash;100.1%</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>478,775,547</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-left: 85pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Liabilities
    in Excess of Other Assets&mdash;(0.1)%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(496,743</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-left: 85pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    Assets&mdash;100.0%</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>$&nbsp;478,278,804</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)&nbsp;&nbsp;Denotes
a security issued under Regulation S or Rule&nbsp;144A. See Note 2(g)&nbsp;of the accompanying Notes to Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)&nbsp;&nbsp;Non-income
producing security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)&nbsp;&nbsp;Registered
investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of June&nbsp;30, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)&nbsp;&nbsp;See
accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">See
Notes to Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The India Fund, Inc.</FONT></TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Statement
of Assets and Liabilities&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">As
of June&nbsp;30, 2020</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 15pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; width: 85%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Investments,
    at value (cost $295,724,343)</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 6pt; width: 3%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 6pt; width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 6pt; width: 9%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">476,996,563</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 6pt; width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Short-term investments,
    at value (cost $1,778,984)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1,778,984</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Foreign currency, at value
    (cost $4,565,362)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">4,574,196</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Interest and dividends
    receivable</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1,227,240</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Receivable for investments
    sold</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">15,268</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Prepaid
    expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">45,190</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Total
    assets</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>484,637,441</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Liabilities</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Deferred foreign capital
    gains tax</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">5,004,617</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Payable for investments
    purchased</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">628,921</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Investment management fees
    payable (Note 3)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">423,889</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Investor relations fees
    payable (Note 3)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">39,786</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Director fees payable</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">35,950</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Administration fees payable
    (Note 3)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">30,828</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other
    accrued expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">194,646</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Total
    liabilities</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>6,358,637</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    Assets</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>478,278,804</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Composition
    of Net Assets</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Capital stock (par value $.001 per share)
    (Note 5)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">26,905</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Paid-in capital in excess
    of par</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">329,130,891</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Distributable
    earnings</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">149,121,008</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    Assets</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>478,278,804</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    asset value per share based on 26,904,575 shares issued and outstanding</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">17.78</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">See
Notes to Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">The India Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><FONT STYLE="font-size: 7pt"><B>11</B></FONT></TD></TR>
</TABLE></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Statement
of Operations&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">For
the Six-Month Period Ended June&nbsp;30, 2020</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    Investment Income</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Income</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; width: 85%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Dividends
    and other income (net of foreign withholding taxes of $265,222)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 3%; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 9%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2,649,494</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    Investment Income</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2,649,494</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Expenses:</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Investment management fee
    (Note 3)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">2,762,684</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Administration fee (Note
    3)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">204,054</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Custodian's fees and expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">136,420</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Directors' fees and expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">133,700</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">88,998</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Investor relations fees
    and expenses (Note 3)</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">76,054</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Insurance expense</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">66,458</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Reports to shareholders
    and proxy solicitation</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">55,892</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Independent auditors' fees
    and expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">48,185</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Transfer agent's fees and
    expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">12,572</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">68,535</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    expenses</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">3,653,552</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    Investment Loss</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(1,004,058</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions:</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    realized gain/(loss) from:</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Investment transactions</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">7,525,397</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Foreign
    currency transactions</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(242,685</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">7,282,712</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    change in unrealized appreciation/(depreciation) on:</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Investments (including
    $7,300,012 change in deferred capital gains tax) (Note 2(f))</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(109,360,439</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Foreign
    currency translation</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">7,681</FONT></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(109,352,758</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    realized and unrealized (loss) from investments and foreign currency transactions</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">(102,070,046</FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>Net
    Decrease in Net Assets Resulting from Operations</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>(103,074,104</B></FONT></TD><TD STYLE="background-color: rgb(239,240,240); border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">See
Notes to Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>12</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The India Fund, Inc.</FONT></TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Statements
of Changes in Net Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; background-color: rgb(239,240,240); padding-top: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">For the<BR> Six Month<BR> Period Ended<BR> June&nbsp;30, 2020<BR> (unaudited)</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">For the<BR> Year Ended<BR> December&nbsp;31, 2019</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>Increase/(Decrease)
    in Net Assets</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; padding-bottom: 1pt"><B>Operations:</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; width: 69%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Net investment income/(loss)</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 5%; text-align: right; padding-bottom: 1pt">$</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(1,004,058</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 5%; text-align: right; padding-bottom: 1pt">$</TD><TD STYLE="padding-top: 1pt; width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">810,659</TD><TD STYLE="padding-top: 1pt; width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Net realized gain from investment and foreign currency related transactions</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">7,282,712</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">70,545,070</TD><TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 1pt">Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation</TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(109,352,758</TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(42,281,866</TD><TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">Net increase/(decrease) in net assets resulting from operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">(103,074,104</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">29,073,863</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>Distributions
    to Shareholders from:</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">Distributable earnings</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">(26,635,529</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">(62,687,660</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">Net decrease in net assets from distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">(26,635,529</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">(62,687,660</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">Repurchase of shares under open market repurchase policy (0 and 23,272, respectively) (Note 6)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">(476,869</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">Change in net assets from capital transactions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">(476,869</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">Change in net assets resulting from operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">(129,709,633</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">(34,090,666</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>Net Assets:</B></TD>
