-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B/qd0TO2KJE0pjk/79nFxkq14hnTe2hxKD+emOdP9V6y7h6pyeX65BVyXZtCuXOU TOxkp0eOzN8SL2VH4viDow== 0000912057-96-011319.txt : 19960604 0000912057-96-011319.hdr.sgml : 19960604 ACCESSION NUMBER: 0000912057-96-011319 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960603 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY INDIA INVESTMENT FUND INC CENTRAL INDEX KEY: 0000916618 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 132838811 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-08238 FILM NUMBER: 96575825 BUSINESS ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS CITY: BOSTON STATE: MA ZIP: 10020 BUSINESS PHONE: 6175578742 MAIL ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: INDIA INVESTMENT FUND INC DATE OF NAME CHANGE: 19931228 N-30B-2 1 N-30B-2 MORGAN STANLEY INDIA INVESTMENT FUND, INC. - --------------------------------------------- OFFICERS AND DIRECTORS Barton M. Biggs James W. Grisham CHAIRMAN OF THE BOARD VICE PRESIDENT OF DIRECTORS Harold J. Schaaff, Jr. Warren J. Olsen VICE PRESIDENT PRESIDENT AND DIRECTOR Joseph P. Stadler John Chu VICE PRESIDENT DIRECTOR Valerie Y. Lewis Gerard la Hausse de Louviere SECRETARY DIRECTOR James R. Rooney Gerard E. Jones TREASURER DIRECTOR Joanna M. Haigney John A. Levin ASSISTANT TREASURER DIRECTOR Fergus Reid DIRECTOR
- --------------------------------------------- INVESTMENT ADVISER Morgan Stanley Asset Management Inc. 1221 Avenue of the Americas New York, New York 10020 - -------------------------------------------------------- ADMINISTRATOR The Chase Manhattan Bank, N.A. 73 Tremont Street Boston, Massachusetts 02108 - -------------------------------------------------------- CUSTODIANS Morgan Stanley Trust Company (International) One Pierrepont Plaza Brooklyn, New York 11201 The Chase Manhattan Bank, N.A. (Domestic) 770 Broadway New York, New York 10003 - -------------------------------------------------------- SHAREHOLDER SERVICING AGENT American Stock Transfer & Trust Company 40 Wall Street New York, New York 10005 (800) 278-4353 - -------------------------------------------------------- LEGAL COUNSEL Rogers & Wells 200 Park Avenue New York, New York 10166 - -------------------------------------------------------- INDEPENDENT ACCOUNTANTS Price Waterhouse LLP 1177 Avenue of the Americas New York, New York 10036 - -------------------------------------------------------- For additional Fund information, including the Fund's net asset value per share and information regarding the investments comprising the Fund's portfolio, please call 1-800-221-6726. ------------------------ MORGAN STANLEY INDIA INVESTMENT FUND, INC. --------------------- FIRST QUARTER REPORT MARCH 31, 1996 MORGAN STANLEY ASSET MANAGEMENT INC. INVESTMENT ADVISER LETTER TO SHAREHOLDERS - -------- For the three months ended March 31, 1996, the Fund's total return, based on a net asset value per share, was 16.39% compared to 11.63% for the U.S. dollar adjusted Bombay Stock Exchange Sensitive Index. For the period since the Fund's commencement of operations on February 25, 1994 through March 31, 1996, the Fund's total return based on net asset value per share is -25.34% compared with - -27.06% for the BSE Sensitive Index. On March 29, 1996, the closing price of the Fund's shares on the New York Stock Exchange was $11 1/8, representing a 7.3% premium to the net