Wow! I am impressed with the prompt response for a request for this board. This is totally Foolish!I have done very well with IIF (Morgan Stanley India Fund) and IFN (run by a subsidiary of Oppenheimer), two closed end exchange traded funds. I think they are a better way to buy Indian ADRs (like INFY, WIT, HDB, etc.,) without the ADR premium and also to buy Indian stocks that do not offer ADRs.I think India is poised to grow its GDP at about 7% for the foreseeable future. Foreign investment is at a record pace this year despite change in the government. Though the Indian stock market appears somewhat pricy at the moment, buying on pull backs and/or investing at regular intervals should yield excellent returns longer term. http://online.wsj.com/article/0,,SB110200879990589339,00.html?mod=yahoo_hs&ru=yahooI thought I would highlight this offer of "Terms of Rights" to buy IFN at a 5% discount to net asset value announced by IFN. IFN announced a "Terms of Rights" Offering. http://biz.yahoo.com/bw/041201/15510_1.htmlThe Fund will issue to stockholders of record as of December 17, 2004 one right for each share of common stock held. The rights will entitle holders to subscribe for additional shares of the Fund's common stock at a subscription price per share equal to 95% of the Fund's net asset value per share on the expiration date of the Offer, which is January 31, 2005. Holders will be able to purchase one share of common stock for every three rights held.For the nine months ended September 30, 2004, the Fund's top ten holdings and sector allocations were:Infosys Technologies 10.9%Reliance Industries 10.9%Housing Development 4.1%ITC Ltd 4.1%Bharti TeleVenture 3.7%State Bank ofIndia 3.6%Satyam Computer Services Ltd 3.5%Bharat Heavy Electricals 3.3%ONGC Ltd 3.3%HDFC Bank 3.0%Good luck.MBfool
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