nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08266
The India Fund, Inc.
 
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
 
(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-583-5000
Date of fiscal year end: December 31, 2011
Date of reporting period: March 31, 2011
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

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

 

 

THE INDIA FUND, INC.
March 31, 2011 (Unaudited)
Schedule of Investments
INDIA (99.94% of holdings)
COMMON STOCKS (99.93% of holdings)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India
     99.87 %                
       
Beverages — Alcoholic
     0.47 %                
  2,320,710    
Radico Khaitan, Ltd.
           $ 8,093,931     $ 6,788,578  
       
 
                    
       
 
             8,093,931       6,788,578  
       
 
                    
       
Building & Construction
     1.54 %                
  2,841,014    
Hindustan Construction Co., Ltd.
             2,949,352       2,315,750  
  1,199,136    
IRB Infrastructure Developers, Ltd.
             6,495,489       5,691,157  
  2,172,656    
Jaiprakash Associates, Ltd.
             2,849,175       4,506,574  
  1,418,820    
KEC International, Ltd.
             1,270,883       2,623,202  
  2,480,020    
Sadbhav Engineering, Ltd.
             6,756,925       6,870,871  
       
 
                    
       
 
             20,321,824       22,007,554  
       
 
                    
       
Building — Residential / Commercial
     0.33 %                
  714,839    
Sobha Developers, Ltd.
             4,506,151       4,696,666  
       
 
                    
       
 
             4,506,151       4,696,666  
       
 
                    
       
Cement
     0.60 %                
  88,687    
Grasim Industries, Ltd.
             3,142,056       4,894,739  
  143,429    
UltraTech Cement, Ltd.
             2,164,131       3,646,592  
       
 
                    
       
 
             5,306,187       8,541,331  
       
 
                    
       
Chemicals
     0.15 %                
  36,676    
Asian Paints, Ltd.
             2,011,177       2,078,224  
       
 
                    
       
 
             2,011,177       2,078,224  
       
 
                    
       
Coal
     1.23 %                
  2,257,556    
Coal India, Ltd.
             16,256,671       17,571,425  
       
 
                    
       
 
             16,256,671       17,571,425  
       
 
                    
       
Computer Hardware
     0.23 %                
  1,456,095    
HCL Infosystems, Ltd.
             4,844,985       3,333,721  
       
 
                    
       
 
             4,844,985       3,333,721  
       
 
                    
       
Computer Software & Programming
     15.94 %                
  438,687    
Everonn Education, Ltd.
             3,584,482       5,657,336  
  1,863,707    
Infosys Technologies, Ltd.
             23,686,295       135,269,730  
  1,888,673    
KPIT Cummins Infosystems, Ltd.
             1,510,189       7,117,199  
  3,784,091    
Redington (India), Ltd.
             5,404,254       6,627,144  
  2,397,055    
Tata Consultancy Services, Ltd.
             30,348,763       63,561,331  
  891,551    
Wipro, Ltd.
             2,624,086       9,562,257  
       
 
                    
       
 
             67,158,069       227,794,997  
       
 
                    
       
Consumer Non-Durables
     3.44 %                
  12,062,346    
ITC, Ltd.
             21,377,923       49,079,778  
       
 
                    
       
 
             21,377,923       49,079,778  
       
 
                    

1

 

The India Fund, Inc.
March 31, 2011 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India (continued)
                        
       
Consumer Products
     0.86 %                
  877,640    
HSIL, Ltd.
           $ 2,734,802     $ 2,603,695  
  475,470    
Jyothy Laboratories, Ltd.
             1,772,356       2,343,498  
  922,464    
Marico, Ltd.
             1,026,000       2,870,095  
  51,655    
Titan Industries, Ltd.
             2,016,303       4,414,160  
       
 
                    
       
 
             7,549,461       12,231,448  
       
 
                    
       
Diversified Financial Services
     1.88 %                
  1,310,360    
IFCI, Ltd.
             1,679,504       1,547,045  
  1,231,860    
Indiabulls Financial Service, Ltd.
             3,948,535       4,262,272  
  1,080,840    
Power Finance Corp.
             3,281,930       6,065,259  
  842,006    
Shriram Transport Finance Co., Ltd.
             10,172,063       15,027,527  
       
