UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08340
Greater India Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2021
Date of Reporting Period
| Item 1. | Reports to Stockholders |
Greater India Portfolio
June 30, 2021
Portfolio of Investments (Unaudited)
| Common Stocks — 93.8% |
| |||||||
| Security | Shares | Value | ||||||
| India — 93.8% | ||||||||
| Auto Components — 1.0% | ||||||||
Sona BLW Precision Forgings, Ltd.(1)(2) | 460,377 | $ | 2,117,933 | |||||
Tube Investments of India, Ltd. | 52,672 | 828,040 | ||||||
| $ | 2,945,973 | |||||||
| Automobiles — 5.0% | ||||||||
Maruti Suzuki India, Ltd. | 91,694 | $ | 9,314,908 | |||||
Tata Motors, Ltd.(1) | 1,018,204 | 4,675,527 | ||||||
| $ | 13,990,435 | |||||||
| Banks — 20.5% | ||||||||
Axis Bank, Ltd.(1) | 1,491,259 | $ | 15,055,554 | |||||
Federal Bank, Ltd.(1) | 1,650,418 | 1,940,667 | ||||||
HDFC Bank, Ltd. | 268,300 | 5,415,827 | ||||||
ICICI Bank, Ltd.(1) | 2,774,975 | 23,645,133 | ||||||
Kotak Mahindra Bank, Ltd.(1) | 218,246 | 5,013,817 | ||||||
State Bank of India | 1,232,068 | 6,962,241 | ||||||
| $ | 58,033,239 | |||||||
| Building Products — 0.4% | ||||||||
Kajaria Ceramics, Ltd. | 85,334 | $ | 1,122,424 | |||||
| $ | 1,122,424 | |||||||
| Chemicals — 0.5% | ||||||||
Atul, Ltd.(1) | 11,387 | $ | 1,365,913 | |||||
| $ | 1,365,913 | |||||||
| Construction & Engineering — 1.3% | ||||||||
Voltas, Ltd. | 275,254 | $ | 3,785,638 | |||||
| $ | 3,785,638 | |||||||
| Construction Materials — 2.7% | ||||||||
JK Cement, Ltd.(1) | 32,085 | $ | 1,231,310 | |||||
UltraTech Cement, Ltd. | 70,093 | 6,391,396 | ||||||
| $ | 7,622,706 | |||||||
| Consumer Finance — 1.3% | ||||||||
Mahindra & Mahindra Financial Services, Ltd.(1) | 594,130 | $ | 1,259,716 | |||||
SBI Cards & Payment Services, Ltd. | 187,264 | 2,446,805 | ||||||
| $ | 3,706,521 | |||||||
| Security | Shares | Value | ||||||
| Diversified Financial Services — 1.4% | ||||||||
Bajaj Finserv, Ltd.(1) | 25,108 | $ | 4,086,345 | |||||
| $ | 4,086,345 | |||||||
| Diversified Telecommunication Services — 1.0% | ||||||||
Tata Communications, Ltd. | 159,952 | $ | 2,774,344 | |||||
| $ | 2,774,344 | |||||||
| Electric Utilities — 0.9% | ||||||||
Tata Power Co., Ltd. (The) | 1,572,314 | $ | 2,588,521 | |||||
| $ | 2,588,521 | |||||||
| Electrical Equipment — 0.3% | ||||||||
Graphite India, Ltd.(1) | 83,106 | $ | 713,557 | |||||
| $ | 713,557 | |||||||
| Food & Staples Retailing — 2.1% | ||||||||
Avenue Supermarts, Ltd.(1)(2) | 132,905 | $ | 5,994,564 | |||||
| $ | 5,994,564 | |||||||
| Food Products — 1.7% | ||||||||
Tata Consumer Products, Ltd. | 467,358 | $ | 4,758,802 | |||||
| $ | 4,758,802 | |||||||
| Gas Utilities — 0.7% | ||||||||
Gujarat Gas, Ltd. | 225,147 | $ | 2,005,242 | |||||
| $ | 2,005,242 | |||||||
| Health Care Providers & Services — 1.0% | ||||||||
Apollo Hospitals Enterprise, Ltd. | 56,116 | $ | 2,732,977 | |||||
| $ | 2,732,977 | |||||||
| Hotels, Restaurants & Leisure — 1.2% | ||||||||
Jubilant FoodWorks, Ltd.(1) | 84,027 | $ | 3,491,678 | |||||
| $ | 3,491,678 | |||||||
| Household Durables — 2.3% | ||||||||
Crompton Greaves Consumer Electricals, Ltd. | 863,283 | $ | 5,044,523 | |||||
Dixon Technologies India, Ltd.(1) | 26,438 | 1,571,965 | ||||||
| $ | 6,616,488 | |||||||
| Household Products — 4.1% | ||||||||
Hindustan Unilever, Ltd. | 345,269 | $ | 11,509,927 | |||||
| $ | 11,509,927 | |||||||
| 14 | See Notes to Financial Statements. |
Greater India Portfolio
June 30, 2021
Portfolio of Investments (Unaudited) — continued
| Security | Shares | Value | ||||||
| Insurance — 2.8% | ||||||||
ICICI Lombard General Insurance Co., Ltd.(2) | 150,940 | $ | 3,181,100 | |||||
SBI Life Insurance Co., Ltd.(2) | 348,308 | 4,725,759 | ||||||
| $ | 7,906,859 | |||||||
| Interactive Media & Services — 2.6% | ||||||||
Info Edge India, Ltd. | 109,861 | $ | 7,295,467 | |||||
