Parametric

Emerging Markets Fund

October 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.8%

Security	Shares		Value
Argentina — 0.5%
Adecoagro SA(1)		75,206	$	445,972
Arcos Dorados Holdings, Inc., Class A		32,114		239,892
Banco BBVA Argentina SA ADR(1)		25,288		88,508
Banco Macro SA, Class B ADR		6,487		148,552
Cresud SA ADR(1)(2)		26,863		137,539
Grupo Financiero Galicia SA, Class B ADR		24,487		283,070
IRSA Inversiones y Representaciones SA ADR(1)		16,910		86,917
MercadoLibre, Inc.(1)		6,122		3,192,745
Pampa Energia SA ADR(1)(2)		42,199		657,038
Transportadora de Gas del Sur SA ADR		20,764		156,976
YPF SA ADR		72,924		682,569
			$	6,119,778
Bahrain — 0.7%
Ahli United Bank BSC		5,061,934	$	4,475,090
Al Salam Bank-Bahrain BSC		6,516,132		1,671,164
GFH Financial Group BSC		6,167,960		1,491,184
Ithmaar Holding BSC(1)(3)		14,771,027		905,541
			$	8,542,979
Bangladesh — 0.7%
ACI, Ltd.		62,264	$	164,237
Aftab Automobiles, Ltd.		349,827		108,243
Bangladesh Export Import Co., Ltd.		1,512,367		276,784
Bangladesh Submarine Cable Co., Ltd.		111,014		141,353
Beximco Pharmaceuticals, Ltd.		116,421		112,677
BSRM Steels, Ltd.		938,510		521,004
City Bank, Ltd. (The)		435,051		112,210
Grameenphone, Ltd.		215,817		805,075
Heidelberger Cement Bangladesh, Ltd.		146,500		285,900
Islami Bank Bangladesh, Ltd.		929,748		211,448
Jamuna Oil Co., Ltd.		87,929		172,253
Khulna Power Co., Ltd.		320,573		177,877
LankaBangla Finance, Ltd.		829,367		141,529
Meghna Petroleum, Ltd.		79,364		177,279
National Bank, Ltd.(1)		2,588,281		235,089
Olympic Industries, Ltd.		458,511		924,526
Orion Pharma, Ltd.		258,206		86,822
Padma Oil Co., Ltd.		98,234		271,011
Pubali Bank, Ltd.		1,042,120		322,854
Renata, Ltd.		14,460		220,566
Singer Bangladesh, Ltd.(1)		137,622		308,710
Social Islami Bank, Ltd.(1)		1,177,708		180,873
Southeast Bank, Ltd.(1)		2,062,748		313,252
Square Pharmaceuticals, Ltd.		247,043		684,315
Summit Power, Ltd.		912,732		402,426

1

Security	Shares		Value
Titas Gas Transmission & Distribution Co., Ltd.		623,246	$	271,430
Unique Hotel & Resorts, Ltd.		450,062		235,597
United Airways Bangladesh, Ltd.(1)		6,170,401		109,234
United Commercial Bank, Ltd.(1)		1,343,068		227,776
			$	8,202,350
Botswana — 0.7%
Barclays Bank of Botswana, Ltd.		1,539,465	$	764,424
Botswana Insurance Holdings, Ltd.		859,111		1,369,638
First National Bank of Botswana, Ltd.		7,940,100		2,061,534
Letshego Holdings, Ltd.		17,758,614		1,277,631
Sechaba Breweries Holdings, Ltd.		1,220,550		2,448,161
Standard Chartered Bank Botswana, Ltd.		531,120		80,803
			$	8,002,191
Brazil — 5.9%
AMBEV SA		565,350	$	2,450,014
B2W Cia Digital(1)		55,270		700,091
B3 SA - Brasil Bolsa Balcao		93,800		1,131,541
Banco Bradesco SA, PFC Shares		224,906		1,972,309
Banco do Brasil SA		84,998		1,020,485
BB Seguridade Participacoes SA		51,500		436,219
BR Malls Participacoes SA		146,211		559,616
Bradespar SA, PFC Shares		28,600		228,272
Braskem SA, PFC Shares		26,060		179,993
BRF SA(1)		108,840		963,697
CCR SA		269,700		1,105,565
Centrais Eletricas Brasileiras SA, PFC Shares		125,000		1,277,584
Cia Brasileira de Distribuicao, PFC Shares		38,469		796,046
Cia de Saneamento Basico do Estado de Sao Paulo		77,760		1,059,033
Cia de Saneamento de Minas Gerais-COPASA		14,400		242,328
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		66,760		392,353
Cia Energetica de Minas Gerais, PFC Shares		212,255		722,424
Cia Energetica de Sao Paulo, Class B, PFC Shares		36,400		269,562
Cia Hering		68,200		535,159
Cia Paranaense de Energia, PFC Shares		30,600		424,761
Cia Siderurgica Nacional SA		81,200		238,913
Cielo SA		1,418,506		2,673,957
Cogna Educacao		289,536		698,121
Construtora Tenda SA		78,268		460,767
Cosan SA		34,700		500,016
Cyrela Brazil Realty SA Empreendimentos e Participacoes		36,500		245,093
Duratex SA		37,558		123,055
EDP-Energias do Brasil SA		102,800		486,253
Embraer SA		33,400		145,992
Embraer SA ADR		28,248		490,668
Engie Brasil Energia SA		69,650		786,026
Equatorial Energia SA		32,900		835,769
Even Construtora e Incorporadora SA(1)		122,300		371,733
Ez Tec Empreendimentos e Participacoes SA		50,427		518,039