asset value per share. The Indian market performed reasonably well for the first quarter. The market went up by 12.9% (BSE National in dollars) and was one of the better performing markets in Asia. We remain positive on the outlook for the Indian market for the rest of 1996. We base our optimism on a combination of earnings growth and a market re-rating. The India corporate sector's earnings had compounded growth of 41% over the last three years. While this blistering pace cannot be sustained we still expect EPS growth of 25%-30% for 96-97. The Indian market was de-rated from a P/E of 16-18 times eighteen months ago, to 10 times currently. The derating has happened for basically two reasons: a) extremely high real interest rates caused domestic investors to move away from equities and b) the risk premium foreigners attached to India increased as political uncertainity associated with the reform program increased. We feel that both of these factors are now set to unwind. Real interest rates have peaked and domestic liquidity has already begun to improve. The new credit policy announced by the Indian central bank has a definite bias towards easing monetary policy and has only strengthened our conviction that interest rates are headed lower. Post election (due in the first week of May 1996) we feel the reform program will continue irrespective of the party in power and this should reduce the uncertainity surrounding Indian politics, reforms, etc. Most Asian countries trade at current P/E's in excess of 15, while India is at 10. Even if India were to close this gap marginally, strong market performance should result. Foreign portfolio flows have been very strong exceeding $2 billion this quarter. Our expectation is that foreign flows will remain strong going forward as more institutions seeing India's strong first quarter performance build up neutral or overweight positions. The Fund is nearly fully invested and the mid-cap growth orientation of the portfolio should begin to pay off as the market rally continues. Sincerely, [SIGNATURE] Warren J. Olsen PRESIDENT AND DIRECTOR [SIGNATURE] Vinod Sethi PORTFOLIO MANAGER April 17, 1996 2 Morgan Stanley India Investment Fund, Inc. Investment Summary as of March 31, 1996 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
HISTORICAL INFORMATION (UNAUDITED) TOTAL RETURN (%) -------------------------------------------------------------------------- MARKET VALUE (1) NET ASSET VALUE (2) INDEX (1)(3) ------------------------ ----------------------- ----------------------- AVERAGE AVERAGE AVERAGE CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL ------------------------ ----------------------- ----------------------- FISCAL YEAR TO DATE 21.92% -- 16.39% -- 11.63% -- ONE YEAR 5.95 5.95% -11.37 -11.37% -4.35 -4.35% SINCE INCEPTION* -19.91 -10.05 -25.34 -13.01 -27.06 -13.97
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. - -------------------------------------------------------------------------------- RETURNS AND PER SHARE INFORMATION A BAR CHART REFLECTING THE DATA BELOW IS REFLECTED HERE.
YEARS ENDED DECEMBER 31: THREE MONTHS ENDED 1994* 1995 MARCH 31, 1996 (UNAUDITED) Net Asset Value Per Share $13.99 $8.91 $10.37 Market Value Per Share $11.25 $9.13 $11.13 Premium/(Discount) -19.6% 2.5% 7.3% Capital Gains Distributions $0.17 - - Fund Total Return (2) 0.72% -36.31% 16.39% Index Total Return (1)(3)** -8.03% -28.96% 11.63%