| $ | 7,295,467 | |||||||
| IT Services — 19.0% | ||||||||
HCL Technologies, Ltd. | 590,347 | $ | 7,836,358 | |||||
Infosys, Ltd. | 1,690,394 | 35,742,166 | ||||||
Infosys, Ltd. ADR | 44,140 | 935,327 | ||||||
Larsen & Toubro Infotech, Ltd.(2) | 28,521 | 1,563,965 | ||||||
Persistent Systems, Ltd. | 41,549 | 1,668,982 | ||||||
Wipro, Ltd.(2) | 817,450 | 6,004,174 | ||||||
| $ | 53,750,972 | |||||||
| Life Sciences Tools & Services — 2.9% | ||||||||
Divi’s Laboratories, Ltd.(1) | 105,010 | $ | 6,226,754 | |||||
Syngene International, Ltd.(1)(2) | 256,164 | 2,014,215 | ||||||
| $ | 8,240,969 | |||||||
| Metals & Mining — 2.3% | ||||||||
Hindalco Industries, Ltd. | 909,561 | $ | 4,570,020 | |||||
Jindal Steel & Power, Ltd.(1) | 342,121 | 1,835,855 | ||||||
| $ | 6,405,875 | |||||||
| Multiline Retail — 0.5% | ||||||||
Trent, Ltd. | 113,576 | $ | 1,299,395 | |||||
| $ | 1,299,395 | |||||||
| Oil, Gas & Consumable Fuels — 5.1% | ||||||||
Reliance Industries, Ltd. | 505,000 | $ | 14,369,546 | |||||
| $ | 14,369,546 | |||||||
| Personal Products — 2.0% | ||||||||
Emami, Ltd. | 254,423 | $ | 1,911,637 | |||||
Marico, Ltd. | 538,582 | 3,850,805 | ||||||
| $ | 5,762,442 | |||||||
| Pharmaceuticals — 3.6% | ||||||||
Gland Pharma, Ltd.(1)(2) | 63,976 | $ | 2,937,570 | |||||
Ipca Laboratories, Ltd. | 71,998 | 1,965,296 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
Lupin, Ltd. | 197,697 | $ | 3,058,424 | |||||
Torrent Pharmaceuticals, Ltd. | 58,307 | 2,269,615 | ||||||
| $ | 10,230,905 | |||||||
| Professional Services — 0.7% | ||||||||
L&T Technology Services, Ltd.(2) | 51,123 | $ | 1,987,802 | |||||
| $ | 1,987,802 | |||||||
| Real Estate Management & Development — 1.5% | ||||||||
Godrej Properties, Ltd.(1) | 117,693 | $ | 2,211,515 | |||||
Oberoi Realty, Ltd.(1) | 214,170 | 1,809,226 | ||||||
Prestige Estates Projects, Ltd.(1) | 71,143 | 278,632 | ||||||
| $ | 4,299,373 | |||||||
| Thrifts & Mortgage Finance — 1.4% | ||||||||
Housing Development Finance Corp., Ltd. | 118,625 | $ | 3,962,808 | |||||
| $ | 3,962,808 | |||||||
Total India |
| $ | 265,357,707 | |||||
Total Common Stocks |
| $ | 265,357,707 | |||||
Total Investments — 93.8% |
| $ | 265,357,707 | |||||
Other Assets, Less Liabilities — 6.2% |
| $ | 17,519,826 | |||||
Net Assets — 100.0% |
| $ | 282,877,533 | |||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
| (1) | Non-income producing security. |
| (2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2021, the aggregate value of these securities is $30,527,082 or 10.8% of the Portfolio’s net assets. |
| 15 | See Notes to Financial Statements. |
Greater India Portfolio
June 30, 2021
Portfolio of Investments (Unaudited) — continued
| Futures Contracts | ||||||||||||||||
| Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) | |||||||||||
Equity Futures |
| |||||||||||||||
| SGX CNX Nifty Index | 489 | Long | 7/29/21 | $ | 15,400,566 | $ | (88,272 | ) | ||||||||
| $ | (88,272 | ) | ||||||||||||||
Abbreviations:
| ADR | – | American Depositary Receipt | ||
| 16 | See Notes to Financial Statements. |
Greater India Portfolio
June 30, 2021
Statement of Assets and Liabilities (Unaudited)
| Assets | June 30, 2021 | |||
Unaffiliated investments, at value (identified cost, $162,961,177) | $ | 265,357,707 | ||
Cash | 16,078,334 | |||
Deposits for derivatives collateral — financial futures contracts | 806,850 | |||
Foreign currency, at value (identified cost, $1,110,384) | 1,110,349 | |||
Dividends receivable | 120,067 | |||
Receivable for investments sold | 874,455 | |||
Receivable for foreign taxes | 39,612 | |||
Total assets | $ | 284,387,374 | ||
| Liabilities | ||||
Payable for investments purchased | $ | 1,159,111 | ||
Payable for variation margin on open financial futures contracts | 39,561 | |||
Payable to affiliates: | ||||
Investment adviser fee | 196,233 | |||
Trustees’ fees | 3,140 | |||