2

Security	Shares		Value
Fleury SA		272,700	$	1,730,511
Gerdau SA, PFC Shares		142,400		476,856
Gol Linhas Aereas Inteligentes SA, PFC Shares		30,400		277,432
Hypera SA		177,000		1,514,684
Iochpe Maxion SA		61,000		265,264
Itau Unibanco Holding SA, PFC Shares		196,620		1,776,223
Itausa-Investimentos Itau SA, PFC Shares		274,075		936,933
JBS SA		166,325		1,173,254
Klabin SA, PFC Shares		624,800		473,605
Light SA		29,700		147,371
Localiza Rent a Car SA		135,852		1,462,683
LOG Commercial Properties e Participacoes SA		9,877		62,308
Lojas Americanas SA, PFC Shares		187,800		936,073
Lojas Renner SA		106,277		1,344,859
Marcopolo SA, PFC Shares		403,000		364,765
Marfrig Global Foods SA(1)		177,855		476,734
Metalurgica Gerdau SA, PFC Shares		111,800		175,345
MRV Engenharia e Participacoes SA		101,300		444,300
Natura Cosmeticos SA		105,800		822,024
Odontoprev SA		483,300		1,782,323
Petroleo Brasileiro SA, PFC Shares		824,400		6,246,981
Qualicorp Consultoria e Corretora de Seguros SA		258,500		2,056,140
Randon SA Implementos e Participacoes, PFC Shares		72,800		187,877
Rumo SA(1)		185,919		1,056,964
Smiles Fidelidade SA		22,500		207,580
Suzano SA		77,820		633,349
Telefonica Brasil SA, PFC Shares		272,400		3,605,284
TIM Participacoes SA		583,950		1,662,812
Totvs SA		306,690		4,762,661
Transmissora Alianca de Energia Electrica SA		91,000		655,300
Ultrapar Participacoes SA		154,368		726,324
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, PFC Shares		87,850		159,030
Vale SA(1)		357,947		4,212,716
Valid Solucoes SA		100,870		334,012
Weg SA		202,252		1,285,981
YDUQS Part(1)		57,700		564,699
			$	70,042,711
Bulgaria — 0.1%
CB First Investment Bank AD(1)		235,000	$	409,516
Chimimport AD		329,922		318,063
MonBat AD		60,235		214,568
Petrol AD(1)		25,625		9,754
Sopharma AD(1)		354,600		677,968
			$	1,629,869
Chile — 2.7%
AES Gener SA		1,325,140	$	284,112
Aguas Andinas SA, Series A		1,073,898		492,348
Banco de Chile		14,370,869		1,850,618
Banco de Credito e Inversiones SA		20,851		1,160,919
Banco Santander Chile		20,090,862		1,246,468
Cap SA		56,612		415,277

3

Security	Shares		Value
Cencosud SA		935,529	$	1,270,331
Cia Cervecerias Unidas SA		107,129		1,068,964
Cia Sud Americana de Vapores SA(1)		14,510,741		477,430
Colbun SA		2,922,868		504,289
Embotelladora Andina SA, Class B, PFC Shares		154,121		444,740
Empresa Nacional de Telecomunicaciones SA(1)		191,089		1,494,751
Empresas CMPC SA		710,444		1,619,000
Empresas COPEC SA		396,674		3,546,905
Enel Americas SA		10,652,906		1,989,519
Enel Chile SA		9,679,267		796,034
Engie Energia Chile SA		173,855		257,876
Forus SA		87,698		159,644
Inversiones Aguas Metropolitanas SA		130,715		155,991
Inversiones La Construccion SA		18,894		228,659
Itau CorpBanca		72,085,733		437,413
Latam Airlines Group SA		292,844		3,238,027
Parque Arauco SA		541,699		1,424,370
Ripley Corp. SA		721,671		416,498
S.A.C.I. Falabella		580,600		2,955,454
Sociedad Matriz SAAM SA		6,242,812		513,921
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		58,504		1,554,111
Sonda SA		736,417		788,352
Vina Concha y Toro SA		371,443		683,684
			$	31,475,705
China — 11.7%
3SBio, Inc.(1)(4)		675,000	$	1,257,360
AECC Aviation Power Co., Ltd.		40,221		120,754
Agile Group Holdings, Ltd.		254,000		342,358
Agricultural Bank of China, Ltd., Class H		1,440,000		592,565
Aier Eye Hospital Group Co., Ltd., Class A		39,319		220,819
Air China, Ltd., Class H		628,000		554,463
Aisino Corp.		38,800		113,456
Alibaba Group Holding, Ltd. ADR(1)		15,200		2,685,384
Aluminum Corp. of China, Ltd., Class H(1)		2,486,000		736,519
Angang Steel Co., Ltd., Class H(2)		1,258,400		420,965
Anhui Conch Cement Co., Ltd., Class H		559,000		3,340,990
ANTA Sports Products, Ltd.		26,000		254,335
Baidu, Inc. ADR(1)		11,300		1,150,905
Bank of Beijing Co., Ltd.		182,760		143,776
Bank of China, Ltd., Class H		1,834,000		747,877
Bank of Communications, Ltd., Class H		1,053,900		719,758
Bank of Nanjing Co., Ltd.		80,900		99,152
Bank of Ningbo Co., Ltd., Class A		67,000		256,975
Beijing Capital International Airport Co., Ltd., Class H		436,000		412,945
Beijing Enterprises Holdings, Ltd.		135,000		635,634
Beijing Enterprises Water Group, Ltd.		1,560,000		813,116
Beijing Originwater Technology Co., Ltd., Class A		127,500		140,035
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		98,410		75,282
Beijing Tongrentang Co., Ltd.		22,000		85,916
Beijing Water Business Doctor Co., Ltd., Class A		101,700		91,514
Beijing Xinwei Technology Group Co., Ltd.(1)		93,610		16,733
BOE Technology Group Co., Ltd., Class A		341,100		172,769
Brilliance China Automotive Holdings, Ltd.(2)		650,000		716,803

