NPORT-EX 2 NPORT_6443832072489603.htm html

Greater India Portfolio

March 31, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.5%

 

                                                 
Security    Shares      Value  

India — 98.5%

 

Airlines — 0.7%

 

InterGlobe Aviation, Ltd.(1)

      69,143      $ 982,319  
     

 

 

  
   $ 982,319  
     

 

 

  

Auto Components — 1.0%

 

MRF, Ltd.

      1,871      $ 1,446,597  
     

 

 

  
   $ 1,446,597  
     

 

 

  

Automobiles — 4.1%

 

Maruti Suzuki India, Ltd.

      104,836      $ 5,913,296  
     

 

 

  
   $ 5,913,296  
     

 

 

  

Banks — 14.4%

 

Axis Bank, Ltd.

      1,213,085      $ 6,057,037  

HDFC Bank, Ltd.

      500,807        5,681,109  

ICICI Bank, Ltd.

      2,135,884        9,198,082  
     

 

 

  
   $ 20,936,228  
     

 

 

  

Construction & Engineering — 1.4%

 

Voltas, Ltd.

      338,897      $ 2,106,689  
     

 

 

  
   $ 2,106,689  
     

 

 

  

Construction Materials — 2.9%

 

Dalmia Bharat, Ltd.(2)

      144,462      $ 945,454  

UltraTech Cement, Ltd.

      78,030        3,309,201  
     

 

 

  
   $ 4,254,655  
     

 

 

  

Consumer Finance — 4.4%

 

Bajaj Finance, Ltd.

      154,929      $ 4,525,052  

Muthoot Finance, Ltd.

      140,035        1,131,531  

SBI Cards & Payment Services, Ltd.(2)

      95,263        778,713  
     

 

 

  
   $ 6,435,296  
     

 

 

  

Electrical Equipment — 0.1%

 

Graphite India, Ltd.

      83,106      $ 139,164  
     

 

 

  
   $ 139,164  
     

 

 

  

Food & Staples Retailing — 1.9%

 

Avenue Supermarts, Ltd.(1)(2)

      95,949      $ 2,816,123  
     

 

 

  
   $ 2,816,123  
     

 

 

  

 

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Food Products — 4.4%

 

GlaxoSmithKline Consumer Healthcare, Ltd.

      18,061      $ 2,370,032  

Nestle India, Ltd.

      14,010        3,024,034  

Tata Consumer Products, Ltd.

      276,971        1,075,579  
     

 

 

  
   $ 6,469,645  
     

 

 

  

Hotels, Restaurants & Leisure — 1.1%

 

Indian Hotels Co., Ltd. (The)

      790,950      $ 781,611  

Jubilant FoodWorks, Ltd.

      44,336        861,004  
     

 

 

  
   $ 1,642,615  
     

 

 

  

Household Durables — 2.8%

 

Crompton Greaves Consumer Electricals, Ltd.

      752,799      $ 2,055,931  

Whirlpool of India, Ltd.

      81,838        1,951,868  
     

 

 

  
   $ 4,007,799  
     

 

 

  

Household Products — 4.0%

 

Hindustan Unilever, Ltd.

      191,309      $ 5,801,828  
     

 

 

  
   $ 5,801,828  
     

 

 

  

Insurance — 3.3%

 

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

      150,940      $ 2,192,903  

SBI Life Insurance Co., Ltd.(1)

      294,967        2,542,734  
     

 

 

  
   $ 4,735,637  
     

 

 

  

Interactive Media & Services — 3.4%

 

Info Edge India, Ltd.

      179,046      $ 4,878,132  
     

 

 

  
   $ 4,878,132  
     

 

 

  

IT Services — 17.2%

 

HCL Technologies, Ltd.

      666,868      $ 3,816,759  

Infosys, Ltd.

      1,915,915        15,826,291  

Infosys, Ltd. ADR

      123,774        1,016,184  

Larsen & Toubro Infotech, Ltd.(1)

      78,423        1,484,466  

Tech Mahindra, Ltd.