 
                    
       
 
             19,082,032       26,902,103  
       
 
                    
       
Diversified Manufacturing
     0.31 %                
  1,416,964    
Escorts, Ltd.
             6,959,946       4,491,263  
       
 
                    
       
 
             6,959,946       4,491,263  
       
 
                    
       
Diversified Operations
     1.16 %                
  875,558    
Aban Offshore, Ltd.
             13,257,292       12,097,210  
  7,179,524    
Rei Agro, Ltd.
             3,143,950       4,411,233  
       
 
                    
       
 
             16,401,242       16,508,443  
       
 
                    
       
E-Services & Consulting
     0.84 %                
  1,736,775    
Core Projects & Technologies, Ltd.
             10,768,186       12,041,951  
       
 
                    
       
 
             10,768,186       12,041,951  
       
 
                    
       
Electric — Integrated
     0.15 %                
  310,500    
CESC, Ltd.
             1,608,425       2,179,314  
       
 
                    
       
 
             1,608,425       2,179,314  
       
 
                    
       
Electric — Transmission
     1.52 %                
  2,878,559    
Crompton Greaves, Ltd.
             13,573,973       17,618,627  
  1,776,107    
Power Grid Corp. of India, Ltd.
             3,768,501       4,054,439  
       
 
                    
       
 
             17,342,474       21,673,066  
       
 
                    
       
Electronics & Electrical Equipment
     3.10 %                
  670,033    
Bharat Heavy Electricals, Ltd.
             14,128,669       30,963,954  
  2,635,773    
JSW Energy, Ltd.
             5,621,783       4,237,805  
  2,588,712    
Lanco Infratech, Ltd.+
             1,629,969       2,301,658  
  443,413    
Reliance Infrastructure, Ltd.
             5,738,574       6,838,871  
       
 
                    
       
 
             27,118,995       44,342,288  
       
 
                    
       
Energy — Alternate Sources
     0.08 %                
  695,263    
Websol Energy Systems, Ltd.+
             2,881,683       1,106,933  
       
 
                    
       
 
             2,881,683       1,106,933  
       
 
                    

2

 

    The India Fund, Inc.
     
    March 31, 2011 (Unaudited)
Schedule of Investments (continued)    
                                 
 
COMMON STOCKS (continued)          
 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India (continued)
                        
       
Engineering
     0.84 %                
  237,347    
Larsen & Toubro, Ltd.
           $ 3,857,245     $ 8,799,057  
  237,758    
Thermax, Ltd.
             134,517       3,211,692  
       
 
                    
       
 
             3,991,762       12,010,749  
       
 
                    
       
Finance
     22.88 %                
  1,271,963    
Allahabad Bank, Ltd.
             6,847,111       6,617,231  
  908,097    
Axis Bank, Ltd.
             16,981,271       28,582,809  
  1,228,473    
Bank of Baroda
             9,784,552       26,532,207  
  4,349,706    
Development Credit Bank, Ltd.+
             5,514,157       4,472,116  
  1,150,493    
Federal Bank, Ltd.
             7,491,636       10,807,075  
  1,133,678    
HDFC Bank, Ltd.
             26,478,405       59,561,630  
  10,100    
HDFC Bank, Ltd. ADR
             1,504,635       1,716,394  
  3,111,298    
Housing Development Finance Corp., Ltd.
             6,414,318       48,760,762  
  2,933,758    
ICICI Bank, Ltd.
             35,904,145       73,204,153  
  357,830    
IndusInd Bank, Ltd .
             2,048,370       2,115,927  
  1,528,804    
Infrastructure Development Finance Co., Ltd.
             4,962,522       5,308,561  
  335,822    
Punjab National Bank, Ltd.
             3,175,135       9,223,339  
  664,024    
State Bank of India
             8,005,237       41,214,307  
  22,550    
State Bank of India GDR
             257,070       2,848,065  
  851,653    
Yes Bank, Ltd.
             5,088,990       5,918,315  
       
 
                    
       
 
             140,457,554       326,882,891  
       
 
                    
       
Food
     0.47 %                
  4,303,478    
Shree Renuka Sugars, Ltd.
             8,166,291       6,716,494  
       