Accrued expenses | 111,796 | |||
Total liabilities | $ | 1,509,841 | ||
Net Assets applicable to investors’ interest in Portfolio | $ | 282,877,533 | ||
| 17 | See Notes to Financial Statements. |
Greater India Portfolio
June 30, 2021
Statement of Operations (Unaudited)
| Investment Income | Six Months Ended June 30, 2021 | |||
Dividends (net of foreign taxes, $237,691) | $ | 821,837 | ||
Total investment income | $ | 821,837 | ||
| Expenses | ||||
Investment adviser fee | $ | 1,095,376 | ||
Trustees’ fees and expenses | 6,945 | |||
Custodian fee | 67,702 | |||
Legal and accounting services | 44,477 | |||
Miscellaneous | 5,727 | |||
Total expenses | $ | 1,220,227 | ||
Net investment loss | $ | (398,390 | ) | |
| Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) — | ||||
Investment transactions (net of foreign capital gains taxes of $112,076) | $ | 14,406,043 | ||
Financial futures contracts | 882,929 | |||
Foreign currency transactions | (6,800 | ) | ||
Net realized gain | $ | 15,282,172 | ||
Change in unrealized appreciation (depreciation) — | ||||
Investments | $ | 13,268,197 | ||
Financial futures contracts | (93,991 | ) | ||
Foreign currency | (2,922 | ) | ||
Net change in unrealized appreciation (depreciation) | $ | 13,171,284 | ||
Net realized and unrealized gain | $ | 28,453,456 | ||
Net increase in net assets from operations | $ | 28,055,066 | ||
| 18 | See Notes to Financial Statements. |
Greater India Portfolio
June 30, 2021
Statements of Changes in Net Assets
| Increase (Decrease) in Net Assets | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||
From operations — | ||||||||
Net investment loss | $ | (398,390 | ) | $ | (231,832 | ) | ||
Net realized gain | 15,282,172 | 6,347,912 | ||||||
Net change in unrealized appreciation (depreciation) | 13,171,284 | 28,844,667 | ||||||
Net increase in net assets from operations | $ | 28,055,066 | $ | 34,960,747 | ||||
Capital transactions — | ||||||||
Contributions | $ | 21,034,806 | $ | 42,906,129 | ||||
Withdrawals | (3,628,961 | ) | (57,262,729 | ) | ||||
Net increase (decrease) in net assets from capital transactions | $ | 17,405,845 | $ | (14,356,600 | ) | |||
Net increase in net assets | $ | 45,460,911 | $ | 20,604,147 | ||||
| Net Assets |
| |||||||
At beginning of period | $ | 237,416,622 | $ | 216,812,475 | ||||
At end of period | $ | 282,877,533 | $ | 237,416,622 | ||||
| 19 | See Notes to Financial Statements. |
Greater India Portfolio
June 30, 2021
Financial Highlights
| Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, | |||||||||||||||||||||||
| Ratios/Supplemental Data | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||||||||||
Expenses | 0.95 | %(1) | 0.93 | % | 0.98 | % | 0.98 | % | 0.98 | % | 1.19 | % | ||||||||||||
Net investment income (loss) | (0.31 | )%(1) | (0.12 | )% | 0.07 | % | 0.19 | % | 0.76 | % | (0.06 | )% | ||||||||||||
Portfolio Turnover | 15 | %(2) | 26 | % | 21 | % | 29 | % | 25 | % | 91 | % | ||||||||||||
Total Return | 11.36 | %(2) | 18.38 | % | 11.17 | % | (11.57 | )% | 45.78 | % | 3.35 | % | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 282,878 | $ | 237,417 | $ | 216,812 | $ | 213,186 | $ | 273,437 | $ | 203,663 | ||||||||||||
| (1) | Annualized. |
| (2) | Not annualized. |
| 20 | See Notes to Financial Statements. |
Greater India Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Greater India Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is to seek long-term capital appreciation. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At June 30, 2021, Eaton Vance Greater India Fund held a 99.9% interest in the Portfolio.
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below.
Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Foreign ownership of shares of certain Indian companies may be subject to limitations. When foreign ownership of such an Indian company’s shares approaches the limitation, foreign investors may be willing to pay a premium to the local share price to acquire shares from other foreign investors. Such shares are valued at the closing price for foreign investors as provided by the exchange on which they trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign financial futures contracts that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities and foreign financial futures contracts.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.
D Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.
In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in India. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities, the holding period of such securities, the related tax rates, and the availability of any realized losses in excess of gains that may be carried forward to offset future gains. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on certain Indian securities sold at a gain are included in net realized gain (loss) on investments. As of March 31, 2021, the Portfolio, for tax reporting in India, had estimated accumulated losses of INR 241,235,429 (having a value of approximately $3,245,000 at June 30, 2021) that can be
| 21 |
Greater India Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
carried forward to offset future realized gains from the sale of certain Indian securities that would otherwise be subject to Indian capital gain taxes. These accumulated losses expire on March 31, 2027 (INR 237,617,650) and March 31, 2028 (INR 3,617,779). Of the accumulated losses as of March 31, 2021, INR 41,762,212 are short-term and INR 199,473,217 are long-term.
As of June 30, 2021, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing. The Portfolio also files a tax return in India annually as of March 31st. Such tax returns are subject to examination by the Indian tax authorities for open years as determined by the statute of limitations, which is generally a period of up to 7 years after a tax return is filed.
E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
H Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
I Interim Financial Statements — The interim financial statements relating to June 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement and related fee reduction agreement with BMR in effect prior to March 1, 2021), the investment adviser fee is computed at an annual rate of 0.850% of the Portfolio’s average daily net assets up to $500 million, 0.800% from $500 million but less than $1 billion, 0.775% from $1 billion but less than $2.5 billion, 0.750% from $2.5 billion but less than $5 billion, and 0.730% on average daily net assets of $5 billion and over, and is payable monthly. For the six months ended June 30, 2021, the investment adviser fee amounted to $1,095,376 or 0.85% (annualized) of the Portfolio’s average daily net assets.
Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Portfolio to Goldman Sachs Asset Management, L.P. (GSAM). In connection with the Transaction, BMR entered into a new sub-advisory agreement with GSAM, which took effect on March 1, 2021. BMR pays GSAM a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.
Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.
| 22 |
Greater India Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $43,900,606 and $36,284,442, respectively, for the six months ended June 30, 2021.
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at June 30, 2021, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 164,832,834 | ||
Gross unrealized appreciation | $ | 101,342,727 | ||
Gross unrealized depreciation | (906,126 | ) | ||
Net unrealized appreciation | $ | 100,436,601 | ||
5 Financial Instruments
The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2021 is included in the Portfolio of Investments. At June 30, 2021, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.