4

Security	Shares		Value
BYD Co., Ltd., Class H(2)		126,200	$	591,943
Cangzhou Mingzhu Plastic Co., Ltd., Class A		135,226		65,208
CGN Power Co., Ltd., Class H(4)		2,585,000		671,381
Changchun High & New Technology Industry Group, Inc., Class A		3,100		200,308
Changjiang Securities Co., Ltd., Class A		213,800		206,615
Chengdu Xingrong Environment Co., Ltd., Class A		243,600		165,681
China Agri-Industries Holdings, Ltd.		1,724,000		567,984
China Biologic Products Holdings, Inc.(1)(2)		15,400		1,756,216
China Bluechemical, Ltd., Class H		1,270,000		309,063
China Cinda Asset Management Co., Ltd., Class H		1,495,000		310,133
China CITIC Bank Corp., Ltd., Class H		343,000		198,824
China Coal Energy Co., Ltd., Class H		1,058,000		421,910
China Communications Construction Co., Ltd., Class H		509,000		387,472
China Communications Services Corp., Ltd., Class H		658,000		406,333
China Construction Bank Corp., Class H		2,016,630		1,615,866
China Dongxiang Group Co., Ltd.		4,257,000		477,500
China Everbright International, Ltd.		373,925		282,615
China Everbright, Ltd.		186,000		275,578
China Evergrande Group(2)		354,000		861,726
China Fortune Land Development Co., Ltd.		52,329		212,283
China Gas Holdings, Ltd.		520,000		2,215,168
China Huishan Dairy Holdings Co., Ltd.(1)(3)		1,800,000		0
China International Marine Containers Co., Ltd.		579,206		509,481
China International Travel Service Corp., Ltd.		16,300		209,137
China Life Insurance Co., Ltd., Class H		267,000		686,641
China Longyuan Power Group Corp., Ltd., Class H		954,000		515,384
China Mengniu Dairy Co., Ltd.		581,000		2,316,299
China Merchants Bank Co., Ltd., Class H		323,024		1,540,576
China Merchants Port Holdings Co., Ltd.		318,035		497,257
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		198,446
China Minsheng Banking Corp., Ltd., Class H		1,109,788		776,264
China Mobile, Ltd.		178,000		1,446,552
China Molybdenum Co., Ltd., Class H(2)		2,058,000		648,550
China National Building Material Co., Ltd., Class H		858,000		723,143
China National Nuclear Power Co., Ltd.		210,800		151,433
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		167,267
China Oilfield Services, Ltd., Class H		496,000		690,569
China Overseas Land & Investment, Ltd.		314,160		991,329
China Pacific Insurance (Group) Co., Ltd., Class H		107,600		390,404
China Petroleum & Chemical Corp., Class H		4,390,300		2,497,092
China Railway Construction Corp., Ltd., Class H		436,500		477,438
China Railway Group, Ltd., Class H		1,385,000		834,760
China Resources Beer Holdings Co., Ltd.		290,000		1,486,836
China Resources Gas Group, Ltd.		212,000		1,278,212
China Resources Land, Ltd.		302,000		1,284,369
China Resources Medical Holdings Co., Ltd.(2)		355,000		203,674
China Resources Power Holdings Co., Ltd.		477,600		600,216
China Shenhua Energy Co., Ltd., Class H		837,000		1,699,896
China Shineway Pharmaceutical Group, Ltd.		381,000		366,639
China Shipbuilding Industry Co., Ltd.		185,800		139,754
China Southern Airlines Co., Ltd., Class H		564,000		347,108
China State Construction Engineering Corp., Ltd.		156,440		116,498
China Taiping Insurance Holdings Co., Ltd.		110,200		247,741
China Telecom Corp., Ltd., Class H		1,120,000		476,458