      381,899        2,827,140  
     

 

 

  
   $ 24,970,840  
     

 

 

  

Life Sciences Tools & Services — 3.2%

 

Divi’s Laboratories, Ltd.

      179,518      $ 4,657,853  
     

 

 

  
   $ 4,657,853  
     

 

 

  

Machinery — 0.9%

 

AIA Engineering, Ltd.

      72,005      $ 1,320,237  
     

 

 

  
   $ 1,320,237  
     

 

 

  

Oil, Gas & Consumable Fuels — 8.2%

 

Bharat Petroleum Corp., Ltd.

      770,862      $ 3,176,201  

Reliance Industries, Ltd.

      607,523        8,749,668  
     

 

 

  
   $ 11,925,869  
     

 

 

  

 

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Personal Products — 2.4%

 

Marico, Ltd.

      526,595      $ 1,913,977  

Procter & Gamble Hygiene & Health Care, Ltd.

      11,231        1,523,718  
     

 

 

  
   $ 3,437,695  
     

 

 

  

Pharmaceuticals — 6.6%

 

Abbott India, Ltd.

      32,581      $ 6,611,446  

Lupin, Ltd.

      197,697        1,536,943  

Torrent Pharmaceuticals, Ltd.

      58,307        1,510,217  
     

 

 

  
   $ 9,658,606  
     

 

 

  

Real Estate Management & Development — 1.2%

 

Oberoi Realty, Ltd.

      214,170      $ 956,149  

Prestige Estates Projects, Ltd.

      325,464        724,724  
     

 

 

  
   $ 1,680,873  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

 

Aditya Birla Fashion and Retail, Ltd.(2)

      347,492      $ 696,949  
     

 

 

  
   $ 696,949  
     

 

 

  

Thrifts & Mortgage Finance — 4.0%

 

Housing Development Finance Corp., Ltd.

      267,424      $ 5,743,543  
     

 

 

  
   $ 5,743,543  
     

 

 

  

Wireless Telecommunication Services — 4.4%

 

Bharti Airtel, Ltd.(2)

      1,105,805      $ 6,438,922  
     

 

 

  
   $ 6,438,922  
     

 

 

  

Total India
(identified cost $143,215,900)

 

    $ 143,097,410  
     

 

 

  

Total Common Stocks
(identified cost $143,215,900)

 

    $ 143,097,410  
     

 

 

  

Total Investments — 98.5%
(identified cost $143,215,900)

 

    $ 143,097,410  
     

 

 

  

Other Assets, Less Liabilities — 1.5%

 

    $ 2,114,763  
     

 

 

  

Net Assets — 100.0%

 

    $ 145,212,173  
     

 

 

  

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 March 31, 2020, the aggregate value of these securities is $10,018,545 or 6.9% of the Portfolio’s net assets.

 

(2)

Non-income producing security.

 

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Futures Contracts

 

                                                                                                                            

Description

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

Equity Futures

 

SGX CNX Nifty Index

      222        Long        4/30/20      $     3,784,552      $ 54,593  
              

 

 

  
   $     54,593  
  

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

 

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At March 31, 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 March 31, 2020, 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)

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 March 31, 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

    $ —      $ 11,317,054      $ —      $ 11,317,054  

Consumer Discretionary

      —        13,707,256        —        13,707,256  

Consumer Staples

      —        18,525,291        —        18,525,291  

Energy

      —        11,925,869        —        11,925,869  

Financials

      778,713        37,071,991        —        37,850,704  

Health Care

      —        14,316,459        —        14,316,459  

Industrials

      —        4,548,409        —        4,548,409  

Information Technology

      1,016,184        23,954,656        —        24,970,840  

Materials

      —        4,254,655        —        4,254,655  

Real Estate

      —        1,680,873        —        1,680,873  

Total Common Stocks

    $ 1,794,897      $ 141,302,513 *     $ —      $ 143,097,410  

Total Investments

    $ 1,794,897      $ 141,302,513      $ —      $ 143,097,410  

Futures Contracts

    $ —      $ 54,593      $ —      $ 54,593  

Total

    $     1,794,897      $     141,357,106      $ —      $     143,152,003  

 

*

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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