Greater India Portfolio
September 30, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 98.1%
| | | | | | | | |
| Security | | Shares | | | Value | |
India — 98.1% | |
Auto Components — 2.0% | |
Sona BLW Precision Forgings, Ltd.(1)(2) | | | 460,377 | | | $ | 3,478,997 | |
Sundram Fasteners, Ltd. | | | 131,433 | | | | 1,616,902 | |
Tube Investments of India, Ltd. | | | 77,320 | | | | 1,440,694 | |
| | | | | | | | |
| | | $ | 6,536,593 | |
| | | | | | | | |
Automobiles — 3.3% | |
Maruti Suzuki India, Ltd. | | | 62,212 | | | $ | 6,121,155 | |
Tata Motors, Ltd.(1) | | | 1,018,204 | | | | 4,530,022 | |
| | | | | | | | |
| | | $ | 10,651,177 | |
| | | | | | | | |
Banks — 19.1% | |
Axis Bank, Ltd.(1) | | | 1,491,259 | | | $ | 15,295,181 | |
Federal Bank, Ltd. | | | 1,650,418 | | | | 1,865,329 | |
HDFC Bank, Ltd. | | | 211,515 | | | | 4,515,867 | |
ICICI Bank, Ltd. | | | 2,774,975 | | | | 26,114,703 | |
Kotak Mahindra Bank, Ltd. | | | 218,246 | | | | 5,858,740 | |
State Bank of India | | | 1,232,068 | | | | 7,468,594 | |
| | | | | | | | |
| | | $ | 61,118,414 | |
| | | | | | | | |
Beverages — 1.2% | |
United Spirits, Ltd.(1) | | | 326,120 | | | $ | 3,735,201 | |
| | | | | | | | |
| | | $ | 3,735,201 | |
| | | | | | | | |
Building Products — 0.4% | |
Kajaria Ceramics, Ltd. | | | 85,334 | | | $ | 1,357,541 | |
| | | | | | | | |
| | | $ | 1,357,541 | |
| | | | | | | | |
Chemicals — 1.2% | |
Atul, Ltd. | | | 11,387 | | | $ | 1,444,029 | |
Navin Fluorine International, Ltd. | | | 46,183 | | | | 2,287,168 | |
| | | | | | | | |
| | | $ | 3,731,197 | |
| | | | | | | | |
Construction & Engineering — 1.4% | |
Voltas, Ltd. | | | 275,254 | | | $ | 4,521,628 | |
| | | | | | | | |
| | | $ | 4,521,628 | |
| | | | | | | | |
Construction Materials — 2.8% | |
JK Cement, Ltd. | | | 32,085 | | | $ | 1,342,442 | |
UltraTech Cement, Ltd. | | | 76,049 | | | | 7,542,873 | |
| | | | | | | | |
| | | $ | 8,885,315 | |
| | | | | | | | |
Consumer Finance — 1.3% | |
Mahindra & Mahindra Financial Services, Ltd. | | | 594,130 | | | $ | 1,470,299 | |
SBI Cards & Payment Services, Ltd.(1) | | | 187,264 | | | | 2,578,076 | |
| | | | | | | | |
| | | $ | 4,048,375 | |
| | | | | | | | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
Diversified Financial Services — 2.2% | |
Bajaj Finserv, Ltd. | | | 29,338 | | | $ | 7,018,929 | |
| | | | | | | | |
| | | $ | 7,018,929 | |
| | | | | | | | |
Diversified Telecommunication Services — 0.9% | |
Tata Communications, Ltd. | | | 159,952 | | | $ | 3,004,907 | |
| | | | | | | | |
| | | $ | 3,004,907 | |
| | | | | | | | |
Electric Utilities — 1.0% | |
Tata Power Co., Ltd. (The) | | | 1,572,314 | | | $ | 3,336,841 | |
| | | | | | | | |
| | | $ | 3,336,841 | |
| | | | | | | | |
Electrical Equipment — 0.2% | |
Graphite India, Ltd. | | | 83,106 | | | $ | 672,177 | |
| | | | | | | | |
| | | $ | 672,177 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components — 0.6% | |
Honeywell Automation India, Ltd. | | | 3,034 | | | $ | 1,842,162 | |
| | | | | | | | |
| | | $ | 1,842,162 | |
| | | | | | | | |
Food & Staples Retailing — 2.4% | |
Avenue Supermarts, Ltd.(1)(2) | | | 132,905 | | | $ | 7,570,160 | |
| | | | | | | | |
| | | $ | 7,570,160 | |
| | | | | | | | |
Food Products — 1.6% | |
Tata Consumer Products, Ltd. | | | 467,358 | | | $ | 5,103,157 | |
| | | | | | | | |
| | | $ | 5,103,157 | |
| | | | | | | | |
Gas Utilities — 0.6% | |
Gujarat Gas, Ltd. | | | 225,147 | | | $ | 1,929,173 | |