5

Security	Shares		Value
China Travel International Investment Hong Kong, Ltd.		1,998,000	$	315,415
China Unicom (Hong Kong), Ltd.		356,372		350,848
China United Network Communications, Ltd., Class A		514,100		447,821
China Vanke Co., Ltd., Class H		742,520		2,707,634
China Yangtze Power Co., Ltd.		162,200		411,531
Chongqing Changan Automobile Co., Ltd., Class A		98,800		100,497
CIFI Holdings Group Co., Ltd.		772,000		514,905
CITIC Guoan Information Industry Co., Ltd., Class A(1)		138,800		68,129
CITIC, Ltd.		607,000		798,499
CNOOC, Ltd.		2,111,000		3,141,695
COSCO SHIPPING Development Co., Ltd., Class H		4,252,000		476,346
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		912,000		392,324
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		1,482,975		554,806
COSCO SHIPPING Ports, Ltd.		516,000		405,674
Country Garden Holdings Co., Ltd.		685,631		951,813
Country Garden Services Holdings Co., Ltd.		155,589		527,193
CSPC Pharmaceutical Group, Ltd.		980,000		2,509,898
Daqin Railway Co., Ltd.		104,300		113,042
Datang International Power Generation Co., Ltd., Class H		2,626,000		517,969
Dong-E-E-Jiao Co., Ltd., Class A		16,200		81,225
Dongfeng Motor Group Co., Ltd., Class H		690,000		692,148
Dr Peng Telecom & Media Group Co., Ltd.(1)		104,900		96,816
East Money Information Co., Ltd., Class A		58,632		124,023
Focus Media Information Technology Co., Ltd., Class A		196,344		167,125
Ganfeng Lithium Co., Ltd., Class A		51,150		158,105
Gemdale Corp.		80,700		136,368
Golden Eagle Retail Group, Ltd.		739,000		814,468
Great Wall Motor Co., Ltd., Class H(2)		715,000		579,330
Gree Electric Appliances, Inc. of Zhuhai, Class A		46,500		387,917
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		255,400		205,546
Guangdong Investment, Ltd.		626,000		1,354,850
Guangzhou Automobile Group Co., Ltd., Class H		579,218		578,486
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		1,012,097
Guangzhou R&F Properties Co., Ltd., Class H		302,000		467,935
Guosen Securities Co., Ltd., Class A		117,628		204,197
Haier Electronics Group Co., Ltd.		161,000		459,669
Haier Smart Home Co., Ltd.		66,800		151,809
Han’s Laser Technology Industry Group Co., Ltd., Class A		23,400		126,105
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		41,700		191,119
Harbin Pharmaceutical Group Co., Ltd.(1)		150,900		80,806
Hengan International Group Co., Ltd.		178,000		1,242,795
Hengtong Optic-electric Co., Ltd.		38,780		80,921
Hesteel Co., Ltd., Class A		506,400		178,364
Huadian Power International Corp., Ltd., Class H		1,100,000		412,179
Huadong Medicine Co., Ltd., Class A		56,653		209,824
Huaneng Power International, Inc., Class H		2,352,000		1,117,141
Huaneng Renewables Corp., Ltd., Class H		974,000		371,849
Huaxia Bank Co., Ltd.		146,972		156,343
Huayu Automotive Systems Co., Ltd.		53,308		190,091
Hubei Energy Group Co., Ltd., Class A		277,714		160,437
Humanwell Healthcare Group Co., Ltd.(1)		69,600		123,917
Hundsun Technologies, Inc.		13,310		143,971
Iflytek Co., Ltd., Class A		34,550		162,391
Industrial & Commercial Bank of China, Ltd., Class H		1,526,000		1,093,216

6

Security	Shares		Value
Industrial Bank Co., Ltd.		97,902	$	260,220
Inner Mongolia BaoTou Steel Union Co., Ltd.		707,000		137,554
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		53,200		219,088
JD.com, Inc. ADR(1)		33,900		1,055,985
Jiangsu Expressway Co., Ltd., Class H		428,000		568,618
Jiangsu Hengrui Medicine Co., Ltd.		26,918		347,274
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		208,654
Jiangxi Copper Co., Ltd., Class H		720,000		842,925
Jinke Properties Group Co., Ltd., Class A		130,499		128,449
Jinyu Bio-Technology Co., Ltd.		43,862		128,159
Jizhong Energy Resources Co., Ltd., Class A		231,400		116,289
Kangmei Pharmaceutical Co., Ltd.		61,700		32,641
Kingboard Holdings., Ltd.		256,100		682,481
Kunlun Energy Co., Ltd.		668,000		621,732
Kweichow Moutai Co., Ltd.		2,900		485,654
KWG Group Holdings, Ltd.		476,000		479,323
Lee & Man Paper Manufacturing, Ltd.		788,000		438,179
Lenovo Group, Ltd.		1,316,000		917,440
Lepu Medical Technology Beijing Co., Ltd., Class A		33,300		142,741
Li Ning Co., Ltd.		209,208		709,387
Longfor Group Holdings, Ltd.(4)		149,500		620,447
LONGi Green Energy Technology Co., Ltd.		60,242		195,148
Luxshare Precision Industry Co., Ltd., Class A		54,643		246,410
Luye Pharma Group, Ltd.(2)(4)		496,500		366,988
Maanshan Iron & Steel Co., Ltd., Class H(2)		1,498,000		566,579
Midea Group Co., Ltd., Class A		32,300		254,537
NARI Technology Co., Ltd.		48,600		151,447
NetEase, Inc. ADR		3,500		1,000,510
New Oriental Education & Technology Group, Inc. ADR(1)		9,000		1,098,540
Nine Dragons Paper Holdings, Ltd.		615,000		533,490
Oceanwide Holdings Co., Ltd., Class A		204,000		126,812
Offshore Oil Engineering Co., Ltd.		217,300		186,052
OFILM Group Co., Ltd., Class A(1)		65,800		104,317
Oriental Pearl Group Co., Ltd., Class A		75,920		97,054
PetroChina Co., Ltd., Class H		4,840,000		2,360,281
Ping An Bank Co., Ltd., Class A		151,588		350,003
Ping An Insurance (Group) Co. of China, Ltd., Class H		225,500		2,602,672
Pingdingshan Tianan Coal Mining Co., Ltd.(1)		262,600		141,297
Poly Developments and Holdings Group Co., Ltd., Class A		179,100		366,288
Poly Property Group Co., Ltd.		946,000		341,702
Power Construction Corp. of China, Ltd.		187,000		118,479
RiseSun Real Estate Development Co., Ltd., Class A		163,200		201,564
SAIC Motor Corp., Ltd.		55,100		183,875
Sanan Optoelectronics Co., Ltd.		84,900		183,142
SDIC Power Holdings Co., Ltd.		98,000		116,073
Semiconductor Manufacturing International Corp.(1)(2)		787,700		1,000,574
Shandong Gold Mining Co., Ltd.		36,200		164,541
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,596,000		1,832,273
Shanghai Electric Group Co., Ltd., Class H		1,792,000		548,131
Shanghai Industrial Holdings, Ltd.		204,000		379,740
Shanghai Industrial Urban Development Group, Ltd.		204,000		25,456
Shanghai Pudong Development Bank Co., Ltd., Class A		136,500		242,437
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		151,489
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		152,700		122,918