 
                    
       
 
             8,166,291       6,716,494  
       
 
                    
       
Household Appliances
     0.35 %                
  98,250    
TTK Prestige, Ltd.
             3,629,218       4,946,539  
       
 
                    
       
 
             3,629,218       4,946,539  
       
 
                    
       
Investment Companies
     1.06 %                
  856,368    
Bajaj Holdings and Investment, Ltd.
             13,973,843       15,209,918  
       
 
                    
       
 
             13,973,843       15,209,918  
       
 
                    
       
Media
     0.13 %                
  606,061    
Eros International Media, Ltd.+
             2,321,056       1,887,697  
       
 
                    
       
 
             2,321,056       1,887,697  
       
 
                    
       
Media — Conglomerates
     0.48 %                
  537,964    
UTV Software Communications, Ltd.+
             6,351,443       6,922,539  
       
 
                    
       
 
             6,351,443       6,922,539  
       
 
                    
       
Metal — Aluminum
     0.89 %                
  541,443    
Ess Dee Aluminum, Ltd.
             5,370,652       5,069,009  
  1,628,433    
Hindalco Industries, Ltd.
             5,458,971       7,619,073  
       
 
                    
       
 
             10,829,623       12,688,082  
       
 
                    

3

 

    The India Fund, Inc.
     
    March 31, 2011 (Unaudited)
Schedule of Investments (continued)    
                                 
 
COMMON STOCKS (continued)          
 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India (continued)
                        
       
Metal — Diversified
     0.88 %                
  1,990,176    
Hindustan Zinc, Ltd.
           $ 1,269,074     $ 6,138,551  
  1,655,964    
Sterlite Industries (India), Ltd.
             2,457,100       6,438,932  
       
 
                    
       
 
             3,726,174       12,577,483  
       
 
                    
       
Miscellaneous Manufactures
     0.47 %                
  449,410    
V.I.P. Industries, Ltd.
             6,452,039       6,671,867  
       
 
                    
       
 
             6,452,039       6,671,867  
       
 
                    
       
Motorcycle/Motor Scooter
     1.98 %                
  864,197    
Bajaj Auto, Ltd.
             14,696,117       28,289,153  
       
 
                    
       
 
             14,696,117       28,289,153  
       
 
                    
       
Petroleum Related
     15.38 %                
  153,498    
Bharat Petroleum Corp., Ltd.
             2,005,401       2,104,122  
  1,810,418    
Cairn India, Ltd.+
             9,354,025       14,259,655  
  2,059,625    
GAIL India, Ltd.
             14,971,797       21,476,076  
  645,235    
Hindustan Petroleum Corp., Ltd.
             5,023,219       5,164,629  
  255,420    
Indraprastha Gas, Ltd.
             1,774,560       1,709,673  
  4,254,615    
Oil and Natural Gas Corp., Ltd.
             14,066,579       27,677,179  
  4,784,954    
Petronet LNG, Ltd.
             12,806,399       13,020,612  
  5,718,772    
Reliance Industries, Ltd.
             35,753,727       134,367,739  
       
 
                    
       
 
             95,755,707       219,779,685  
       
 
                    
       
Pharmaceuticals
     5.95 %                
  1,029,693    
Cadila Healthcare, Ltd.
             12,238,777       18,271,019  
  812,120    
Cipla, Ltd.
             6,573,858       5,846,645  
  695,346    
Dr. Reddy’s Laboratories, Ltd.
             17,385,565       25,549,034  
  74,200    
Dr. Reddy’s Laboratories, Ltd. ADR
             1,444,757       2,767,660  
  1,641,469    
Glenmark Pharmaceuticals, Ltd.
             9,628,550       10,438,852  
  2,376,454    
Lupin, Ltd.
             8,082,676       22,133,875  
       
 
                    
       
 
             55,354,183       85,007,085  
       
 
                    
       
Property / Casualty Insurance
     0.44 %                
  482,212    
Reliance Capital, Ltd.
             5,121,189       6,286,219  
       
 
                    
       
 
             5,121,189       6,286,219  
       
 
                    