The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. The Portfolio enters into equity index futures contracts to manage cash flows.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2021 was as follows:
| Fair Value | ||||||||
| Derivative | Asset Derivative | Liability Derivative(1) | ||||||
Financial futures contracts | $ | — | $ | (88,272 | ) | |||
| (1) | Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2021 was as follows:
| Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) | ||||||
Financial futures contracts | $ | 882,929 | $ | (93,991 | ) | |||
| (1) | Statement of Operations location: Net realized gain (loss) – Financial futures contracts. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts. |
The average notional cost of futures contracts (long) outstanding during the six months ended June 30, 2021, which is indicative of the volume of this derivative type, was approximately $8,244,000.
| 23 |
Greater India Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
6 Line of Credit
The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended June 30, 2021.
7 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At June 30, 2021, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
| |||||||||||||||
Communication Services | $ | — | $ | 10,069,811 | $ | — | $ | 10,069,811 | ||||||||
Consumer Discretionary | 2,117,933 | 26,226,036 | — | 28,343,969 | ||||||||||||
Consumer Staples | — | 28,025,735 | — | 28,025,735 | ||||||||||||
Energy | — | 14,369,546 | — | 14,369,546 | ||||||||||||
Financials | — | 77,695,772 | — | 77,695,772 | ||||||||||||
Health Care | — | 21,204,851 | — | 21,204,851 | ||||||||||||
Industrials | — | 7,609,421 | — | 7,609,421 | ||||||||||||
Information Technology | 935,327 | 52,815,645 | — | 53,750,972 | ||||||||||||
Materials | — | 15,394,494 | — | 15,394,494 | ||||||||||||
Real Estate | — | 4,299,373 | — | 4,299,373 | ||||||||||||
Utilities | — | 4,593,763 | — | 4,593,763 | ||||||||||||
Total Common Stocks | $ | 3,053,260 | $ | 262,304,447 | * | $ | — | $ | 265,357,707 | |||||||
Total Investments | $ | 3,053,260 | $ | 262,304,447 | $ | — | $ | 265,357,707 | ||||||||
Liability Description |
| |||||||||||||||
Futures Contracts | $ | — | $ | (88,272 | ) | $ | — | $ | (88,272 | ) | ||||||
Total | $ | — | $ | (88,272 | ) | $ | — | $ | (88,272 | ) | ||||||
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
| 24 |
Greater India Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
8 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Countries within the Indian sub-continent region are considered emerging market countries. The securities markets within the Indian sub-continent are undergoing a period of growth and change, which may result in trading or price volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying relevant laws and regulations. The securities markets in these countries are comparatively underdeveloped and may be concentrated in certain sectors. In addition, governmental actions can have a significant effect on the economic conditions in the India region, which could adversely affect the value and liquidity of investments.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.
| 25 |
Eaton Vance
Greater India Fund
June 30, 2021
Joint Special Meeting of Shareholders (Unaudited)
Eaton Vance Greater India Fund (the “Fund”) held a Joint Special Meeting of Shareholders on February 18, 2021 and adjourned until February 26, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Boston Management and Research (“BMR”) to serve as the Fund’s investment adviser (“Proposal 1”); (2) to approve a new investment sub-advisory agreement with Goldman Sachs Asset Management, L.P. to serve as the Fund’s investment sub-adviser (“Proposal 2”); (3) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment advisory agreement with BMR to serve as investment adviser to Greater India Portfolio (“Proposal 3”); and (4) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment sub-advisory agreement with Goldman Sachs Asset Management, L.P. to serve as investment sub-adviser to Greater India Portfolio (“Proposal 4”). The shareholder meeting results are as follows:
| Number of Shares(1) | ||||||||||||||||
| For | Against | Abstain(2) | Broker Non-Votes(2) | |||||||||||||
Proposal 1 | 2,747,848.659 | 82,691.274 | 153,562.731 | 0 | ||||||||||||
Proposal 2 | 2,706,959.742 | 114,072.457 | 163,071.465 | 0 | ||||||||||||
Proposal 3 | 2,738,647.018 | 86,796.109 | 158,659.537 | 0 | ||||||||||||
Proposal 4 | 2,720,099.693 | 93,563.633 | 170,439.338 | 0 | ||||||||||||
| (1) | Fractional shares were voted proportionately. |
| (2) | Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal. |
Interestholder Meeting
Greater India Portfolio (the “Portfolio”) held a Joint Special Meeting of Interestholders on February 19, 2021 for the following purposes: (1) to approve a new investment advisory agreement with BMR to serve as the Portfolio’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Goldman Sachs Asset Management, L.P. to serve as investment sub-adviser to the Portfolio (“Proposal 2”) . The interestholder meeting results are as follows:
| For | Against | Abstain(1) | ||||||||||
Proposal 1 | 92.502 | % | 2.941 | % | 4.557 | % | ||||||
Proposal 2 | 91.829 | % | 3.201 | % | 4.970 | % | ||||||
Results may not total 100% due to rounding.