7

Security	Shares		Value
Shenzhen Inovance Technology Co., Ltd., Class A		56,300	$	199,303
Shenzhen Investment, Ltd.		674,000		265,283
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		97,749
Shimao Property Holdings, Ltd.		155,000		519,263
Siasun Robot & Automation Co., Ltd., Class A(1)		55,000		110,123
Sichuan Chuantou Energy Co., Ltd.		88,600		121,539
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		414,154
SINA Corp.(1)		5,700		225,720
Sino Biopharmaceutical, Ltd.		941,000		1,401,047
Sino-Ocean Group Holding, Ltd.		1,172,500		431,071
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,963,000		542,159
Sinopharm Group Co., Ltd., Class H		368,000		1,317,899
Sun Art Retail Group, Ltd.		909,500		928,047
Sunac China Holdings, Ltd.		249,000		1,129,411
Suning.com Co., Ltd, Class A		69,200		103,662
TCL Corp., Class A		373,200		174,441
Tencent Holdings, Ltd.		155,402		6,303,558
Tianqi Lithium Corp., Class A		44,850		160,032
Tingyi (Cayman Islands) Holding Corp.		622,000		827,444
Tongling Nonferrous Metals Group Co., Ltd., Class A		424,000		130,678
Trip.com Group, Ltd. ADR(1)		25,154		829,830
Tsingtao Brewery Co., Ltd., Class H		190,000		1,101,052
Tus Environmental Science and Technology Development Co., Ltd., Class A		65,660		80,764
Wanhua Chemical Group Co., Ltd.		19,665		127,253
Want Want China Holdings, Ltd.(2)		1,355,000		1,141,464
Weichai Power Co., Ltd., Class H		699,600		1,101,184
Wens Foodstuffs Group Co., Ltd., Class A		42,500		242,913
West China Cement, Ltd.		2,834,000		454,104
WH Group, Ltd.(4)		2,378,000		2,510,080
Wuliangye Yibin Co., Ltd., Class A		18,600		348,151
Xiaomi Corp., Class B(1)(2)(4)		1,107,000		1,254,227
Xinhu Zhongbao Co., Ltd.		301,800		181,710
Yang Quan Coal Industry Group Co., Ltd.		189,300		139,244
Yangzijiang Shipbuilding Holdings, Ltd.		326,900		228,859
Yanzhou Coal Mining Co., Ltd., Class H		518,000		525,548
Yonghui Superstores Co., Ltd.		124,700		147,710
Yuan Longping High-tech Agriculture Co., Ltd., Class A		65,900		115,372
Yuexiu Property Co., Ltd.		1,590,000		350,217
Yunnan Baiyao Group Co., Ltd., Class A		21,200		260,673
Zhaojin Mining Industry Co., Ltd., Class H(2)		372,500		416,596
Zhejiang Dahua Technology Co., Ltd., Class A		69,550		158,955
Zhejiang Expressway Co., Ltd., Class H		422,000		345,563
Zhejiang Huahai Pharmaceutical Co., Ltd.(1)		37,500		100,228
Zhongjin Gold Corp., Ltd.		115,900		136,159
Zhongtian Financial Group Co., Ltd., Class A		315,000		147,553
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		332,096
Zijin Mining Group Co., Ltd., Class H		3,588,000		1,242,846
ZTE Corp., Class H(1)		456,103		1,272,479
			$	138,853,482
Colombia — 1.5%
Almacenes Exito SA		221,716	$	1,174,176
Avianca Holdings SA, PFC Shares		551,298		305,008
Banco Davivienda SA, PFC Shares		36,732		469,474
Bancolombia SA		84,155		1,023,305