| | | | | | | | |
| | | $ | 1,929,173 | |
| | | | | | | | |
Health Care Providers & Services — 1.0% | |
Apollo Hospitals Enterprise, Ltd. | | | 56,116 | | | $ | 3,374,407 | |
| | | | | | | | |
| | | $ | 3,374,407 | |
| | | | | | | | |
Hotels, Restaurants & Leisure — 2.0% | |
Devyani International, Ltd.(1) | | | 645,317 | | | $ | 1,007,608 | |
Jubilant FoodWorks, Ltd. | | | 96,621 | | | | 5,258,402 | |
| | | | | | | | |
| | | $ | 6,266,010 | |
| | | | | | | | |
Household Durables — 2.2% | |
Crompton Greaves Consumer Electricals, Ltd. | | | 863,283 | | | $ | 5,572,685 | |
Dixon Technologies India, Ltd. | | | 26,438 | | | | 1,629,283 | |
| | | | | | | | |
| | | $ | 7,201,968 | |
| | | | | | | | |
Household Products — 2.0% | |
Hindustan Unilever, Ltd. | | | 175,842 | | | $ | 6,375,540 | |
| | | | | | | | |
| | | $ | 6,375,540 | |
| | | | | | | | |
Insurance — 2.8% | |
ICICI Lombard General Insurance Co., Ltd.(2) | | | 150,940 | | | $ | 3,211,628 | |
SBI Life Insurance Co., Ltd.(2) | | | 348,308 | | | | 5,672,608 | |
| | | | | | | | |
| | | $ | 8,884,236 | |
| | | | | | | | |
Interactive Media & Services — 3.0% | |
Info Edge India, Ltd. | | | 109,861 | | | $ | 9,487,857 | |
| | | | | | | | |
| | | $ | 9,487,857 | |
| | | | | | | | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
Internet & Direct Marketing Retail — 1.5% | |
Zomato, Ltd.(1) | | | 2,661,297 | | | $ | 4,904,724 | |
| | | | | | | | |
| | | $ | 4,904,724 | |
| | | | | | | | |
IT Services — 18.6% | |
Coforge, Ltd. | | | 53,741 | | | $ | 3,781,548 | |
HCL Technologies, Ltd. | | | 652,545 | | | | 11,196,024 | |
Infosys, Ltd. | | | 1,511,167 | | | | 33,967,672 | |
Infosys, Ltd. ADR | | | 44,140 | | | | 982,115 | |
Persistent Systems, Ltd. | | | 52,252 | | | | 2,616,740 | |
Wipro, Ltd.(2) | | | 817,450 | | | | 6,960,179 | |
| | | | | | | | |
| | | $ | 59,504,278 | |
| | | | | | | | |
Life Sciences Tools & Services — 2.8% | |
Divi’s Laboratories, Ltd. | | | 105,010 | | | $ | 6,781,837 | |
Syngene International, Ltd.(1)(2) | | | 256,164 | | | | 2,074,471 | |
| | | | | | | | |
| | | $ | 8,856,308 | |
| | | | | | | | |
Machinery — 0.5% | |
Grindwell Norton, Ltd. | | | 86,000 | | | $ | 1,590,523 | |
| | | | | | | | |
| | | $ | 1,590,523 | |
| | | | | | | | |
Metals & Mining — 3.3% | |
APL Apollo Tubes, Ltd.(1) | | | 188,390 | | | $ | 2,102,816 | |
Hindalco Industries, Ltd. | | | 909,561 | | | | 5,954,220 | |
Jindal Steel & Power, Ltd.(1) | | | 455,205 | | | | 2,360,490 | |
| | | | | | | | |
| | | $ | 10,417,526 | |
| | | | | | | | |
Multiline Retail — 0.5% | |
Trent, Ltd. | | | 113,576 | | | $ | 1,571,276 | |
| | | | | | | | |
| | | $ | 1,571,276 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels — 5.3% | |
Reliance Industries, Ltd. | | | 505,000 | | | $ | 17,035,645 | |
| | | | | | | | |
| | | $ | 17,035,645 | |
| | | | | | | | |
Personal Products — 2.0% | |
Emami, Ltd. | | | 308,764 | | | $ | 2,372,739 | |
Marico, Ltd. | | | 538,582 | | | | 3,970,442 | |
| | | | | | | | |
| | | $ | 6,343,181 | |
| | | | | | | | |
Pharmaceuticals — 3.3% | |
Gland Pharma, Ltd.(1)(2) | | | 63,976 | | | $ | 3,185,495 | |
Ipca Laboratories, Ltd. | | | 71,998 | | | | 2,343,296 | |
Lupin, Ltd. | | | 197,697 | | | | 2,512,173 | |
Torrent Pharmaceuticals, Ltd. | | | 58,307 | | | | 2,406,915 | |
| | | | | | | | |
| | | $ | 10,447,879 | |
| | | | | | | | |
Professional Services — 1.7% | |
L&T Technology Services, Ltd.(2) | | | 51,123 | | | $ | 3,217,509 | |