| (1) | Abstentions were treated as interests that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal. |
| 26 |
Eaton Vance
Greater India Fund
June 30, 2021
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
| 27 |
Eaton Vance
Greater India Fund
June 30, 2021
Officers of Eaton Vance Greater India Fund
Eric A. Stein
President
Deidre E. Walsh
Vice President and Chief Legal Officer
James F. Kirchner
Treasurer
Kimberly M. Roessiger
Secretary
Richard F. Froio
Chief Compliance Officer
Officers of Greater India Portfolio
Edward J. Perkin
President
Deidre E. Walsh
Vice President and Chief Legal Officer
James F. Kirchner
Treasurer
Kimberly M. Roessiger
Secretary
Richard F. Froio
Chief Compliance Officer
Trustees of Eaton Vance Greater India Fund and Greater India Portfolio
George J. Gorman
Chairperson
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
Valerie A. Mosley
William H. Park
Helen Frame Peters
Keith Quinton
Marcus L. Smith
Susan J. Sutherland
Scott E. Wennerholm
| * | Interested Trustee |
| 28 |
Eaton Vance Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? | |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
∎ Social Security number and income ∎ investment experience and risk tolerance ∎ checking account number and wire transfer instructions | |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. | |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? | ||
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
| For our marketing purposes — to offer our products and services to you | Yes | No | ||
| For joint marketing with other financial companies | No | We don’t share | ||
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes | ||
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No | ||
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
| For our investment management affiliates to market to you | Yes | Yes | ||
| For our affiliates to market to you | No | We don’t share | ||
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. | |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com | |
| 29 |
Eaton Vance Funds
| Privacy Notice — continued | April 2021 |
| Page 2 |
| Who we are | ||
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) | |
| What we do | ||
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. | |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you
∎ open an account or make deposits or withdrawals from your account ∎ buy securities from us or make a wire transfer ∎ give us your contact information
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only
∎ sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎ affiliates from using your information to market to you ∎ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. | |
| Definitions | ||
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
∎ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
∎ Eaton Vance does not share with nonaffiliates so they can market to you. | |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
∎ Eaton Vance doesn’t jointly market. | |
| Other important information | ||
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.
California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | ||
| 30 |
Eaton Vance Funds
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
| 31 |
This Page Intentionally Left Blank
Investment Adviser of Eaton Vance Greater India Fund and Greater India Portfolio
Boston Management and Research
Two International Place
Boston, MA 02110
Investment Sub-Adviser of Eaton Vance Greater India Fund and Greater India Portfolio
Goldman Sachs Asset Management, L.P.
200 West Street
New York, NY 10282
Administrator of Eaton Vance Greater India Fund
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Fund Offices
Two International Place
Boston, MA 02110
| * | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org. |
7693 6.30.21
| Item 2. | Code of Ethics |
Not required in this filing.
| Item 3. | Audit Committee Financial Expert |
Not required in this filing.
| Item 4. | Principal Accountant Fees and Services |
Not required in this filing.
| Item 5. | Audit Committee of Listed Registrants |
Not applicable.
| Item 6. | Schedule of Investments |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders |
No material changes.
| Item 11. | Controls and Procedures |
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
| Item 13. | Exhibits |
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) | Treasurer’s Section 302 certification. | |
| (a)(2)(ii) | President’s Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
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.
| Greater India Portfolio | ||
| By: | /s/ Edward J. Perkin | |
| Edward J. Perkin | ||
| President | ||
| Date: | August 19, 2021 | |
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: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer | ||
| Date: | August 19, 2021 | |
| By: | /s/ Edward J. Perkin | |
| Edward J. Perkin | ||
| President | ||
| Date: | August 19, 2021 | |