    <TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="background-color: rgb(239,240,240); padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-top: 8pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 1pt">Beginning of period</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt">607,988,437</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt">642,079,103</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; padding-top: 3pt; padding-bottom: 1pt"><B>End
    of period</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: right; padding-bottom: 1pt"><B>478,278,804</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(239,240,240); padding-top: 3pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><B>$</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: right; padding-bottom: 1pt"><B>607,988,437</B></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; text-align: left; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts
listed as &quot;&ndash;&quot; are $0 or round to $0.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">See
Notes to Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">The India Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><FONT STYLE="font-size: 7pt"><B>13</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
Highlights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-top: 4pt; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: right">For the<BR> Six-Month<BR> Period Ended<BR> June&nbsp;30, 2020</TD>
    <TD STYLE="padding-top: 4pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1.5pt solid; padding-top: 4pt; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: center">For the Fiscal Years Ended December&nbsp;31,</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(220,221,222); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(unaudited)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2019</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2018</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2017</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2016</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2015</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PER
    SHARE OPERATING PERFORMANCE<SUP>(a)</SUP>:</B></FONT></TD><TD STYLE="padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; width: 42%; font: 10pt Arial, Helvetica, Sans-Serif">Net asset value, beginning of period</TD><TD STYLE="padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; width: 12%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$22.60</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; width: 7%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$23.84</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; width: 7%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$29.50</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; width: 7%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$24.24</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; width: 7%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$25.95</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; width: 7%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$28.63</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-left: 6pt; text-align: left">Net investment income/(loss)</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.04</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.03</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.04</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.01</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.01</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><SUP>(b)</SUP></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -11pt; padding-top: 3pt; padding-left: 17pt; text-align: left">Net realized and
    unrealized gains/(losses) on investments and foreign currency transactions</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3.22</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.06</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.25</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.37</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.09</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.91</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total from investment operations</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3.26</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.09</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.29</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.36</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.09</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.90</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-left: 6pt; text-align: left">Dividends and distributions to shareholders from:</TD><TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-left: 6pt; text-align: left">Net investment income</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.56</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.01</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.77</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)<SUP>(c)</SUP></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.04</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(0.16</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Net realized gains</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2.32</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3.73</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)<SUP>(c)</SUP></TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3.16</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.67</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.66</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total dividends and distributions to shareholders</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.56</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2.33</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(4.50</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3.16</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.71</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.82</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-left: 6pt">Capital Share Transactions:</TD><TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Impact due to open market repurchase policy (Note 6)</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.13</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.06</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.09</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total capital share transactions</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&ndash;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.13</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.06</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.09</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif">Net asset value, end of period</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$17.78</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$22.60</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$23.84</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$29.50</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$24.24</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$25.95</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-left: 6pt; font: 10pt Arial, Helvetica, Sans-Serif">Market value, end of period</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$15.48</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$20.13</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$20.24</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$26.12</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$21.39</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">$22.74</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 10pt; padding-left: 6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Investment Return Based on<SUP>(d)</SUP>:</B></FONT></TD><TD STYLE="padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-left: 6pt">Market value</TD><TD STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(17.68%</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10.90%</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(6.00%</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">36.45%</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.20%</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(4.42%</TD><TD STYLE="white-space: nowrap; padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; padding-bottom: 1pt">Net asset value</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(15.79%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">5.70%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(1.94%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">35.98%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">0.50%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(1.67%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)<SUP>(e)</SUP></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 10pt; padding-left: 6pt; text-align: left"><B>Ratio to Average Net Assets/Supplementary
    Data:</B></TD><TD STYLE="padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; padding-top: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: left; padding-bottom: 1pt">Net assets, end of period (000 omitted)</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$478,279</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$607,988</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$642,079</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$825,611</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$689,736</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$759,064</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: left; padding-bottom: 1pt">Average net assets (000 omitted)</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$512,937</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$623,568</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$756,480</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$836,037</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$770,618</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">$862,993</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net expenses<SUP>(f)</SUP></FONT></TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1.43%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><SUP>(g)</SUP></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1.35%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1.32%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1.26%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1.33%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">1.32%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: left; padding-bottom: 1pt">Net investment income/(loss)</TD><TD STYLE="padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(0.39%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)<SUP>(g)</SUP></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">0.13%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(0.13%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(0.02%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(0.01%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">0.05%</TD><TD STYLE="white-space: nowrap; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><SUP>(b)</SUP></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: left; padding-bottom: 1pt">Portfolio turnover</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">10.06%</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">14.43%</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">12.62%</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">12.15%</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">12.25%</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: right; padding-bottom: 1pt">5.74%</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Based
on average shares outstanding.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Included
within the net investment income per share and the ratio of net investment income to average net assets are the effects of an
adjustment to a foreign tax liability. If such amounts were excluded, the net investment income per share and the ratio of net
investment income to average net assets would have been $(0.01) and (0.04%), respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
current year presentation has been revised to appropriately reflect the known source of dividends and distributions to shareholders
from net investment income and net realized gains. Previously (4.50) from net investment income.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
investment return based on market value is calculated assuming that shares of the Fund's common stock were purchased at the closing
market price as of the beginning of the period, dividends, capital gains, and other distributions were reinvested as provided
for in the Fund's dividend reinvestment plan and then sold at the closing market price per share on the last day of the period.
