Statement of Investments
September 30, 2021 (unaudited)
The India Fund, Inc.
| Shares or Principal Amount | Value | |||||||
| LONG-TERM INVESTMENTS (104.3%) | ||||||||
| COMMON STOCKS (104.3%) | ||||||||
| INDIA (104.3%) | ||||||||
| Communication Services (5.6%) | ||||||||
| Affle India Ltd.(a) | 175,268 | $ | 12,499,063 | |||||
| Bharti Airtel Ltd. | 2,078,459 | 19,218,907 | ||||||
| Info Edge India Ltd. | 80,500 | 6,952,171 | ||||||
| 38,670,141 | ||||||||
| Consumer Discretionary (5.3%) | ||||||||
| Bosch Ltd. | 30,023 | 6,239,980 | ||||||
| Crompton Greaves Consumer Electricals Ltd. | 1,546,914 | 9,985,677 | ||||||
| Maruti Suzuki India Ltd. | 134,600 | 13,243,545 | ||||||
| Zomato Ltd.(a) | 3,883,296 | 7,156,847 | ||||||
| 36,626,049 | ||||||||
| Consumer Staples (14.9%) | ||||||||
| Godrej Agrovet Ltd.(b) | 681,080 | 5,828,085 | ||||||
| Godrej Consumer Products Ltd.(a) | 749,867 | 10,413,679 | ||||||
| Hindustan Unilever Ltd. | 1,295,818 | 46,982,740 | ||||||
| ITC Ltd. | 6,147,277 | 19,461,354 | ||||||
| Jyothy Labs Ltd. | 3,112,708 | 7,066,339 | ||||||
| Nestle India Ltd. | 48,200 | 12,578,390 | ||||||
| 102,330,587 | ||||||||
| Energy (0.9%) | ||||||||
| Aegis Logistics Ltd. | 2,064,500 | 6,336,862 | ||||||
| Financials (27.7%) | ||||||||
| Aptus Value Housing Finance India Ltd.(a) | 653,239 | 2,774,797 | ||||||
| Axis Bank Ltd.(a) | 1,866,079 | 19,139,544 | ||||||
| HDFC Bank Ltd. | 1,221,000 | 26,068,474 | ||||||
| Housing Development Finance Corp. Ltd. | 1,867,921 | 68,781,252 | ||||||
| ICICI Prudential Life Insurance Co. Ltd.(b) | 780,000 | 7,043,463 | ||||||
| Kotak Mahindra Bank Ltd. | 1,242,476 | 33,353,850 | ||||||
| Piramal Enterprises Ltd. | 312,161 | 10,860,398 | ||||||
| SBI Life Insurance Co. Ltd.(b) | 1,381,258 | 22,495,422 | ||||||
| 190,517,200 | ||||||||
| Health Care (6.7%) | ||||||||
| Biocon Ltd.(a) | 1,028,576 | 5,013,922 | ||||||
| Fortis Healthcare Ltd.(a) | 3,733,200 | 13,181,422 | ||||||
| Sanofi India Ltd. | 78,170 | 8,213,992 | ||||||
| Syngene International Ltd.(a)(b) | 1,455,000 | 11,782,904 | ||||||
| Vijaya Diagnostic Centre Pvt Ltd.(a) | 1,036,588 | 7,960,057 | ||||||
| 46,152,297 | ||||||||
| Industrials (4.6%) | ||||||||
| Container Corp. of India Ltd. | 1,609,015 | 15,194,635 | ||||||
| IndiaMart InterMesh Ltd.(b) | 30,000 | 3,357,174 | ||||||
See accompanying Notes to Portfolio of Investments.
Statement of Investments (continued)
September 30, 2021 (unaudited)
The India Fund, Inc.
| Shares or Principal Amount | Value | |||||||
| Larsen & Toubro Ltd. | 564,407 | $ | 12,917,743 | |||||
| 31,469,552 | ||||||||
| Information Technology (20.0%) | ||||||||
| Infosys Ltd. | 2,975,974 | 66,893,274 | ||||||
| Mphasis Ltd. | 337,748 | 14,062,675 | ||||||
| Tata Consultancy Services Ltd. | 1,117,750 | 56,692,880 | ||||||
| 137,648,829 | ||||||||
| Materials (8.3%) | ||||||||
| Asian Paints Ltd. | 540,434 | 23,582,299 | ||||||
| Shree Cement Ltd. | 13,870 | 5,365,115 | ||||||
| UltraTech Cement Ltd. | 280,786 | 27,849,584 | ||||||
| 56,796,998 | ||||||||
| Real Estate (5.6%) | ||||||||
| Godrej Properties Ltd.(a) | 703,528 | 21,874,450 | ||||||
| Prestige Estates Projects Ltd. | 2,527,469 | 16,549,147 | ||||||
| 38,423,597 | ||||||||
| Utilities (4.7%) | ||||||||
| Azure Power Global Ltd.(a) | 276,800 | 6,089,600 | ||||||
| Gujarat Gas Ltd. | 1,278,540 | 10,955,178 | ||||||
| Power Grid Corp. of India Ltd. | 5,398,333 | 13,739,154 | ||||||
| ReNew Energy Global PLC, Class A(a) | 104,946 | 1,070,449 | ||||||
| 31,854,381 | ||||||||
| Total Common Stocks | 716,826,493 | |||||||
| RIGHTS (0.0%) | ||||||||
| Communication Services (0.0%) | ||||||||
| Bharti Airtel Ltd.(a) | 148,461 | 306,613 | ||||||
| Total Rights | 306,613 | |||||||
| SHORT-TERM INVESTMENTS (0.2%) | ||||||||
| UNITED STATES (0.2%) | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c) | 980,007 | 980,007 | ||||||
| Total Short-Term Investments | 980,007 | |||||||
| Total Investments (Cost $327,858,762) —104.5% | 718,113,113 | |||||||
| Liabilities in Excess of Other Assets—(4.5)% | (30,799,416 | ) | ||||||
| Net Assets—100.0% | $ | 687,313,697 | ||||||
| (a) | Non-income producing security. |
| (b) | Denotes a security issued under Regulation S or Rule 144A. |
| (c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of September 30, 2021. |
| PLC | Public Limited Company |
See accompanying Notes to Portfolio of Investments.
Notes to Portfolio of Investments (unaudited)
September 30, 2021
Summary of Significant Accounting Policies
a. Security Valuation:
The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" 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.
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 “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. 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 (“ETFs”) 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. Closed-end funds and exchange-traded funds ("ETFs") 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.
Foreign equity securities that are traded on foreign exchanges that close prior to 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. 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.
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 “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.
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 "Board"). 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.
The India Fund, Inc.