       
Publishing
     0.42 %                
  6,547    
HT Media, Ltd.
             20,417       21,295  
  2,119,429    
Jagran Prakashan, Ltd.
             3,707,334       6,014,435  
       
 
                    
       
 
             3,727,751       6,035,730  
       
 
                    
       
Real Estate Operation / Development
     0.41 %                
  1    
Agre Developers, Ltd.+
             4       1  
  1,139,614    
Anant Raj Industries, Ltd.
             3,415,410       2,128,711  
  1,316,635    
Prestige Estates Projects, Ltd.+
             5,407,702       3,690,534  
       
 
                    
       
 
             8,823,116       5,819,246  
       
 
                    

4

 

    The India Fund, Inc.
    March 31, 2011 (Unaudited)
Schedule of Investments (continued)    
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India (concluded)
                        
       
Retail — Major Department Stores
     0.36 %                
  894,438    
Pantaloon Retail India, Ltd.
           $ 7,638,647     $ 5,198,752  
       
 
                    
       
 
             7,638,647       5,198,752  
       
 
                    
       
Rubber
     0.28 %                
  982,540    
Jain Irrigation Systems, Ltd.
             4,483,824       3,933,905  
       
 
                    
       
 
             4,483,824       3,933,905  
       
 
                    
       
Shipbuilding
     0.66 %                
  1,000,401    
ABG Shipyard, Ltd.
             8,404,589       8,119,635  
  726,790    
Pipavav Shipyard, Ltd.+
             1,467,336       1,287,508  
       
 
                    
       
 
             9,871,925       9,407,143  
       
 
                    
       
Steel
     2.25 %                
  783,143    
Jindal Steel & Power, Ltd.
             716,886       12,268,275  
  148,701    
JSW Steel, Ltd.
             1,673,330       3,055,381  
  1,210,527    
Tata Steel, Ltd.
             17,177,543       16,843,413  
       
 
                    
       
 
             19,567,759       32,167,069  
       
 
                    
       
Telecommunications
     1.33 %                
  2,370,477    
Bharti Airtel, Ltd.
             7,489,824       18,979,231  
       
 
                    
       
 
             7,489,824       18,979,231  
       
 
                    
       
Televisions
     1.05 %                
  1,102,109    
Network 18 Media & Investment, Ltd.+
             3,637,575       3,278,277  
  1,161,654    
Sun TV Network, Ltd.
             10,307,669       11,702,501  
       
 
                    
       
 
             13,945,244       14,980,778  
       
 
                    
       
Travel Services
     0.17 %                
  2,025,000    
Thomas Cook (India), Ltd.
             2,998,712       2,397,578  
       
 
                    
       
 
             2,998,712       2,397,578  
       
 
                    
       
Vehicle Components
     1.61 %                
  6,203,044    
Apollo Tyres, Ltd.
             5,787,131       9,674,217  
  670,881    
Cummins India, Ltd.
             5,342,834       10,298,275  
  1,469,060    
JK Tyre & Industries, Ltd.
             4,292,611       3,085,043  
       
 
                    
       
 
             15,422,576       23,057,535  
       
 
                    
       
Vehicles
     5.30 %                
  677,817    
Mahindra & Mahindra, Ltd.
             2,027,201       10,618,297  
  421,544    
Maruti Suzuki India, Ltd.
             9,939,307       11,943,983  
  1,565,028    
Tata Motors, Ltd.
             26,885,997       43,780,074  
  597,700    
Tata Motors, Ltd. — A
             5,902,309       9,321,681  
       
 
                    
       
 
             44,754,814       75,664,035  
       
 
                    
       
TOTAL INDIA
             769,139,753       1,426,886,486  
       
 
                    

5

 

    The India Fund, Inc.
    March 31, 2011 (Unaudited)
Schedule of Investments (continued)    
COMMON STOCKS (concluded)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
United States
     0.06 %                
       
Computer Software & Programming
     0.06 %                
  9,500    
Cognizant Technology Solutions, Corp.+
           $ 711,010     $ 773,300  
       
 
                    
       
 
             711,010       773,300  
       
 
                    
       
TOTAL UNITED STATES
             711,010       773,300  
       
 
                    
       
TOTAL COMMON STOCKS
             769,850,763       1,427,659,786  
       
 
                    