The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total
investment return based on the net asset value is similarly computed except that the Fund's net asset value is substituted for
the closing market value.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Includes
adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset
value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and
returns based upon net asset value as reported.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>14</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The India Fund, Inc.</FONT></TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Financial
Highlights</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<FONT STYLE="font-size: 11pt">(concluded)</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prior
to 2016, the ratio was inclusive of foreign tax expense paid to Mauritius on the Fund's taxable income. The Fund exited its Mauritius
structure in 2015.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Annualized.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amounts
listed as &quot;&ndash;&quot; are $0 or round to $0.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See Notes
to Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">The India Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><B>15</B></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Notes
to Financial Statements&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June&nbsp;30,
2020</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>1.
Organization</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
India Fund,&nbsp;Inc. (the &quot;Fund&quot;) was incorporated in Maryland on December&nbsp;27, 1993 and commenced operations on
February&nbsp;23, 1994. The Fund is registered under the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;),
as a non-diversified closed-end management investment company.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund's investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in the equity
securities of Indian companies.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>2.
Summary of Significant Accounting Policies</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (&quot;FASB&quot;) Accounting Standard Codification Topic 946 Financial Services-Investment Companies.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
The policies conform to accounting principles generally accepted in the United States of America (&quot;GAAP&quot;). The preparation
of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates. The books and accounting records of the Fund are maintained
in U.S. Dollars.</FONT></P>

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<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.
Security Valuation:</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund values its securities at current market value or fair value, consistent with regulatory requirements. &quot;Fair value&quot;
is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer
a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement
date.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security
is traded at the &quot;Valuation Time&quot; subject to application, when appropriate, of the valuation factors described in the
paragraph below. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m.&nbsp;Eastern
Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal
exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end
funds and exchange-traded funds (&quot;ETFs&quot;) are valued at the market price of the security at the Valuation Time. A security
using any of these pricing methodologies is determined to be a Level 1 investment.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

</DIV>

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<DIV STYLE="float: right; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign
equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation
factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service
provider approved by the Board of Directors (the &quot;Board&quot;). These valuation factors are used when pricing the Fund's
portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign
securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange
rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are
utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on
their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded
price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a
valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to
be a Level 1 investment.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term
investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The
Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify
as a &quot;government money market fund&quot; pursuant to Rule&nbsp;2a-7 under the 1940 Act, and has an objective to maintain
a $1.00 per share net asset value (&quot;NAV&quot;), and which objective is not guaranteed. Generally, these investment types
are categorized as Level 1 investments.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because
the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined
by the Fund's Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies
and procedures approved by the Fund's Board of Directors (the &quot;Board&quot;). A security that has been fair valued by the
Fund's Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair
value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the
fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in
active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including
adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon
unobservable inputs that are significant to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>16</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The India Fund, Inc.</FONT></TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Notes
to Financial Statements&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">(unaudited) (continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">June&nbsp;30,
2020</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
valuation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability,
which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that
reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability
developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy
is based upon the</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
<DIV STYLE="float: right; width: 48%"><P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">lowest
level of any input that is significant to the fair value measurement. The three-level hierarchy of inputs is summarized below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
1 &ndash; quoted prices in active markets for identical investments;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
2 &ndash; other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
and credit risk); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
3 &ndash; significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></P>

<DIV STYLE="clear: both; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following is a summary of the inputs used as of June&nbsp;30, 2020 in valuing the Fund's investments at fair value. The inputs
or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Please refer to the Portfolio of Investments for a detailed breakout of the security types:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-left: 5pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Investments,
    at Value</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">Level
    1 &ndash; Quoted<BR> Prices ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">Level
    2 &ndash; Other Significant<BR> Observable Inputs ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">Level
    3 &ndash; Significant<BR> Unobservable Inputs ($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">Total
    ($)</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Investments
    in Securities</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; font-size: 10pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 5pt; width: 26%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Common
    Stocks</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; width: 18%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$777,080</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; width: 22%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$476,219,483</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; width: 20%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; width: 14%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$476,996,563</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Short-Term
    Investment</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,778,984</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,778,984</FONT></TD></TR>
<TR STYLE="background-color: rgb(239,240,240); vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 5pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$2,556,064</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$476,219,483</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$&ndash;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-right: 10pt; border-bottom: Black 1.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$478,775,547</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts
listed as &quot;-&quot; are $0 or round to $0.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="float: left; width: 48%"><P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During
the period ended June&nbsp;30, 2020, there were no significant changes to the fair valuation methodologies.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund held no Level 3 securities as of June&nbsp;30, 2020.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b.
