Greater India Portfolio
September 30, 2020
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 98.6%
Security | Shares | Value | ||||||
India — 98.6% |
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Airlines — 0.6% |
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InterGlobe Aviation, Ltd.(1)(2) | 69,143 | $ | 1,163,202 | |||||
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$ | 1,163,202 | |||||||
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Auto Components — 0.8% |
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MRF, Ltd. | 1,871 | $ | 1,512,611 | |||||
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$ | 1,512,611 | |||||||
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Automobiles — 5.8% |
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Hero MotoCorp, Ltd. | 61,816 | $ | 2,637,763 | |||||
Maruti Suzuki India, Ltd. | 93,513 | 8,559,631 | ||||||
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$ | 11,197,394 | |||||||
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Banks — 16.2% |
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Axis Bank, Ltd.(2) | 1,491,259 | $ | 8,614,213 | |||||
HDFC Bank, Ltd.(2) | 360,435 | 5,288,173 | ||||||
ICICI Bank, Ltd.(2) | 2,774,975 | 13,370,407 | ||||||
Kotak Mahindra Bank, Ltd.(2) | 218,246 | 3,763,759 | ||||||
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$ | 31,036,552 | |||||||
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Construction & Engineering — 1.7% |
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Voltas, Ltd. | 362,567 | $ | 3,353,457 | |||||
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$ | 3,353,457 | |||||||
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Construction Materials — 2.9% |
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Dalmia Bharat, Ltd. | 127,807 | $ | 1,334,682 | |||||
UltraTech Cement, Ltd. | 78,030 | 4,275,116 | ||||||
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$ | 5,609,798 | |||||||
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Consumer Finance — 1.6% |
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Muthoot Finance, Ltd. | 105,884 | $ | 1,628,449 | |||||
SBI Cards & Payment Services, Ltd. | 122,770 | 1,414,404 | ||||||
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$ | 3,042,853 | |||||||
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Electrical Equipment — 0.1% |
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Graphite India, Ltd. | 83,106 | $ | 220,506 | |||||
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$ | 220,506 | |||||||
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Food & Staples Retailing — 2.1% |
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Avenue Supermarts, Ltd.(1)(2) | 132,905 | $ | 3,944,203 | |||||
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$ | 3,944,203 | |||||||
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Food Products — 1.6% |
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Tata Consumer Products, Ltd. | 467,358 | $ | 3,164,746 | |||||
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$ | 3,164,746 | |||||||
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Health Care Providers & Services — 0.7% |
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Apollo Hospitals Enterprise, Ltd. | 48,038 | $ | 1,401,221 | |||||
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$ | 1,401,221 | |||||||
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Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure — 1.4% |
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Jubilant FoodWorks, Ltd. | 84,027 | $ | 2,663,562 | |||||
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$ | 2,663,562 | |||||||
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Household Durables — 3.0% |
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Crompton Greaves Consumer Electricals, Ltd. | 863,283 | $ | 3,420,647 | |||||
Whirlpool of India, Ltd. | 81,838 | 2,428,849 | ||||||
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$ | 5,849,496 | |||||||
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Household Products — 5.1% |
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Hindustan Unilever, Ltd. | 345,269 | $ | 9,687,741 | |||||
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$ | 9,687,741 | |||||||
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Insurance — 3.2% |
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ICICI Lombard General Insurance Co., Ltd.(1) | 150,940 | $ | 2,638,815 | |||||
SBI Life Insurance Co., Ltd.(1)(2) | 314,097 | 3,442,237 | ||||||
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$ | 6,081,052 | |||||||
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Interactive Media & Services — 3.3% |
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Info Edge India, Ltd. | 129,113 | $ | 6,352,415 | |||||
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$ | 6,352,415 | |||||||
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IT Services — 19.3% |
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HCL Technologies, Ltd. | 666,868 | $ | 7,337,791 | |||||
Infosys, Ltd. | 1,915,915 | 26,285,328 | ||||||
Infosys, Ltd. ADR | 44,140 | 609,574 | ||||||
Larsen & Toubro Infotech, Ltd.(1) | 78,423 | 2,713,273 | ||||||
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$ | 36,945,966 | |||||||
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Life Sciences Tools & Services — 3.2% |
