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Greater India Portfolio

September 30, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 97.3%

 

                                                 
Security    Shares      Value  

India — 97.3%

      

Airlines — 0.9%

      

InterGlobe Aviation, Ltd.(1)

      69,143      $ 1,839,959  
     

 

 

  
      $ 1,839,959  
     

 

 

  

Auto Components — 1.3%

      

MRF, Ltd.

      3,154      $ 2,816,440  
     

 

 

  
      $ 2,816,440  
     

 

 

  

Automobiles — 6.6%

      

Eicher Motors, Ltd.

      12,698      $ 3,178,571  

Maruti Suzuki India, Ltd.

      112,782        10,668,302  
     

 

 

  
      $  13,846,873  
     

 

 

  

Banks — 16.6%

      

Axis Bank, Ltd.

      1,418,117      $ 13,719,535  

HDFC Bank, Ltd.

      529,138        9,170,075  

ICICI Bank, Ltd.

      1,732,474        10,560,080  

RBL Bank, Ltd.(1)

      267,678        1,243,740  
     

 

 

  
      $ 34,693,430  
     

 

 

  

Beverages — 0.7%

      

United Breweries, Ltd.

      79,318      $ 1,511,548  
     

 

 

  
      $ 1,511,548  
     

 

 

  

Capital Markets — 1.2%

      

HDFC Asset Management Co., Ltd.(1)

      24,519      $ 969,706  

Reliance Nippon Life Asset Management, Ltd.(1)

      423,638        1,565,469  
     

 

 

  
      $ 2,535,175  
     

 

 

  

Chemicals — 0.2%

      

Asian Paints, Ltd.

      17,548      $ 437,163  
     

 

 

  
      $ 437,163  
     

 

 

  

Construction & Engineering — 1.5%

      

Voltas, Ltd.

      338,897      $ 3,259,724  
     

 

 

  
      $ 3,259,724  
     

 

 

  

Construction Materials — 3.1%

      

Dalmia Bharat, Ltd.

      144,462      $ 1,671,276  

UltraTech Cement, Ltd.

      78,030        4,787,033  
     

 

 

  
      $ 6,458,309  
     

 

 

  

Consumer Finance — 5.3%

      

Bajaj Finance, Ltd.

      153,551      $ 8,785,333  

Mahindra & Mahindra Financial Services, Ltd.

      211,453        979,418  

Muthoot Finance, Ltd.

      140,035        1,346,344  
     

 

 

  
      $  11,111,095  
     

 

 

  

Diversified Financial Services — 1.7%

      

Bajaj Holdings & Investment, Ltd.

      68,909      $ 3,485,043  
     

 

 

  
      $ 3,485,043  
     

 

 

  

 

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Security    Shares      Value  

Electrical Equipment — 0.2%

      

Graphite India, Ltd.

      83,106      $ 342,458  
     

 

 

  
      $ 342,458  
     

 

 

  

Food Products — 2.5%

      

GlaxoSmithKline Consumer Healthcare, Ltd.

      18,061      $ 2,177,720  

Nestle India, Ltd.

      15,348        3,022,247  
     

 

 

  
      $ 5,199,967  
     

 

 

  

Hotels, Restaurants & Leisure — 1.0%

      

Indian Hotels Co., Ltd. (The)

      923,711      $ 2,084,134  
     

 

 

  
      $ 2,084,134  
     

 

 

  

Household Durables — 2.9%

      

Crompton Greaves Consumer Electricals, Ltd.

      885,858      $ 3,196,687  

Whirlpool of India, Ltd.

      105,860        2,820,452  
     

 

 

  
      $ 6,017,139  
     

 

 

  

Household Products — 2.6%

      

Hindustan Unilever, Ltd.

      191,309      $ 5,361,127  
     

 

 

  
      $ 5,361,127  
     

 

 

  

Insurance — 2.8%

      

ICICI Lombard General Insurance Co., Ltd.(1)

      150,940      $ 2,567,138  

ICICI Prudential Life Insurance Co., Ltd.(1)

      180,548        1,181,626  

SBI Life Insurance Co., Ltd.(1)

      179,469        2,136,639  
     

 

 

  
      $ 5,885,403  
     

 

 

  

Interactive Media & Services — 2.5%

      

Info Edge India, Ltd.

      179,046      $ 5,157,804  
     

 

 

  
      $ 5,157,804  
     

 

 

  

IT Services — 16.3%

      

HCL Technologies, Ltd.

      333,434      $ 5,075,931  

Infosys, Ltd.

      1,885,331        21,304,863  

Infosys, Ltd. ADR

      123,774        1,407,310  

Larsen & Toubro Infotech, Ltd.(1)

      86,224        1,836,691  

Tech Mahindra, Ltd.