8

Security	Shares		Value
Bancolombia SA ADR, PFC Shares		33,800	$	1,753,544
Celsia SA ESP		740,070		952,457
Cementos Argos SA		487,554		1,100,603
Cemex Latam Holdings SA(1)		173,596		233,687
Corporacion Financiera Colombiana SA(1)		30,859		265,680
Ecopetrol SA		3,529,471		3,174,435
Grupo Argos SA		318,026		1,721,857
Grupo Aval Acciones y Valores SA, PFC Shares		1,103,827		452,308
Grupo de Inversiones Suramericana SA		70,759		715,964
Grupo de Inversiones Suramericana SA, PFC Shares		38,415		352,100
Grupo Nutresa SA		254,989		1,934,295
Interconexion Electrica SA		378,021		2,180,890
			$	17,809,783
Croatia — 0.7%
Adris Grupa DD, PFC Shares		17,973	$	1,339,818
Atlantic Grupa DD(1)		1,465		293,673
Atlantska Plovidba DD(1)		4,389		280,745
Ericsson Nikola Tesla DD(1)		3,020		571,801
Hrvatski Telekom DD(1)		70,450		1,770,906
INA Industrija Nafte DD(1)		900		423,538
Koncar-Elektroindustrija DD(1)		2,396		231,257
Kras DD(1)		2,986		468,975
Podravka Prehrambena Industrija DD(1)		12,708		912,149
Valamar Riviera DD(1)		286,736		1,631,472
Zagrebacka Banka DD(1)		67,075		606,743
			$	8,531,077
Czech Republic — 0.7%
CEZ AS		178,200	$	4,064,820
Komercni Banka AS		107,288		3,626,006
Philip Morris CR AS		1,678		1,001,525
			$	8,692,351
Egypt — 0.7%
Alexandria Mineral Oils Co.		519,744	$	144,555
Commercial International Bank Egypt SAE		567,741		2,848,369
Eastern Co. SAE		1,027,297		1,019,752
Egypt Kuwait Holding Co. SAE		395,868		547,449
Egyptian Financial Group-Hermes Holding Co.		264,772		311,548
ElSewedy Electric Co.		937,063		780,603
Ezz Steel Co SAE(1)		330,083		243,246
Juhayna Food Industries		658,122		346,931
Orascom Investment Holding(1)		3,692,103		143,647
Oriental Weavers		383,580		246,698
Palm Hills Developments SAE(1)		2,010,268		266,411
Pioneers Holding for Financial Investments SAE(1)		225,466		79,450
Sidi Kerir Petrochemicals Co.		202,688		148,679
Six of October Development & Investment Co.		382,178		369,124
Talaat Moustafa Group		947,420		578,542
Telecom Egypt		576,834		412,522
			$	8,487,526

9

Security	Shares		Value
Estonia — 0.7%
AS Merko Ehitus		78,018	$	790,957
AS Tallink Grupp		3,623,652		3,790,843
AS Tallinna Kaubamaja Grupp		192,740		1,883,365
AS Tallinna Vesi		116,590		1,450,047
Nordecon AS		145,374		159,770
			$	8,074,982
Ghana — 0.2%
CAL Bank, Ltd.		2,063,694	$	300,579
Ghana Commercial Bank, Ltd.		1,626,918		1,427,678
Standard Chartered Bank of Ghana, Ltd.		244,300		667,094
			$	2,395,351
Greece — 1.5%
Aegean Airlines SA		27,897	$	254,771
Alpha Bank AE(1)		598,591		1,277,266
Athens Water Supply & Sewage Co. SA		48,321		428,110
Costamare, Inc.		54,819		430,877
Diana Shipping, Inc.(1)		79,890		293,196
Ellaktor SA(1)		100,337		205,969
Eurobank Ergasias SA(1)		903,107		915,507
FF Group(1)(3)		46,335		0
GasLog, Ltd.		27,501		377,039
GEK Terna Holding Real Estate Construction SA(1)		71,332		540,743
Hellenic Exchanges - Athens Stock Exchange SA		74,720		374,896
Hellenic Petroleum SA		46,772		444,593
Hellenic Telecommunications Organization SA		169,699		2,573,722
Holding Co. ADMIE IPTO SA		174,643		415,977
JUMBO SA		60,659		1,181,783
Motor Oil (Hellas) Corinth Refineries SA		50,346		1,245,167
Mytilineos SA		74,126		812,371
National Bank of Greece SA(1)		309,650		1,050,146
OPAP SA		130,273		1,416,771
Public Power Corp. SA(1)		150,886		533,565
StealthGas, Inc.(1)		37,397		123,036
Terna Energy SA		60,987		497,251
Titan Cement International SA(1)		90,269		1,904,222
Tsakos Energy Navigation, Ltd.		80,600		286,130
			$	17,583,108
Hungary — 0.7%
Magyar Telekom Telecommunications PLC		440,342	$	656,443
MOL Hungarian Oil & Gas PLC		234,200		2,316,063
OTP Bank Nyrt.		72,300		3,334,254
Richter Gedeon Nyrt.		132,400		2,454,349
			$	8,761,109
India — 6.0%
ABB India, Ltd.		19,900	$	406,297
ACC, Ltd.		18,085		400,822
Adani Enterprises, Ltd.		180,900		502,396
Adani Gas, Ltd.		180,900		374,379
Adani Ports and Special Economic Zone, Ltd.		137,520		766,513