Foreign Currency Translation:</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign
securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at
the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing
service approved by the Board.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign
currency amounts are translated into U.S. Dollars on the following basis:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">market
value of investment securities, other assets and liabilities &ndash; at the current daily rates of exchange at the Valuation Time;
and</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purchases
and sales of investment securities, income and expenses &ndash; at the relevant rates of exchange prevailing on the respective
dates of such transactions.</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund does not isolate that portion of gains and losses on investments in equity securities which is due to changes in the foreign
exchange rates from that which is due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign
currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses
on investment transactions balances.</FONT></P>
</DIV>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
<DIV STYLE="float: right; width: 48%"><P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund reports certain foreign currency related transactions and foreign taxes withheld on security transactions as components of
realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income
for U.S. federal income tax purposes.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates
are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets
and liabilities denominated in foreign currencies.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies
and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security
transactions, and the difference between the amounts of interest and dividends recorded on the Fund's books and the U.S. Dollar
equivalent of the amounts actually received.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign
security and currency transactions may involve certain considerations and risks not typically associated with those of domestic
origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the
U.S. Dollar rises in value against foreign currency, the Fund's investments denominated in that foreign currency will lose value
because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.</FONT></P>
</DIV>
<DIV STYLE="clear: both; width: 100%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 7pt">The India Fund, Inc.</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right; width: 0.25in"><B>17</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Notes
to Financial Statements&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(unaudited) (continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June&nbsp;30,
2020</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c.
Security Transactions,&nbsp;Investment Income and Expenses:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Security
transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are
calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date except for certain dividends on foreign
securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income and expenses are recorded
on an accrual basis.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>d.
Distributions:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has implemented a managed distribution policy (&quot;MDP&quot;) to pay distributions from net investment income supplemented
by net realized foreign exchange gains, net realized capital gains and return of capital distributions, if necessary, on a quarterly
basis. The MDP is subject to regular review by the Board.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund records dividends and distributions payable to its shareholders on the ex-dividend date. The amount of dividends and distributions
from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which
may differ from GAAP. These book basis/tax basis differences are either considered temporary or permanent in nature. To the extent
these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax
basis treatment; temporary differences do not require reclassification.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
and distributions which exceed net investment income and net realized capital gains for tax purposes are reported as return of
capital.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>e.
Federal Income Taxes:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund intends to continue to qualify as a &quot;regulated investment company&quot; by complying with the provisions available to
certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions
of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal
income taxes. Therefore, no federal income tax provision is required.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund recognizes the tax benefits of uncertain tax positions only where the position is &quot;more likely than not&quot; to be
sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain
tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax
returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended
December&nbsp;31, 2019 are subject to such review.</FONT></P>
</DIV>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
<DIV STYLE="float: right; width: 48%">
<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>f.
Foreign Withholding Tax:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividend
and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes. The above
taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Fund
accrues such taxes when the related income is earned.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, when the Fund sells securities within certain countries in which it invests, the capital gains realized may be subject
to tax. Based on these market requirements and as required under GAAP, the Fund accrues deferred capital gains tax on securities
currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported
on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
February&nbsp;1, 2018,&nbsp;Indian Finance Minister Arun Jaitley proposed to introduce a 10% tax on long-term capital gains on
non-resident taxpayers, including financial institutional investors. Under the existing regime, long-term capital gains on non-resident
taxpayers are exempt from income tax. This proposed tax was announced as part of the unveiling of the Budget proposals for 2018-2019
and would apply to the transfer of long-term capital assets exceeding Indian Rupee (INR) 100,000 on disposals of Indian listed
securities on or after April&nbsp;1, 2018. However, it was announced that all long-term capital gains up to January&nbsp;31, 2018
would be grandfathered and not subject to the proposed new tax. The tax proposal became effective April&nbsp;1, 2018 and the Fund
currently accrues this tax. (See Deferred foreign capital gains tax on the Statement of Assets and Liabilities).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>g.
Restricted Securities:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restricted
securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted
securities, including unregistered securities eligible for resale without registration pursuant to Rule&nbsp;144A and privately-placed
securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities
Act of 1933, as amended. Rule&nbsp;144A securities may be freely traded among certain qualified institutional investors, such
as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>3.
Agreements and Transactions with Affiliates</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a.
Investment Manager:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aberdeen
Standard Investments (Asia) Limited (&quot;ASIAL&quot;) serves as the Fund's investment manager with respect to all investments.