       
 
                        
WARRANTS (0.04% of holdings)                        
       
India
                        
       
Steel
     0.04 %                
  42,499    
Tata Steel, Ltd. GDR P-Note 01/27/2017
             588,621       593,137  
       
 
                    
       
TOTAL INDIA
             588,621       593,137  
       
 
                    
       
TOTAL WARRANTS
             588,621       593,137  
       
 
                    
       
 
                        
BONDS (0.03% of holdings)                        
 
       
India
     0.03 %                
Par Value (000)  
Pharmaceuticals
                        
INR 20,860  
Dr. Reddy’s Laboratories, Ltd. 9.25%
             461,717       436,901  
       
 
                    
       
 
                        
       
TOTAL INDIA
             461,717       436,901  
       
 
                    
       
TOTAL BONDS
             461,717       436,901  
       
 
                    
       
 
                        
       
TOTAL INVESTMENTS
     100.00 %   $ 770,901,101     $ 1,428,689,824  
       
 
                    
Footnotes and Abbreviations
         
       
ADR — American Depository Receipt
       
GDR — Global Depository Receipt
       
+ Non income producing
As of December 31, 2010, the aggregate cost for federal income tax purposes was $849,012,905.
           
 
Excess of value over tax cost
   $ 801,253,443  
 
Excess of tax cost over value
     (18,023,625 )
 
 
      
 
 
   $ 783,229,818  
 
 
      

6

 

Supplemental Information to the Schedule of Investments
Fair Value Measurements:
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:
Level 1 — price quotations in active markets/exchanges for identical securities
Level 2 — other significant observable inputs (including, but not limited to quoted prices for similar securities, interest rates, credit risk, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions used in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Investment Manager. The Investment Manager considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund’s net assets as of March 31, 2011, is as follows:
                                 
    Fair Value at Reporting Date Using  
            Quoted Prices in     Significant Other     Significant  
            Active Markets for     Observable     Unobservable  
    Value at     Identical Assets     Inputs     Inputs  
    March 31, 2011     (Level 1)     (Level 2)     (Level 3)  
Common Stocks
                                
Total Common Stocks
   $ 1,427,659,786     $ 1,427,659,786     $ —     $ —  
 
                        
 
                                
Warrants
                                
Total Warrants
   $ 593,137     $ 593,137     $ —     $ —  
 
                        
 
                                
Bonds
                                
Pharmaceuticals
   $ 436,901     $ —     $ —     $ 436,901  
 
                        
Total Bonds
   $ 436,901     $ —     $ —     $ 436,901  
 
                        
 
                                
Total*
   $ 1,428,689,824     $ 1,428,252,923     $ —     $ 436,901  
 
                        
 
*    See Schedule of Investments for identification of securities by security type and industry classification.
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
         
    Pharmaceuticals  
Balance, as of December 31, 2010
   $ 0  
Realized gain (loss)
     0  
Change in unrealized appreciation (depreciation)
     (24,816 )
Net purchases (sales)
     461,717  
Net transfers in/out of Level 3
     0  
       
Balance, as of March 31, 2011
   $ 436,901  
       

 

 

Financial Derivative Instruments:
Effective January 1, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose a) how and why an entity uses derivative instruments, b) how derivative instruments and related hedged items are accounted for, and c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows. The adoption of the additional disclosure requirements did not materially impact the Fund’s financial statements. At March 31, 2011, the Fund held no derivative instruments.

 

 

Item 2. Controls and Procedures.
  (a)   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
  (b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The India Fund, Inc.
         
By (Signature and Title)*
  /s/ Prakash A. Melwani    
 
 
 
Prakash A. Melwani, President 		   
 
  (principal executive officer)    
Date May 4, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By (Signature and Title)*
  /s/ Prakash A. Melwani    
 
 
 
Prakash A. Melwani, President 		   
 
  (principal executive officer)    
Date May 4, 2011
         
By (Signature and Title)*
  /s/ Joseph M. Malangoni    
 
 
 
Joseph M. Malangoni, Treasurer and Vice President 		   
 
  (principal financial officer)    
Date May 4, 2011
 
*   Print the name and title of each signing officer under his or her signature.