(1) Assumes dividends and distributions, if any, were reinvested. (2) Total investment return based on per share net asset value reflects the effects of changes in net asset value on the performance of the Fund during each period, and assumes dividends and distributions, if any, were reinvested. These percentages are not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the stock and the net asset value per share of the Fund. (3) US dollar adjusted Bombay Stock Exchange (BSE) Sensitive Index. * The Fund commenced operations on February 25, 1994. ** Unaudited. 3 Morgan Stanley India Investment Fund, Inc. Portfolio Summary as of March 31, 1996 (Unaudited) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PORTFOLIO INVESTMENTS DIVERSIFICATION EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
FIXED INCOME SECURITIES 0.5% Equity Securities 96.9% Short-Term Investments 2.6%
- -------------------------------------------------------------------------------- SECTORS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Automobiles 14.2% Banking 4.7% Building Materials & Components 5.2% Chemicals 4.8% Energy Equipment & Services 10.6% Financial Services 7.1% Health & Personal Care 6.3% Machinery & Engineering 5.3% Telecommunications 5.1% Textiles & Apparel 6.6% Other 30.1%
- -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS
PERCENT OF NET ASSETS --------------- 1. Bharat Heavy Electricals 6.7% 2. Housing Development Finance 5.9 Corp. 3. State Bank of India 3.9 4. Mahanagar Telephone Nigam 3.7 5. Tata Engineering & Locomotive 3.4 PERCENT OF NET ASSETS --------------- 6. Hindalco Industries Ltd. 2.5% 7. Container Corp. of India 2.5 8. Raymond Ltd. 2.2 9. Crompton Greaves Ltd. 2.2 10. Madras Cements 1.9 --- 34.9% --- ---
4 INVESTMENTS (UNAUDITED) - --------- MARCH 31, 1996
VALUE SHARES (000) - --------------------------------------------------------- - ------------ INDIAN COMMON STOCKS (96.3%) (Unless otherwise noted) - -------------------------------------------------- - ---------- APPLIANCES & HOUSEHOLD DURABLES (2.0%) Bharat Pipes & Fittings Ltd. 522,020 U.S.$ 119 Blow Plast Ltd. 227,100 1,132 IFB Industries Ltd. 400 1 Kelvinator 105,550 289 Kunstoffe Industries -- New 183,600 54 Onida Savak Ltd. 755 -- Peico Electronics & Electric 712,150 2,976 Punjab Anand Lamp Industries Ltd. 227,000 206 Salora International Ltd. 207,700 231 Supreme Industries Ltd. 170,000 1,795 Symphony Comfort Systems 7,700 9 TVS Whirlpool Ltd. 200,000 132 VIP Industries 161,900 356 ------------ 7,300 ------------ - ----------------------------------------------------------------- - ------------- AUTOMOBILES (14.2%) Apollo Tyres Ltd. 359,900 1,889 Apollo Tyres Ltd. (Rights) 245 -- Apollo Tyres Ltd. (Warrants) 141,859 220 Ashok Leyland 370,620 1,359 Autolec Industries 241,045 680 Autolite Ltd. 132,670 817 Ceat Tyres Ltd. 473,547 1,111 Engine Values Ltd. 19,050 341 Escorts Ltd. 121,050 422 Escorts Tractors Ltd. 100 -- Harig Crankshafts Ltd. 195,400 49 Hero Honda 169,308 1,440 Hitech Gears 94,000 168 Invel Transmissions 400 1 Invel Transmissions (Rights) 500 -- Jay Bharat Maruti 92,800 156 LML Ltd. 186,000 458 Lumax Automatic Parts Industries 299,200 1,158 Mahindra & Mahindra Ltd. 1,060 8 Modi Rubber Ltd. 550 1 Motherson Sumi 58,738 202 Motherson Sumi Systems Ltd. 165,200 569 Motherson Sumi Systems Ltd. (Rights) 120 -- Motor Industries Co. Ltd. 33,915 