For its services, ASIAL receives fees at an annual rate of: (i)&nbsp;1.10% for the first $500 million of the Fund's average weekly
Managed Assets; (ii)&nbsp;0.90%</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<DIV STYLE="clear: both; width: 100%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>18</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">The India Fund, Inc.</FONT></TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<!-- Field: Split-Segment; Name: 5 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<DIV STYLE="background-color: rgb(220,221,222)">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements&nbsp;</FONT>(unaudited)
(continued)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">June&nbsp;30, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">for the next $500 million of the Fund's
        average weekly Managed Assets; (iii)&nbsp;0.85% for the next $500 million of the Fund's average weekly Managed Assets; and (iv)&nbsp;0.75%
        for the Fund's average weekly Managed Assets in excess of $1.5 billion. Managed Assets is defined in the investment management
        agreement as net assets plus the amount of any borrowings for investment purposes. For the six-month period ended June&nbsp;30,
        2020, ASIAL earned a gross management fee of $2,762,684.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>b. Fund Administration:</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Aberdeen Standard Investments Inc. (&quot;ASII&quot;)
        an affiliate of ASIAL, serves as the Fund's administrator and receives a fee payable monthly by the Fund at an annual rate of 0.08%
        of the value of the Fund's average monthly net assets. For the six-month period ended June&nbsp;30, 2020, the Fund paid a total
        of $204,054 in administrative fees to ASII.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>c. Investor Relations:</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under the terms of the Investor Relations
        Services Agreement, ASII provides and/or engages third parties to provide investor relations services to the Fund and certain other
        funds advised by ASIAL or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement,
        the Fund owes a portion of the fees related to the Investor Relations Program (the &quot;Fund's Portion&quot;). However, investor
        relations services fees are limited by ASII so that the Fund will only pay up to an annual rate of 0.05% of the Fund's average
        net assets per annum. Any difference between the capped rate of 0.05% of the Fund's average net assets per annum and the Fund's
        Portion is paid for by ASII.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Investor Relations
        Services Agreement, ASII, (or third parties engaged by ASII) among other things, provides objective and timely information to shareholders
        based on publicly-available information; provides information efficiently through the use of technology while offering shareholders
        immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment
        professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager
        interviews, films and webcasts, published white papers, magazine articles and other relevant materials discussing the Fund's investment
        results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders;
        responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into
        general shareholder sentiment.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the six-month period ended June&nbsp;30,
        2020, the Fund incurred investor relations fees of approximately $76,054. For the six-month period ended June&nbsp;30, 2020, ASII
        did not contribute to the investor</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 4%; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">relations fees for the Fund because the
        Fund's contribution was below 0.05% of the Fund's average weekly net assets on an annual basis.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4. Investment Transactions</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Purchases and sales of investment securities
        (excluding short-term securities) for the six-month period ended June&nbsp;30, 2020, were $52,069,578 and $84,730,621, respectively.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>5. Capital</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The authorized capital of the Fund is 100
        million shares of $0.001 par value per share of common stock. During the six-month period ended June&nbsp;30, 2020, the Fund repurchased
        0 shares under its targeted discount policy (See Note 6). As of June&nbsp;30, 2020, there were 26,904,575 shares of common stock
        issued and outstanding.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>6. Targeted Discount Policy</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Under the open market repurchase policy,
        the Fund did not repurchase any shares during the six-month period ended June&nbsp;30, 2020 and repurchased 23,272 shares for $476,869
        during the fiscal year ended December&nbsp;31, 2019.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>7. Portfolio Investment Risks</B></P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>a. Risks Associated with Foreign Securities
        and Currencies</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Investments in securities of foreign issuers
        carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political
        and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions.
        In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, and
        political or social instability or diplomatic developments, which could adversely affect investments in those countries.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Certain countries also may impose substantial
        restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries
        deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a
        lack of liquidity and high price volatility with respect to securities of issuers from developing countries. Foreign securities
        may also be harder to price than U.S. securities.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Some countries require governmental approval
        for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if
        there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on
        foreign capital remittances abroad. Amounts repatriated prior to the end of specified periods may be subject to taxes as imposed
        by a foreign country.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right">The India Fund,&nbsp;Inc.</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right; width: 0.25in"><B>19</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
</DIV>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements&nbsp;</FONT>(unaudited)
(continued)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">June&nbsp;30, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The value of foreign currencies relative
        to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline
        in the value of a foreign currency versus the U.S. Dollar reduces the value in the U.S. Dollars of investments denominated in that
        foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging
        techniques used by the Fund's investment manager are unsuccessful.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>b. Risks Associated with Indian Markets</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Indian securities markets are, among
        other things, substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United
        States. Consequently, acquisitions and dispositions of Indian securities involve special risks and considerations not present with
        respect to U.S. securities.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>c. Sector Risk</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To the extent that the Fund has a significant
        portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an
        economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more
        broadly.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In particular, being invested heavily in
        the financial sector may make the Fund vulnerable to risks and pressures facing companies in that sector, such as regulatory, consolidation,
        interest rate changes and general economic conditions.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Financial Sector Risk.</I>&nbsp;To the
        extent that the financial sector represents a significant portion of the Fund's investments, the Fund will be sensitive to changes
        in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials
        sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit
        rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements,
        recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole
        cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent
        in this sector and have caused significant losses.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Consumer Staples Sector Risk.</I>&nbsp;Companies
        in the consumer staples sector may be adversely affected by changes in the global economy, consumer spending, competition, demographics
        and consumer preferences, and production spending. Companies in the consumer staples sector may also be affected by changes in
        global economic, environmental and political events, economic conditions, the depletion of resources, and government regulation.