10

Security	Shares		Value
Adani Power, Ltd.(1)		556,250	$	516,733
Adani Transmission, Ltd.(1)		190,553		740,578
Aditya Birla Capital, Ltd.(1)		94,280		109,147
Aditya Birla Fashion and Retail, Ltd.(1)		92,050		276,227
Ambuja Cements, Ltd.		141,512		404,632
Asian Paints, Ltd.		43,100		1,098,280
Aurobindo Pharma, Ltd.		18,125		120,045
Axis Bank, Ltd.		66,806		688,192
Bajaj Auto, Ltd.		13,775		629,212
Bank of Baroda(1)		109,850		150,413
Bank of India(1)		109,562		110,170
Bharat Forge, Ltd.		68,789		437,242
Bharat Heavy Electricals, Ltd.		648,450		517,247
Bharat Petroleum Corp., Ltd.		78,872		583,074
Bharti Airtel, Ltd.		695,223		3,655,570
Bharti Infratel, Ltd.		315,991		845,630
Biocon, Ltd.		175,318		605,734
Canara Bank(1)		67,631		193,005
Cipla, Ltd.		131,806		876,693
Coal India, Ltd.		126,399		370,496
Colgate-Palmolive (India), Ltd.		25,618		559,069
Container Corp. of India, Ltd.		68,849		570,207
Crompton Greaves Consumer Electricals, Ltd.		153,025		549,677
Cummins India, Ltd.		49,900		381,483
Dabur India, Ltd.		57,492		374,079
Divi’s Laboratories, Ltd.		31,384		773,242
DLF, Ltd.		327,850		847,891
Dr. Reddy’s Laboratories, Ltd.		21,745		855,217
Eicher Motors, Ltd.		2,146		683,161
GAIL (India), Ltd.		462,886		899,486
GlaxoSmithKline Pharmaceuticals, Ltd.		17,360		408,090
Glenmark Pharmaceuticals, Ltd.		61,248		272,616
GMR Infrastructure, Ltd.(1)		1,721,400		505,750
Godrej Consumer Products, Ltd.		33,317		346,730
Grasim Industries, Ltd.		41,543		450,811
Gujarat State Petronet, Ltd.		176,208		521,169
Havells India, Ltd.		40,009		389,113
HCL Technologies, Ltd.		50,523		823,623
HDFC Bank, Ltd.		115,846		2,006,609
Hemisphere Properties India, Ltd.(1)		104,859		219,612
Hero MotoCorp, Ltd.		17,877		682,205
Hindalco Industries, Ltd.		182,020		480,014
Hindustan Petroleum Corp., Ltd.		81,188		368,684
Hindustan Unilever, Ltd.		75,791		2,328,510
Hindustan Zinc, Ltd.(1)		103,100		308,460
Housing Development Finance Corp., Ltd.		46,502		1,398,959
ICICI Bank, Ltd.		114,517		748,554
IDBI Bank, Ltd.(1)		161,700		75,601
IDFC Bank, Ltd.(1)		260,034		163,484
IDFC, Ltd.		260,034		129,053
Indiabulls Housing Finance, Ltd.		19,115		55,132
Indiabulls Real Estate, Ltd.(1)		228,961		178,519
Indian Hotels Co., Ltd. (The)		197,136		424,749

11

Security	Shares		Value
Indian Oil Corp., Ltd.		242,425	$	491,186
Infosys, Ltd.		254,692		2,454,084
ITC, Ltd.		375,295		1,364,925
Jindal Steel & Power, Ltd.(1)		129,924		211,550
JSW Steel, Ltd.		203,796		653,059
Kotak Mahindra Bank, Ltd.		21,720		479,525
Larsen & Toubro, Ltd.		78,408		1,627,862
Lupin, Ltd.		80,300		842,428
Mahindra & Mahindra, Ltd.		94,791		808,963
Maruti Suzuki India, Ltd.		13,311		1,418,279
Nestle India, Ltd.		4,923		1,037,054
NTPC, Ltd.		973,812		1,679,978
Oberoi Realty, Ltd.		31,878		226,759
Oil & Natural Gas Corp., Ltd.		251,509		501,624
Oracle Financial Services Software, Ltd.(1)		5,025		223,046
Piramal Enterprises, Ltd.		31,480		746,157
Power Grid Corporation of India, Ltd.		561,700		1,571,534
Reliance Industries, Ltd.		246,352		5,080,236
Siemens, Ltd.		33,479		787,316
Sobha, Ltd.		26,300		157,035
State Bank of India(1)		73,106		321,614
Steel Authority of India, Ltd.		513,200		265,807
Sun Pharmaceutical Industries, Ltd.		227,118		1,391,560
Sun TV Network, Ltd.		55,449		411,882
Suzlon Energy, Ltd.(1)		2,099,450		78,348
Tata Communications, Ltd.		104,859		521,201
Tata Consultancy Services, Ltd.		69,769		2,238,310
Tata Global Beverages, Ltd.		74,700		333,590
Tata Motors, Ltd.(1)		208,855		516,731
Tata Power Co., Ltd. (The)		697,463		583,054
Tata Steel, Ltd.		70,165		375,146
Tech Mahindra, Ltd.		33,352		347,284
Titan Co., Ltd.		45,002		844,676
UltraTech Cement, Ltd.		12,390		723,603
United Spirits, Ltd.(1)		80,035		708,347
UPL, Ltd.		81,370		686,047
Vedanta, Ltd.		271,198		566,597
Vodafone Idea, Ltd.(1)		3,478,480		188,321
Voltas, Ltd.		51,328		509,459
Wipro, Ltd.		170,832		627,030
Yes Bank, Ltd.		156,523		154,785
Zee Entertainment Enterprises, Ltd.		206,320		756,828
			$	70,671,106
Indonesia — 2.9%
Adaro Energy Tbk PT		8,879,600	$	827,875
AKR Corporindo Tbk PT		1,044,200		294,494
Aneka Tambang Tbk		10,251,500		649,293
Astra Argo Lestari Tbk PT		544,200		443,250
Astra International Tbk PT		8,480,200		4,194,312
Bank Central Asia Tbk PT		1,547,600		3,464,035
Bank Danamon Indonesia Tbk PT		591,903		177,059
Bank Mandiri Persero Tbk PT		2,743,800		1,371,541
Bank Negara Indonesia Persero Tbk PT		1,034,000		564,442