      440,158        4,449,858  
     

 

 

  
      $ 34,074,653  
     

 

 

  

Life Sciences Tools & Services — 1.9%

      

Divi’s Laboratories, Ltd.

      170,720      $ 4,018,109  
     

 

 

  
      $ 4,018,109  
     

 

 

  

Machinery — 2.1%

      

AIA Engineering, Ltd.

      86,037      $ 2,168,320  

Thermax, Ltd.

      144,311        2,294,137  
     

 

 

  
      $ 4,462,457  
     

 

 

  

Metals & Mining — 0.3%

      

Hindustan Zinc, Ltd.

      239,372      $ 719,344  
     

 

 

  
      $ 719,344  
     

 

 

  

Oil, Gas & Consumable Fuels — 9.5%

      

Bharat Petroleum Corp., Ltd.

      906,962      $ 6,071,695  

Reliance Industries, Ltd.

      737,611        13,900,157  
     

 

 

  
      $ 19,971,852  
     

 

 

  

 

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Security    Shares      Value  

Personal Products — 2.9%

      

Marico, Ltd.

      526,595      $  2,928,432  

Procter & Gamble Hygiene & Health Care, Ltd.

      18,149        3,086,519  
     

 

 

  
      $ 6,014,951  
     

 

 

  

Pharmaceuticals — 4.2%

      

Abbott India, Ltd.

      32,581      $ 4,874,687  

Eris Lifesciences, Ltd.(1)(2)

      105,000        672,677  

Lupin, Ltd.

      197,109        1,990,916  

Torrent Pharmaceuticals, Ltd.

      58,307        1,370,094  
     

 

 

  
      $ 8,908,374  
     

 

 

  

Real Estate Management & Development — 1.4%

      

Oberoi Realty, Ltd.

      214,170      $ 1,526,553  

Prestige Estates Projects, Ltd.

      325,464        1,333,302  
     

 

 

  
      $ 2,859,855  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

      

Aditya Birla Fashion and Retail, Ltd.(2)

      387,379      $ 1,140,614  
     

 

 

  
      $ 1,140,614  
     

 

 

  

Thrifts & Mortgage Finance — 4.6%

      

Housing Development Finance Corp., Ltd.

      342,288      $ 9,554,028  
     

 

 

  
      $ 9,554,028  
     

 

 

  

Total India
(identified cost $152,852,898)

       $ 203,767,028  
     

 

 

  

Total Common Stocks
(identified cost $152,852,898)

       $ 203,767,028  
     

 

 

  

Total Investments — 97.3%
(identified cost $152,852,898)

       $ 203,767,028  
     

 

 

  

Other Assets, Less Liabilities — 2.7%

       $ 5,711,412  
     

 

 

  

Net Assets — 100.0%

       $ 209,478,440  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

(1)

Security exempt from registration pursuant to Rule 144A under 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, 2019, the aggregate value of these securities is $14,013,645 or 6.7% of the Portfolio’s net assets.

 

(2)

Non-income producing security.

Futures Contracts    

 

                                                                                                                            

Description

    Number of
Contracts		      Position      Expiration
Date		      Notional
Amount		      Value/
Unrealized
Depreciation		  

Equity Futures

               

SGX CNX Nifty Index

      203        Long        10/31/19      $     4,686,474      $ (47,627 ) 
              

 

 

  
               $     (47,627 ) 
              

 

 

  

 

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Abbreviations:

 

ADR

   -   American Depositary Receipt

At September 30, 2019, 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, 2019, the Portfolio entered into equity index futures contracts to manage cash flows.

At September 30, 2019, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is equity price risk was $47,627.

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, 2019, 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

    $ —      $ 5,157,804      $  —      $ 5,157,804  

Consumer Discretionary

      —        25,905,200        —        25,905,200  

Consumer Staples

      —        18,087,593        —        18,087,593  

Energy

      —        19,971,852        —        19,971,852  

Financials

      —        67,264,174        —        67,264,174  

Health Care

      —        12,926,483        —        12,926,483  

Industrials

      —        9,904,598        —        9,904,598  

Information Technology

      1,407,310        32,667,343        —        34,074,653  

Materials

      —        7,614,816        —        7,614,816  

Real Estate

      —        2,859,855        —        2,859,855  

Total Common Stocks

    $  1,407,310      $  202,359,718 *     $ —      $  203,767,028  

Total Investments

    $      1,407,310      $     202,359,718      $      —      $     203,767,028  
Liability Description                                

Futures Contracts

    $ —      $ (47,627 )     $ —      $ (47,627 ) 

Total

    $ —      $ (47,627 )     $ —      $ (47,627 ) 

 

*

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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