6,490 MRF Ltd. 68,650 5,234 Nippondenso India Ltd. 648,200 2,091 O.E.N. Connectors Ltd. 177,526 187 Pan Auto Ltd. 300,000 68 Premier Instruments Ltd. 245,987 1,450 Rane Madras Ltd. 130,300 1,376 Rico Auto Industries Ltd. 221,000 881 S.K.F. Bearings Ltd. 16,500 1,432 Sona Steering System 12,500 27 Subros Auto Ltd. 98,000 302 Subros Auto Ltd. -- New 61,395 189 Sundaram Abex Ltd. 24,700 170 Sundaram Brake 2,850 20 Sundaram Brake (Warrants) 2,850 -- Sundaram Fasteners Ltd. 229,300 4,438 Sundaram Fasteners Ltd. -- New 194,200 3,759 Swaraj Engines Ltd. 45,000 435 Tata Engineering & Locomotive 946,983 12,663 VST Tillers & Tractors -- New 173,000 355 ------------ 52,616 ------------ - ----------------------------------------------------------------- - ------------- VALUE SHARES (000) - --------------------------------------------------------- - ------------ BANKING (4.7%) Federal Bank Ltd. 253,000 U.S.$ 1,469 Federal Bank Ltd. (Rights) 126,500 734 Oriental Bank of Commerce 301,400 588 State Bank of India 2,089,120 14,566 ------------ 17,357 ------------ - ----------------------------------------------------------------- - ------------- BEVERAGES & TOBACCO (0.5%) ITC Ltd. 223,900 1,504 McDowell & Co. 227,950 159 United Breweries 100 -- ------------ 1,663 ------------ - ----------------------------------------------------------------- - ------------- BROADCASTING & PUBLISHING (1.4%) Control Print (India) Ltd. 27,500 12 Navneet Publications 155,400 991 New Delhi Television 66,660 1,320 Srishti Videocorp -- New 225,000 181 Tata Press 137,050 1,186 Zee Telefilms Ltd. 371,400 1,394 ------------ 5,084 ------------ - ----------------------------------------------------------------- - ------------- BUILDING MATERIALS & COMPONENTS (5.2%) Associated Cement Co., Ltd. 56,618 6,309 Bell Ceramics Ltd. 170,875 98 Bell Ceramics Ltd. -- New 254,770 146 Bell Ceramics Ltd. (Rights) 1,537 -- Dalmia Cement 124,950 931 Gujarat Sidhee Cement Ltd. 2,500,000 825 India Cements Ltd. GDR 85,000 467 ITW Signode India Ltd. 474,950 1,595 Madras Cements 21,665 6,989 Murudeshwar Ceramics Ltd. 346,700 813 Mysore Cements Ltd. 300 -- Orissa Cement 86,660 559 Priyadarshini Cement Ltd. 240,750 217 Shree Cements 224,050 332 Somani Cement Co., Ltd. 200,000 116 ------------ 19,397 ------------ - ----------------------------------------------------------------- - ------------- BUSINESS & PUBLIC SERVICES (0.0%) Elbee Services Ltd. 11,200 40 ------------ - ----------------------------------------------------------------- - ------------- CHEMICALS (4.7%) Asian Paints Ltd. 235,980 2,370 Atul Products Ltd. 255,471 450 Atul Products Ltd. -- New 90,000 158 Chemox Chemicals 250,000 337 Chemplast Sanmar Ltd. 'B' 100,000 422 Colour Chem Ltd. 13,645 1,320 Goodlass Nerolac Paints Ltd. 150 1 Gujarat Narmada Valley Fertilizers Ltd. 477,400 735 Gujarat Narmada Valley Fertilizers Ltd. GDR 212,000 1,511 Hindustan Organic Chemicals 315,000 312 ICI India Ltd. 386,600 1,837 Indian Dyestuff Industries Ltd. 132,745 90 Indian Organic Chemical Ltd. 732,500 677 Indian Petro Chemical Corp. 611,400 2,779 Indian Petro Chemical Corp. GDR 22,000 347 Indo Gulf Fertilizer & Chemical -- New 3,300 5 ITC Agrotech Co. 95,800 131 ITC Agrotech Co. (Rights) 95,800 -- - ----------------------------------------------------------------- - -------------
5