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Divi’s Laboratories, Ltd. | 96,506 | $ | 4,000,720 | |||||
Syngene International, Ltd.(1)(2) | 275,765 | 2,074,585 | ||||||
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$ | 6,075,305 | |||||||
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Machinery — 0.8% |
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AIA Engineering, Ltd. | 64,413 | $ | 1,611,144 | |||||
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$ | 1,611,144 | |||||||
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Multiline Retail — 0.5% |
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Trent, Ltd. | 113,576 | $ | 1,049,327 | |||||
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$ | 1,049,327 | |||||||
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Oil, Gas & Consumable Fuels — 11.7% |
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Reliance Industries, Ltd. | 738,539 | $ | 22,364,750 | |||||
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$ | 22,364,750 | |||||||
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Personal Products — 1.4% |
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Marico, Ltd. | 538,582 | $ | 2,634,973 | |||||
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$ | 2,634,973 | |||||||
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Pharmaceuticals — 5.7% |
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Abbott India, Ltd. | 17,311 | $ | 3,879,898 | |||||
Ipca Laboratories, Ltd. | 73,861 | 2,181,821 | ||||||
Lupin, Ltd. | 197,697 | 2,699,677 | ||||||
Torrent Pharmaceuticals, Ltd. | 58,307 | 2,215,750 | ||||||
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$ | 10,977,146 | |||||||
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Security | Shares | Value | ||||||
Real Estate Management & Development — 1.9% |
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Godrej Properties, Ltd.(2) | 117,693 | $ | 1,375,055 | |||||
Oberoi Realty, Ltd.(2) | 214,170 | 1,146,644 | ||||||
Prestige Estates Projects, Ltd. | 325,464 | 1,121,733 | ||||||
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$ | 3,643,432 | |||||||
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Thrifts & Mortgage Finance — 1.5% |
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Housing Development Finance Corp., Ltd. | 118,625 | $ | 2,800,340 | |||||
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$ | 2,800,340 | |||||||
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Wireless Telecommunication Services — 2.5% |
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Bharti Airtel, Ltd. | 839,978 | $ | 4,787,774 | |||||
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$ | 4,787,774 | |||||||
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Total India |
| $ | 189,170,966 | |||||
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Total Common Stocks |
| $ | 189,170,966 | |||||
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Total Investments — 98.6% |
| $ | 189,170,966 | |||||
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Other Assets, Less Liabilities — 1.4% |
| $ | 2,629,627 | |||||
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Net Assets — 100.0% |
| $ | 191,800,593 | |||||
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The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) | 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 September 30, 2020, the aggregate value of these securities is $15,976,315 or 8.3% of the Portfolio’s net assets. |
(2) | Non-income producing security. |
Futures Contracts
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) | |||||||||||||||
Equity Futures | ||||||||||||||||||||
SGX CNX Nifty Index | 67 | Long | 10/29/20 | $ | 1,508,036 | $ | 12,413 | |||||||||||||
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$ | 12,413 | |||||||||||||||||||
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Abbreviations:
ADR | - | American Depositary Receipt |
At September 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the fiscal year to date ended September 30, 2020, the Portfolio entered into equity index futures contracts to manage cash flows.
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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 September 30, 2020, 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 | $ | — | $ | 11,140,189 | $ | — | $ | 11,140,189 | ||||||||
Consumer Discretionary | — | 22,272,390 | — | 22,272,390 | ||||||||||||
Consumer Staples | — | 19,431,663 | — | 19,431,663 | ||||||||||||
Energy | — | 22,364,750 | — | 22,364,750 | ||||||||||||
Financials | — | 42,960,797 | — | 42,960,797 | ||||||||||||
Health Care | — | 18,453,672 | — | 18,453,672 | ||||||||||||
Industrials | — | 6,348,309 | — | 6,348,309 | ||||||||||||
Information Technology | 609,574 | 36,336,392 | — | 36,945,966 | ||||||||||||
Materials | — | 5,609,798 | — | 5,609,798 | ||||||||||||
Real Estate | — | 3,643,432 | — | 3,643,432 | ||||||||||||
Total Common Stocks | $ | 609,574 | $ | 188,561,392 | * | $ | — | $ | 189,170,966 | |||||||
Total Investments | $ | 609,574 | $ | 188,561,392 | $ | — | $ | 189,170,966 | ||||||||
Futures Contracts | $ | — | $ | 12,413 | $ | — | $ | 12,413 | ||||||||
Total | $ | 609,574 | $ | 188,573,805 | $ | — | $ | 189,183,379 |
* | 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. |
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
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