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Author: pencils2 Big gold star, 5000 posts Feste Award Nominee! Old School Fool CAPS All Star SN Explorer 1 Mission Team Member SN Olympia3 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 144  
Subject: Latest Earnings Report Date: 2/3/2006 12:30 PM
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Hi all,

Here is some information from IFN's latest earnings report (Jan. 23).

Thoughts welcome,

pencils2


http://biz.yahoo.com/bw/060123/20060123006028.html?.v=1


As of December 31, 2005, the Fund's top ten holdings and sector allocations were:

Top Ten Equity Holdings % of Net Assets
----------------------- ---------------
Infosys Technologies 9.1%
Reliance Industries 7.7%
Oil and Natural Gas Corp 6.3%
Bharti Tele-Ventures Ltd 4.7%
Bharat Heavy Electricals 4.5%
Housing Development 4.2%
ITC Limited 3.4%
State Bank of India 3.2%
Tata Motors Ltd. 3.1%
Hindustan Lever Ltd. 2.6%


Top Ten Sector Allocations % of Net Assets
-------------------------- ---------------
Finance 15.6%
Computer Software & Programming 14.3%
Diversified Industries 9.2%
Electronics & Electrical Equipment 8.4%
Vehicles 7.4%
Extractive Industries 6.7%
Engineering 6.0%
Consumer Non-Durables 6.0%
Telecommunications 5.0%
Steel 3.2%



For the year ended December 31, 2005, the Fund's net realized and unrealized gains were $364,723,701, equal to $11.47 per share, and net investment income was $1,126,333, equal to $.04 per share. For the same twelve month period ended December 31, 2004, the Fund's net realized and unrealized gains were $138,701,149, equal to $6.13 per share, and net investment income was $1,709,540, equal to $0.08 per share.

[Clipped]

In April 2003, stockholders of the Fund voted to adopt an interval fund structure, pursuant to which the Fund conducts semi-annual repurchase offers for between 5% and 25% of the Fund's outstanding common stock. The Fund's semi-annual repurchase offers are at NAV (less a 2% repurchase fee) to all Fund stockholders.

The Fund's first semi-annual repurchase offer for the year ended December 31, 2005 commenced on February 23, 2005 and expired on March 14, 2005. In connection with the repurchase offer, the Fund purchased 110,112 shares of capital stock at a total cost of $2,994,830, less a 2% repurchase fee of $59,897.

The Fund's second semi-annual repurchase offer for the year ended December 31, 2005 commenced on August 26, 2005 and expired on September 16, 2005. In connection with the repurchase offer, the Fund purchased 168,900 shares of capital stock at a total cost of $5,968,917, less a 2% repurchase fee of $119,378.

On December 31, 2005, investments in equity securities of Indian companies totaled $1,097,459,004 (or 99.0% of the Fund's net assets), investments in cash and cash equivalents totaled $124,515,640 (or 11.2% of the Fund's net assets) and other assets of the Fund totaled $32,052,686 (or 2.9% of the Fund's net assets). Liabilities totaled $ 144,805,731 (or 13.1% of the Fund's net assets), of which $141,853,145 represents the distribution payable to shareholders as a result of the dividend declared on December 19, 2005.







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