VALUE SHARES (000) - --------------------------------------------------------- - ------------ CHEMICALS (CONTINUED) Jayant Agro 83,400 U.S.$ 208 Jaysynth Dyechem Ltd. 340,500 699 Metrochem Industries Ltd. 150,700 264 National Organic Chemical Industries 18,200 20 Reliance Industries Ltd. 49,022 299 Sudarsha Chemicals 234,995 2,309 Tainwala Chemicals & Plastics 51,209 26 Tamil Nadu Petrochemicals 1,600 1 ------------ 17,308 ------------ - ----------------------------------------------------------------- - ------------- CONSTRUCTION & HOUSING (0.5%) Hindustan Construction 350,000 621 Hindustan Sanitaryware 70,000 382 Nagarjuna Construction 156,100 732 Nagarjuna Construction (Rights) 97,562 -- ------------ 1,735 ------------ - ----------------------------------------------------------------- - ------------- ELECTRICAL & ELECTRONICS (1.4%) AKG Acoustics (India) Ltd. 81,300 57 Asian Electronics Ltd. 153,000 2,244 Bajaj Electricals Ltd. 111,400 1,519 BPL Ltd. 670,500 1,286 Centrum Electronics 200,000 38 ------------ 5,144 ------------ - ----------------------------------------------------------------- - ------------- ELECTRONIC COMPONENTS & INSTRUMENTS (3.0%) Fujitsu ICIM 536,750 535 Infosys Technology Ltd. 240,200 3,452 Mastek Ltd. 126,400 852 Modi Xerox Ltd. 778,550 4,338 Rolta India Ltd. 1,406,200 660 Samtel Colour 648,350 913 Satyam Computer 125,000 200 Vikas Hybrids & Electronics Ltd. 175 -- ------------ 10,950 ------------ - ----------------------------------------------------------------- - ------------- ENERGY EQUIPMENT & SERVICES (10.6%) Bharat Heavy Electricals 7,000,000 24,890 Crompton Greaves Ltd. 1,213,830 8,045 Datar Switchgear Ltd. 140,200 658 Jyoti Structure Ltd. 148,250 826 KEC International Ltd. 345,400 1,139 Kirloskar Oil Engine 380,750 1,396 Modern Malleables Ltd. 420,000 533 Shiram Honda Power Equipment 302,965 1,297 Uniflex Cables Ltd. 137,700 149 Uniflex Cables Ltd. -- New 149,700 163 ------------ 39,096 ------------ - ----------------------------------------------------------------- - ------------- FINANCIAL SERVICES (7.1%) Canfin Homes Ltd. 1,011,050 623 Housing Development Finance Corp. 229,778 21,832 ICICI 3,831 11 ICICI -- New 11,333 31 Industrial Finance Corp India 1,274,800 1,589 SCICI 5,200 7 SCICI -- New 93,250 124 Sundaram Finance 150 1 UTI Master Gain 4,273,800 1,404 UTI Master Shares Ltd. 1,619,800 632 UTI Master Shares Ltd. -- New 323,200 126 ------------ 26,380 ------------ - ----------------------------------------------------------------- - ------------- VALUE SHARES (000) - --------------------------------------------------------- - ------------ FOOD & HOUSEHOLD PRODUCTS (0.8%) American Dry Fruits 538,500 U.S.$ 426 Aruna Sugars & Enterprises 12,350 8 Brooke Bond Lipton 650 6 Dhampur Sugar Mills Ltd. 200,000 675 Sakthi Sugar Ltd. 164,665 188 Satnan Overseas Ltd. 600 1 Thiru Arooran Sugars 264,500 1,047 Umred Agro Complex Ltd. 124,500 22 Vadilal Industries Ltd. 250,000 176 Western Hatcheries 237,933 454 ------------ 3,003 ------------ - ----------------------------------------------------------------- - ------------- FOREST PRODUCTS & PAPER (2.3%) Andrah Paper 19,610 1,035 Ballarpur Industries Ltd. 1,126,154 5,945 Paper Products Ltd. 48,900 179 Paper Products Ltd. -- New 170,000 608 Pudumjee 221,600 650 ------------ 8,417 ------------ - ----------------------------------------------------------------- - ------------- HEALTH & PERSONAL CARE (6.3%) Apollo Hospitals Enterprises Ltd. 500,000 484 