        For instance, government regulations may affect the permissibility of using various food additives</P></TD>
    <TD STYLE="width: 4%; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">and production methods of companies that
        make food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the adoption
        of proposed legislation and/or by litigation. Companies in the consumer staples sector also may be subject to risks pertaining
        to the supply of, demand for and prices of raw materials. The prices of raw materials fluctuate in response to a number of factors,
        including, without limitation, changes in government agricultural support programs, exchange rates, import and export controls,
        changes in international agricultural and trading policies, and seasonal and weather conditions. Companies in the consumer staples
        sector may be subject to severe competition, which may also have an adverse impact on their profitability.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Information Technology Sector Risk.</I>&nbsp;To
        the extent that the information technology sector represents a significant portion of the Fund, the Fund will be sensitive to changes
        in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face
        intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other
        technology companies, information technology companies may have limited product lines, markets, financial resources or personnel.
        The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product
        introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information
        technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may
        adversely affect the profitability of these companies.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>d. Valuation Risk</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The price that the Fund could receive upon
        the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities
        that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent
        pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund,
        and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund's
        ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party
        service providers.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>e. Market Events Risk</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Markets are affected by numerous factors,
        including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of
        other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those
        arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns,</P></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: rgb(220,221,222); width: 0in"></TD><TD STYLE="background-color: rgb(220,221,222); text-align: left; width: 0.25in"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>20</B></FONT></TD><TD STYLE="background-color: rgb(220,221,222); text-align: justify"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">The India Fund,&nbsp;Inc.</FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<DIV STYLE="background-color: rgb(220,221,222)">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Notes to Financial Statements&nbsp;</FONT>(unaudited)
(concluded)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">June&nbsp;30, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">political changes or diplomatic developments,
        public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause
        the Fund to lose value.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">One such event is the COVID-19 pandemic,
        which has caused major disruptions to economies and markets around the world, including the markets in which the Fund invests,
        and which has and may continue to negatively impact the value of the Fund's investments as described in the Letter Shareholders
        and Report of the Investment Manager. The COVID-19 pandemic and impacts thereof may continue for an extended period of time. To
        the extent the impacts of COVID-19 continue, the Fund may experience negative impacts to its business that could exacerbate other
        risks to which the Fund is subject.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Policy and legislative changes in countries
        around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators
        throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary
        policy changes. The impact of these changes on the markets, and the practical implications for</P></TD>
    <TD STYLE="width: 4%; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">market participants, may not be fully known
        for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a
        result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing
        economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8. Contingencies</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Fund
        may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under
        these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however,
        the Fund expects the risk of loss from such claims to be remote.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>9. Tax Information</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The U.S. federal income tax basis of the
        Fund's investments (including derivatives, if applicable) and the net unrealized appreciation as of June&nbsp;30, 2020, were as
        follows:</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><B>Tax Basis of Investments</B></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>Appreciation</B></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>Depreciation</B></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; text-align: right"><B>Net Unrealized<BR> Appreciation</B></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; width: 22%; text-align: left; padding-bottom: 1pt">$317,772,118</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: right; padding-bottom: 1pt">$187,689,310</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 25%; text-align: right; padding-bottom: 1pt">$(26,685,881)</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; width: 25%; text-align: right; padding-bottom: 1pt">$161,003,429</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>10. Subsequent Events</B></P>
        <P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Management has evaluated the need for disclosures
        and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation,
        no disclosures and/or adjustments were required to the financial statements as of June&nbsp;30, 2020.</P></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right">The India Fund,&nbsp;Inc.</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right; width: 0.25in"><B>21</B></TD></TR>
</TABLE>

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</DIV>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Supplemental Information&nbsp;</FONT>(unaudited)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Results of Annual Meeting of Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 48%"><FONT STYLE="font-size: 9.5pt">The Annual Meeting of Shareholders was held on Wednesday,
May&nbsp;27, 2020. The description of the proposals and number of shares voted at the meeting are as follows:</FONT></TD><TD STYLE="width: 4%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 48%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">1. To elect two Class&nbsp;II Directors to the Board of Directors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 85%; margin-left: 1in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 8pt; text-align: right; font-size: 11pt"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>Votes For</B></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B>Votes Against</B></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><B>Abstain</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8pt; width: 24%; text-align: left; padding-bottom: 1pt">Nisha Kumar</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); font: 9pt Arial, Helvetica, Sans-Serif; width: 24%; text-align: right; padding-bottom: 1pt">17,855,129</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); font: 9pt Arial, Helvetica, Sans-Serif; width: 23%; text-align: right; padding-bottom: 1pt">1,997,140</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); font: 9pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; width: 23%; text-align: right; padding-bottom: 1pt">339,185</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8pt; text-align: left; padding-bottom: 1pt">Luis Rubio</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">17,619,028</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">2,336,880</TD><TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; background-color: rgb(239,240,240); border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right; padding-bottom: 1pt">235,549</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">Directors whose term of office continued beyond the Meeting
are as follows: Martin Gilbert, Nancy Yao Maasbach, Jeswald Salacuse and Hugh Young.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="background-color: rgb(220,221,222); width: 0in"></TD><TD STYLE="background-color: rgb(220,221,222); text-align: left; width: 0.25in"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>22</B></FONT></TD><TD STYLE="background-color: rgb(220,221,222); text-align: justify"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">The India Fund,&nbsp;Inc.</FONT></TD>
</TR>
</TABLE>

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</DIV>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Dividend Reinvestment and Optional
Cash Purchase Plan</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 11pt">(unaudited)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund intends to distribute to stockholders
        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-term and short-term capital gains net of expenses. Pursuant to the
        Dividend Reinvestment and Optional Cash Purchase Plan (the &quot;Plan&quot;), stockholders whose shares of common stock are registered
        in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company
        N.A. (the &quot;Plan Agent&quot;) in the Fund shares pursuant to the Plan, unless such stockholders elect to receive distributions
        in cash. Stockholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars
        mailed directly to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders 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 stockholders as representing the total amount registered in such stockholders'
        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.