Quess Corp, Ltd.(2) | | | 182,207 | | | | 2,232,015 | |
| | | | | | | | |
| | | $ | 5,449,524 | |
| | | | | | | | |
Real Estate Management & Development — 2.0% | |
Godrej Properties, Ltd.(1) | | | 117,693 | | | $ | 3,659,371 | |
Oberoi Realty, Ltd.(1) | | | 214,170 | | | | 2,768,790 | |
| | | | | | | | |
| | | $ | 6,428,161 | |
| | | | | | | | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
Thrifts & Mortgage Finance — 1.4% | |
Housing Development Finance Corp., Ltd. | | | 118,625 | | | $ | 4,368,052 | |
| | | | | | | | |
| | | $ | 4,368,052 | |
| | | | | | | | |
| |
Total India
(identified cost $182,972,932) | | | $ | 313,570,042 | |
| | | | | | | | |
| |
Total Common Stocks
(identified cost $182,972,932) | | | $ | 313,570,042 | |
| | | | | | | | |
| |
Total Investments — 98.1%
(identified cost $182,972,932) | | | $ | 313,570,042 | |
| | | | | | | | |
| |
Other Assets, Less Liabilities — 1.9% | | | $ | 6,181,041 | |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 319,751,083 | |
| | | | | | | | |
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 September 30, 2021, the aggregate value of these securities is $37,603,062 or 11.8% of the Portfolio’s net assets. |
Futures Contracts
| | | | | | | | | | | | | | | | | | | | |
Description | | Number of
Contracts | | | Position | | | Expiration
Date | | | Notional
Amount | | | Value/
Unrealized
Appreciation
(Depreciation) | |
Equity Futures | | | | | | | | | | | | | | | | | | | | |
SGX CNX Nifty Index | | | 115 | | | | Long | | | | 10/28/21 | | | $ | 4,048,460 | | | $ | (24,869 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | $ | (24,869 | ) |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations:
| | | | |
ADR | | - | | American Depositary Receipt |
At September 30, 2021, 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, 2021, the Portfolio entered into equity index futures contracts to manage cash flows.
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) |
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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, 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 | | $ | — | | | $ | 12,492,764 | | | $ | — | | | $ | 12,492,764 | |
Consumer Discretionary | | | 5,912,332 | | | | 31,219,416 | | | | — | | | | 37,131,748 | |
Consumer Staples | | | — | | | | 29,127,239 | | | | — | | | | 29,127,239 | |
Energy | | | — | | | | 17,035,645 | | | | — | | | | 17,035,645 | |
Financials | | | — | | | | 85,438,006 | | | | — | | | | 85,438,006 | |
Health Care | | | — | | | | 22,678,594 | | | | — | | | | 22,678,594 | |
Industrials | | | — | | | | 13,591,393 | | | | — | | | | 13,591,393 | |
Information Technology | | | 982,115 | | | | 60,364,325 | | | | — | | | | 61,346,440 | |
Materials | | | — | | | | 23,034,038 | | | | — | | | | 23,034,038 | |
Real Estate | | | — | | | | 6,428,161 | | | | — | | | | 6,428,161 | |
Utilities | | | — | | | | 5,266,014 | | | | — | | | | 5,266,014 | |
Total Common Stocks | | $ | 6,894,447 | | | $ | 306,675,595 | * | | $ | — | | | $ | 313,570,042 | |
Total Investments | | $ | 6,894,447 | | | $ | 306,675,595 | | | $ | — | | | $ | 313,570,042 | |
| | | |
| Liability Description | | | | | | | | | | |
Futures Contracts | | $ | — | | | $ | (24,869 | ) | | $ | — | | | $ | (24,869 | ) |
Total | | $ | — | | | $ | (24,869 | ) | | $ | — | | | $ | (24,869 | ) |
| * | 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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