Cipla Ltd. 62,700 712 Crossland Research Labs Ltd. 190,000 2,892 E. Merck (India) Ltd. 406,400 2,264 Godrej Soaps -- New 606,650 1,206 Hoechst India Ltd. 490,000 3,621 Hoechst Schering Agrevo Ltd. 201,900 2,487 Indian Shaving 196,700 1,125 Lakme Ltd. 144,900 1,045 Nicholas Piramal India Ltd. 105,000 885 Pfizer Ltd. 66,450 378 Ranbaxy Labs Ltd. (Warrants) 40,000 630 Sandoz (India) Ltd. 25,000 275 Searle (India) Ltd. 300,000 933 Sol Pharma 4,500 10 Sun Pharmaceutical 371,600 2,921 TTK Biomed Ltd. 143,700 164 Unichem Labs Ltd. 162,700 1,288 ------------ 23,320 ------------ - ----------------------------------------------------------------- - ------------- INDUSTRIAL COMPONENTS (1.7%) BOC India Ltd. 331,500 948 Carborondum Universal 373,300 1,752 Chicago Pneumatic India Ltd. 257,850 1,588 Punjab Tractors Ltd. 142,900 2,074 ------------ 6,362 ------------ - ----------------------------------------------------------------- - ------------- LEISURE & TOURISM (0.5%) Asian Hotels Ltd. 84,850 715 ITC Hotels Ltd. 150,000 818 Indian Hotels Co. 50 1 Kamata Hotels India Ltd. 300,000 251 ------------ 1,785 ------------ - ----------------------------------------------------------------- - ------------- MACHINERY & ENGINEERING (5.2%) Advani-Oerlikon Ltd. 132,500 651 Ahmednagar Forgings Ltd. 83,000 207 Ahmednagar Forgings, Ltd. -- New 83,100 207 Artson Engineering Ltd. 204,293 123 Bharat Forge Co. Ltd. 570,918 2,469 Esab India Ltd. 564,300 1,208 Graphite India Ltd. 272,500 909 Indian Seamless Metal Tubes 374,900 769 Kabra Extrusion Technik Ltd. 153,000 437 Lakshmi Machine Works Ltd. 9,265 3,070 Lakshmi Synthetic Machinery 152,400 358 M.M. Forgings Ltd. 29,700 68 - ----------------------------------------------------------------- - -------------
6
VALUE SHARES (000) - --------------------------------------------------------- - ------------ MACHINERY & ENGINEERING (CONTINUED) Praj Industries Ltd. 153,200 U.S.$ 539 Revathi-CP Equipment Ltd. 55,650 816 Thermax Ltd. 472,700 4,575 Wartsila Diesel Ltd. 429,500 2,998 ------------ 19,404 ------------ - ----------------------------------------------------------------- - ------------- METALS -- NON-FERROUS (2.7%) Hindalco Industries Ltd. 281,850 9,423 Pennar Aluminum Co. 1,632,800 754 ------------ 10,177 ------------ - ----------------------------------------------------------------- - ------------- METALS -- STEEL (1.6%) India Seamless Steel & Alloy 905,800 173 Isibars Ltd. 500,000 1,070 Mukand Iron & Steel Works 199,091 946 Panchmahal Steels Ltd. 197,700 319 Sesa Goa Ltd. 58,120 682 Sesa Goa Ltd. -- New 29,864 350 Sesa Goa Ltd. (Rights) 10 -- Shri Ishar Alloy Steels 369,500 238 Special Steels Ltd. 62,550 215 Tata Iron & Steel Co. Ltd. 268,667 1,560 Uttam Galva Steels Ltd. 653,600 326 ------------ 5,879 ------------ - ----------------------------------------------------------------- - ------------- MISCELLANEOUS MATERIALS & COMMODITIES (1.7%) Alpha Geo Ltd. 82,800 36 Control Print (India) Ltd. 75,000 32 Cosmo Films Ltd. 209,900 788 Essel Packaging Ltd. 367,900 2,309 Flex Industries 16,618 67 Flex Industries (Rights) 9,542 -- Flex Industries (Warrants) 53,939 201 Garware Plastics & Polyester 377 2 Garware Plastics & Polyester -- New 397,412 2,447 Kitply Industries Ltd. 205 -- Pearl Polymers Ltd. 338,300 407 PVD Plastic Mouldings Industries 152,400 74 Sharp Industries 17,800 8 Shrenujur Co. Diamond 50 -- Su-Raj Diamonds (Warrants) 