        Please note that the Fund does not issue certificates so all shares will be registered in book entry form.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Plan Agent serves as agent for the
        stockholders in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution
        payable either in the Fund'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 NAV per share on that date, the Fund will issue new shares to participants
        at NAV; provided, however, that if the NAV is less than 95% of the market price on the 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 trading day. If NAV 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' accounts
        on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV
        of a Fund share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares,</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%">
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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. Because
        of t<FONT STYLE="font-size: 9.5pt">h</FONT>e foregoing 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 will receive the uninvested portion of the dividend amount in newly issued shares at the close of business
        on the last purchase date.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Participants have the option of making
        additional cash payments of a minimum of $50 per investment to the Plan Agent for investment in the Fund's common stock, with an
        annual maximum contribution of $250,000. The Plan Agent will use all such funds received from participants to purchase Fund shares
        in the open market within five business days after receiving the funds.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If the participant sets up recurring automatic
        monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day
        if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts
        in the Plan and furnishes written confirmations of all transactions in an account, including information needed by stockholders
        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's proxy will include those shares purchased pursuant to the Plan. There is no charge to participants
        for reinvesting dividends or capital gains distributions or voluntary cash payments. The Plan Agent's fees for the reinvestment
        of dividends, capital gains distributions and voluntary cash payments will be paid by the Fund. There will be no 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 per share fee of currently $0.02 incurred with respect to the Plan Agent's open market purchases
        in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant.
        Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Participants also have the option of selling
        their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day
        and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare's broker,
        net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours.
        Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right">The India Fund,&nbsp;Inc.</TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; background-color: rgb(220,221,222); text-align: right; width: 0.25in"><B>23</B></TD></TR>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Dividend Reinvestment and Optional
Cash Purchase Plan</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT>(unaudited) (concluded)</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="font-size: 9.5pt; vertical-align: top">
    <TD STYLE="font-size: 9.5pt; width: 48%"><P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9.5pt">will
        sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must
        be presented to complete this transaction. Market Order sales may only be requested by phone or using Investor Center.
        ($25 and $0.12 per share).</FONT></P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9.5pt">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. 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</FONT></P></TD>
    <TD STYLE="font-size: 9.5pt; width: 4%; text-align: justify"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9.5pt; width: 48%; text-align: justify"><FONT STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif">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&nbsp;or policies of a regulatory authority)
    only by at least 30 days' written notice to participants in the Plan. All correspondence concerning the Plan should be directed
    to the Plan Agent at Computershare Trust Company N.A., P.O.&nbsp;Box 505000, Louisville, KY 40233-5000.</FONT></TD></TR>
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</TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Corporate Information</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Directors</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Martin Gilbert</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Nisha Kumar</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Nancy Yao Maasbach</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Luis F. Rubio</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Jeswald W. Salacuse,&nbsp;<I>Chairman</I></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hugh Young</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investment Manager</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Aberdeen Standard Investments (Asia) Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">21 Church Street</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">#01-01 Capital Square Two</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Singapore 049480</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Administrator</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Aberdeen Standard Investments Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">1900 Market Street, Suite&nbsp;200</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Custodian</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">State Street Bank and Trust Company</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">1 Heritage Drive, 3rd Floor</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">North Quincy, MA 02171</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Transfer Agent</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Computershare Trust Company, N.A.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">P.O.&nbsp;Box 505000</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Louisville, KY 40233</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Independent Registered Public Accounting Firm</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">KPMG LLP</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">1601 Market Street</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Fund Legal Counsel</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Simpson Thacher&nbsp;&amp; Bartlett LLP</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">900 G Street, N.W.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Washington, DC 20001</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Aberdeen Standard Investments Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">1900 Market Street, Suite&nbsp;200</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Philadelphia, PA 19103</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">1-800-522-5465</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investor.Relations@aberdeenstandard.com</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2024797d3_ncsrs-img03.jpg" ALT="">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt"><B>Aberdeen
Standard Investments (Asia) Limited (formerly Aberdeen Asset Management Asia Limited)</B></FONT></P>

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<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying Financial Statements as of June&nbsp;30, 2020
were not audited and accordingly, no opinion is expressed thereon.</P>

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<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Notice is hereby given in accordance with Section&nbsp;23(c)&nbsp;of
the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the
open market.</P>

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<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shares of The India Fund,&nbsp;Inc. are traded on the NYSE under
the symbol &quot;IFN&quot;. Information about the Fund's net asset value and market price is available at www.aberdeenifn.com.</P>

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<P STYLE="text-align: justify; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This report, including the financial information herein, is transmitted
to the shareholders of The India Fund,&nbsp;Inc. for their general information only. It does not have regard to the specific investment
objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future returns.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">IFN-SEMI-ANNUAL</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2 - Code of Ethics.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Not applicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3 - Audit Committee Financial Expert.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Not applicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4 - Principal Accountant Fees and Services.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Not applicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5 - Audit Committee of Listed Registrants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Not applicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6 - Investments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD STYLE="text-align: justify">Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the
Reports to Stockholders filed under Item 1 of this Form N-CSR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><B>Item 7 - Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Not applicable to semi-annual
report on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8 - Portfolio Managers of Closed-End Management Investment
Companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">(a) Not
applicable to semi-annual report on Form N-CSR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(b) During the period ended June 30, 2020, there were
no changes in the Portfolio Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9 - Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No such purchases were made by or on behalf of the Registrant
during the period covered by the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 10 - Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period ended June 30, 2020,
there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant&#8217;s Board of
Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 11. Controls and Procedures.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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 (the &#8220;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 the evaluation of these controls and procedures required
by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">There were no changes in the Registrant&#8217;s internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under
the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant&#8217;s last fiscal half-year that has materially affected, or
is reasonably likely to materially affect, the Registrant&#8217;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 12. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)(1)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="tm2024797d3_ex99-cert.htm">(a)(2)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2024797d3_ex99-cert.htm">Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302
of the Sarbanes-Oxley Act of 2002 are attached hereto.</A></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(a)(3)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(a)(4)</TD><TD STYLE="text-align: justify">Change in the registrant&#8217;s
independent public accountant &#8211; Not applicable for this reporting period.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><A HREF="tm2024797d3_ex99-906cert.htm">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2024797d3_ex99-906cert.htm">Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906
of the Sarbanes-Oxley Act of 2002 are attached hereto.</A></TD></TR>                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(c)</TD><TD STYLE="text-align: justify">A copy of the Registrant&#8217;s notices to stockholders, which accompanied distributions paid,
pursuant to the Registrant&#8217;s Managed Distribution Policy since the Registrant&#8217;s last filed N-CSR, are filed herewith
as Exhibits 12(c)(1) and 12(c)(2) as required by the terms of the Registrant&#8217;s SEC exemptive order.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)<U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The India Fund, Inc.&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By (Signature and Title):</FONT><I><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Alan Goodson</U></I><U><FONT STYLE="font-size: 10pt">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U><FONT STYLE="font-size: 10pt"></FONT></U>&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Alan
Goodson, Principal Executive Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By (Signature and Title):<U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></FONT><U><I>/s/ Alan Goodson</I>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><BR>
</FONT></U><FONT STYLE="font-size: 10pt">&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Alan Goodson, Principal Executive Officer</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By (Signature and Title):<U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></FONT><U><I>/s/ Andrea Melia</I>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-size: 10pt"><BR>
</FONT></U><FONT STYLE="font-size: 10pt">&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Andrea Melia, Principal Financial Officer</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2024797d3_ex99-cert.htm
<DESCRIPTION>EXHIBIT-99.CERT
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 99.CERT</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Certification
Pursuant to Rule </B></FONT><B>30a-2(a) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">under
the 1940 Act and Section 302 of the Sarbanes-Oxley Act</FONT></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Alan Goodson, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of The India Fund, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the registrant&#8217;s first fiscal half-year covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">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):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: September 8, 2020</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Alan Goodson </I></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Goodson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Certification
Pursuant to Rule </B></FONT><B>30a-2(a) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">under
the 1940 Act and Section 302 of the Sarbanes-Oxley Act</FONT></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Andrea Melia, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of The India Fund, Inc;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">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:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the registrant&#8217;s first fiscal half-year covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">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):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: September 8, 2020</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Andrea Melia</I></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Andrea Melia</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Principal Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>tm2024797d3_ex99-906cert.htm
<DESCRIPTION>EXHIBIT-99.906 CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 99.906CERT</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Certification
Pursuant to Rule </FONT>30a-2(b) <FONT STYLE="text-transform: uppercase">under the 1940 Act and Section 906 of the Sarbanes-Oxley
Act</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alan Goodson, Principal Executive Officer,
and Andrea Melia, Principal Financial Officer, of The India Fund, Inc., a Maryland corporation (the &#8220;Registrant&#8221;),
each certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Registrant&#8217;s periodic report on Form N-CSR for the period ended June 30, 2020 (the &#8220;Form
N-CSR&#8221;) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as
amended, as applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL EXECUTIVE OFFICER</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The India Fund, Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Alan Goodson</I></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Goodson</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: September 8, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL FINANCIAL OFFICER</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The India Fund, Inc.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Andrea Melia</I></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea Melia</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: September 8, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This certification is being furnished solely
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure
document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained
by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
