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        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>FRIEDMAN &amp; HUEY</CategoryTxt>
        <Amt>34650</Amt>
        <NetInvestmentIncomeAmt>17325</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>17325</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GLOBOSPORT INDIA PVT LTD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>600000</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NV CAPITAL HOLDINGS, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>15229923</BookValueAmt>
        <EOYFMVAmt>21498145</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NV INDIA DI CAYMAN FUND LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>1818099</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NEW VERNON MATRIX FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>6584508</BookValueAmt>
        <EOYFMVAmt>6925376</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NEW VERNON FINANCIAL SEC FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>877738</BookValueAmt>
        <EOYFMVAmt>1314175</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>268</LegalFeesAmt>
        <NetInvestmentIncomeAmt>134</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>134</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>OVER COST - NV CAP HLDGS LLC</Desc>
        <BOYBookValueAmt>10858316</BOYBookValueAmt>
        <EOYBookValueAmt>10858316</EOYBookValueAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>TO RECONCILE DIFFERENCE</Desc>
        <Amt>10000</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>NEW VERNON MATRIX FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>88756</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>88756</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NEW VERNON CAPITAL HOLDINGS</Desc>
        <RevenueAndExpensesPerBooksAmt>510743</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>510743</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NEW VERNON FINANCIAL SECTOR FD</Desc>
        <RevenueAndExpensesPerBooksAmt>35521</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>35521</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADMINISTRATION FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>67109</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>67109</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISC EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>181</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>182</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LIABILITY INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>523</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>523</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CHARITABLE BUREAU</Desc>
        <RevenueAndExpensesPerBooksAmt>15</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>15</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>13626</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>13626</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>VERNON CAPITAL HOLDINGS, LLC</Desc>
        <RevenueAndExpensesPerBooksAmt>-223116</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-223116</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>NEW VERNON FINANCIAL SECTOR FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>-1475</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-1475</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>NEW VERNON MATRIX FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>-3498</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-3498</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>AMOUNT REPORTED ON 990-T</Desc>
        <NetInvestmentIncomeAmt>-4975</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>UNDER COST - NV MATRIX FUND</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>1695</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID - NV CAPITAL</CategoryTxt>
        <Amt>156656</Amt>
        <NetInvestmentIncomeAmt>156656</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID - NV FINC'L</CategoryTxt>
        <Amt>12825</Amt>
        <NetInvestmentIncomeAmt>12825</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID - NV MATRIX</CategoryTxt>
        <Amt>1695</Amt>
        <NetInvestmentIncomeAmt>1695</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES PAID</CategoryTxt>
        <Amt>10000</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PAYROLL TAXES</CategoryTxt>
        <Amt>7649</Amt>
        <DisbursementsCharitablePrpsAmt>7649</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>