31,900 -- Uniworth International Ltd. 700 -- Vesuvius (India) Ltd. 20,000 24 Vippy Solvex Products Ltd. 250,000 81 ------------ 6,476 ------------ - ----------------------------------------------------------------- - ------------- MULTI-INDUSTRY (3.1%) APR Ltd. (Rights) 117,649 -- E.I.D. Parry Ltd. GDR 94,320 307 Grasim Industries Ltd. 227,205 3,731 Indian Rayon & Industries Ltd. 760 10 Indian Rayon & Industries Ltd. GDS 50,000 775 Indian Rayon & Industries Ltd. GDS -- New 8,900 136 Kothari Sugars & Chemicals 191,700 152 Larsen & Toubro 2,150 15 Ramco 113,800 3,037 S & S Industries & Enterprises Ltd. 597,340 236 S & S Power Switchgear Ltd. 226,105 1,194 Shriram Industrial Enterprises Ltd. GDR (Warrants) 34,000 3 SKS Ltd. 100,000 39 Standard Industries Ltd. 121,366 75 Straw Products Ltd. 382,483 1,346 VXL Ltd. 712,710 596 ------------ 11,652 ------------ - ----------------------------------------------------------------- - ------------- VALUE SHARES (000) - --------------------------------------------------------- - ------------ RECREATION & OTHER CONSUMER GOODS (0.5%) Tube Investments of India Ltd. 266,650 U.S.$ 1,142 Tube Investments of India Ltd. GDR 198,133 693 Tube Investments of India Ltd. Bonus 16,666 71 ------------ 1,906 ------------ - ----------------------------------------------------------------- - ------------- TELECOMMUNICATIONS (5.0%) Indian Telephone Industries 832,700 330 MSL Industries Ltd. 124,000 377 Mahanagar Telephone Nigam 2,592,900 13,687 Punjab Wire 138,700 600 Videsh Sanchar Nigam Ltd. 95,000 3,343 ------------ 18,337 ------------ - ----------------------------------------------------------------- - ------------- TEXTILES & APPAREL (6.6%) A.P. Rayon Ltd. 420,600 900 Arun Processors Ltd. 176,000 31 Arvind Mills Ltd. 1,848 6 Baroda Rayon Corp. Ltd. 15 -- Baroda Rayon Corp. Ltd. (Rights) 15 -- Bata India Ltd. 120,150 227 Century Textiles & Industries GDR 6,500 1,219 Coates Viyella Ltd. 49,860 124 Coates of India Ltd. 248,000 1,709 Cosmos Leather Exports Ltd. 325,000 131 DCL Polyesters Ltd. 704,650 398 Deepak Spinners Ltd. 900 1 Delta Industries Ltd. 380,000 468 G.T.N. Textiles Ltd. 257,500 906 Indo Rama Synthetics 1,034,588 1,214 Indo Rama Synthetics (Rights) 310,060 -- J.K. Synthetics Ltd. 2,093,386 1,780 Mahavir Spinning Mills Ltd. 441,000 1,604 Maral Overseas Ltd. 650,500 515 Modi Threads Ltd. 662,300 87 Precot Mills Ltd. -- New 66,777 298 Priyadashini Spinning 167,150 108 Raymond Ltd. 388,100 3,813 Raymond Ltd. GDR 177,000 3,717 Raymond Ltd. GDR 25,000 525 Raymond Ltd. (Warrants) 52,500 273 Sanotgen 272,800 80 Shree Rajasthan Syntex 266,550 242 SIV Industries GDR 313,500 1,254 SIV Industries (1 Unit = 3 GDR + 1 Warrant) 104,500 -- SRF Ltd. 470,119 724 Super Spinning Mills Ltd. 200,357 858 Vardhaman Polytech Ltd. 283,300 295 Vardhaman Spinning & General Mills Ltd. 34,500 112 Viral Syntex Ltd. 250,000 374 Woolworth India 478,320 575 ------------ 24,568 ------------ - ----------------------------------------------------------------- - ------------- TRANSPORTATION -- ROAD & RAIL (2.5%) Container Corp. of India 2,274,600 9,339 ------------ - ----------------------------------------------------------------- - ------------- TRANSPORTATION -- SHIPPING (0.5%) Great Eastern Shipping Ltd. 1,204,500 1,590 Great Eastern Shipping Ltd. GDR 20,000 152 Mercator Lines Ltd. 200,000 109 ------------ 1,851 ------------ - ----------------------------------------------------------------- - -------------
7
VALUE SHARES (000) - --------------------------------------------------------- - ------------ UTILITIES -- ELECTRICAL & GAS (0.0%) Andhra Valley Power Supply Co. 650 U.S.$ 2 CESC Ltd. (Preferred Warrants) 353,000 4 Tata Hydro Electric Power Supply Co. Ltd. 450 1 ------------ 7 ------------ - ----------------------------------------------------------------- - ------------- TOTAL INDIAN COMMON STOCKS (Cost U.S. $440,948) 356,553 ------------ - ----------------------------------------------------------------- - ------------- FACE AMOUNT (000) - --------------------------------------------------------- - ------------ FIXED INCOME SECURITIES (0.5%) - --------------------------------------------------------- - ------------ AUTOMOBILES (0.0%) Sundaram Brake NCD 13.00%, 6/18/02 INR 3 23 ------------ - ----------------------------------------------------------------- - ------------- CHEMICALS (0.1%) Chemox Chemical Industries Ltd. (Convertible) 14.00%, 12/31/00 250 319 ------------ - ----------------------------------------------------------------- - ------------- CONSUMER GOODS (0.0%) Srishti Video Corp. (Convertible) 12.00%, 11/12/96 225 162 ------------ - ----------------------------------------------------------------- - ------------- MACHINERY & ENGINEERING (0.1%) Indian Seamless Metal Tubes (Convertible) 10.00%, 7/13/96 13,950 231 ------------ - ----------------------------------------------------------------- - ------------- MISCELLANEOUS MATERIALS & COMMODITIES (0.2%) Garware Plastics & Polyester 16.00%, 5/1/05 277 813 ------------ - ----------------------------------------------------------------- - ------------- FACE AMOUNT VALUE (000) (000) - --------------------------------------------------------- - ------------ METALS -- STEEL (0.0%) Special Steels Ltd. 14.00%, 12/6/02 INR 13 U.S.$ 48 ------------ - ----------------------------------------------------------------- - ------------- TELECOMMUNICATIONS (0.1%) MSL Industries, Ltd. 16.00%, 4/1/97 62 273 ------------ - ----------------------------------------------------------------- - ------------- TOTAL FIXED INCOME SECURITIES (Cost U.S. $2,806) 1,869 ------------ - ----------------------------------------------------------------- - -------------
FOREIGN CURRENCY ON DEPOSIT WITH CUSTODIAN (2.6%) Indian Rupee (Cost U.S. $9,101) 327,902 9,616 ------------ - ----------------------------------------------------------------- - ------------- TOTAL INVESTMENTS (99.4%) (Cost U.S. $452,855) 368,038 ------------ - ----------------------------------------------------------------- - ------------- OTHER ASSETS AND LIABILITIES (0.6%) Other Assets U.S. $7,622 Liabilities (5,385) 2,237 ----------- ------------ - ----------------------------------------------------------------- - ------------- NET ASSETS (100%) Applicable to 35,707,092, issued and outstanding U.S. $0.01 par value shares (100,000,000 shares authorized) U.S.$370,275 ------------- - ----------------------------------------------------------------- - ------------- NET ASSET VALUE PER SHARE U.S.$ 10.37 -------------
- ----------------------------------------------------------------- - ------------- ADR -- American Depositary Receipt GDR -- Global Depositary Receipt GDS -- Global Depositary Share NCD -- Non-Convertible Debentures
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