12

Security	Shares		Value
Bank Pan Indonesia Tbk PT(1)		4,945,000	$	473,322
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		137,760
Bank Rakyat Indonesia Persero Tbk PT		7,661,900		2,295,775
Bank Tabungan Negara Tbk PT		1,779,800		235,561
Bukit Asam Tbk PT		2,764,800		442,717
Bumi Serpong Damai Tbk PT(1)		3,215,100		323,757
Charoen Pokphand Indonesia Tbk PT		2,161,300		969,298
Gudang Garam Tbk PT		111,800		446,498
Hanson International Tbk PT(1)		23,744,500		152,226
Indo Tambangraya Megah Tbk PT		361,400		342,235
Indocement Tunggal Prakarsa Tbk PT		883,900		1,259,265
Indofood Sukses Makmur Tbk PT		1,296,700		710,596
Jasa Marga (Persero) Tbk PT		1,366,100		530,085
Kalbe Farma Tbk PT		7,829,900		889,153
Lippo Karawaci Tbk PT(1)		19,017,880		319,668
Matahari Department Store Tbk PT		686,300		177,904
Medco Energi Internasional Tbk PT(1)		8,104,800		380,783
Media Nusantara Citra Tbk PT		3,201,000		299,726
Mitra Keluarga Karyasehat Tbk PT		2,056,900		380,823
MNC Investama Tbk PT(1)		29,275,700		152,166
Perusahaan Gas Negara Tbk PT		6,652,500		998,334
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		5,297,700		509,960
PP Persero Tbk PT		2,468,989		312,287
Semen Indonesia Persero Tbk PT		1,469,700		1,325,501
Sigmagold Inti Perkasa Tbk PT(1)(3)		17,097,000		0
Siloam International Hospitals Tbk PT(1)		1,530,100		784,735
Surya Semesta Internusa Tbk PT		4,418,300		242,379
Telekomunikasi Indonesia Persero Tbk PT		10,425,000		3,042,232
Tower Bersama Infrastructure Tbk PT		403,600		181,832
Unilever Indonesia Tbk PT		364,900		1,136,184
United Tractors Tbk PT		798,883		1,233,100
Vale Indonesia Tbk PT(1)		2,056,700		543,037
Waskita Karya Persero Tbk PT		2,474,900		274,057
Wijaya Karya Persero Tbk PT		2,252,900		317,733
XL Axiata Tbk PT(1)		1,282,800		323,623
			$	34,130,613
Jordan — 0.7%
Al-Eqbal Investment Co. PLC(1)		55,145	$	914,050
Arab Bank PLC		480,960		3,926,061
Arab Potash Co. PLC		42,090		1,126,598
Bank of Jordan		119,866		356,941
Cairo Amman Bank		193,771		273,384
Capital Bank of Jordan		150,938		217,197
Jordan Ahli Bank		251,292		333,041
Jordan Islamic Bank		65,198		251,138
Jordan Petroleum Refinery		182,633		841,827
Jordanian Electric Power Co.		179,108		318,563
			$	8,558,800
Kazakhstan — 0.5%
Halyk Savings Bank of Kazakhstan JSC GDR(5)		99,125	$	1,321,170
KAZ Minerals PLC		412,861		2,523,122

13

Security	Shares		Value
Kcell JSC GDR		302,572	$	1,617,965
Nostrum Oil & Gas PLC(1)		75,523		22,653
			$	5,484,910
Kenya — 0.8%
ARM Cement, Ltd.(1)(3)		1,653,600	$	0
Bamburi Cement Co., Ltd.		325,100		296,279
Barclays Bank of Kenya, Ltd.		2,476,760		323,733
British American Tobacco Kenya, Ltd.		52,000		244,982
Co-operative Bank of Kenya, Ltd. (The)		3,447,112		488,973
East African Breweries, Ltd.		1,086,780		2,112,223
Equity Group Holdings PLC		3,121,000		1,434,962
KCB Group, Ltd.		2,189,320		1,111,900
Kenya Power & Lighting, Ltd.(1)		7,482,654		227,929
Nation Media Group PLC		488,284		195,491
Safaricom PLC		9,241,272		2,659,862
Standard Chartered Bank Kenya, Ltd.		166,442		330,359
			$	9,426,693
Kuwait — 1.4%
Agility Public Warehousing Co. KSC		585,649	$	1,447,752
Ahli United Bank		240,820		249,277
Al Ahli Bank of Kuwait KSCP		209,247		200,177
ALAFCO Aviation Lease and Finance Co. KSCP		225,463		200,522
Boubyan Bank KSCP		284,622		527,298
Boubyan Petrochemicals Co. KSCP		283,836		692,015
Burgan Bank SAK		270,556		276,401
Commercial Bank of Kuwait KSCP		363,024		603,047
Commercial Real Estate Co. KSCC		1,513,762		456,763
Gulf Bank KSCP		342,573		296,825
Gulf Cable & Electrical Industries Co. KSCP		152,800		245,262
Jazeera Airways Co. KSC		81,382		291,751
Kuwait Cement Co.		226,947		183,341
Kuwait Finance House KSCP		843,382		1,902,885
Kuwait Portland Cement Co. KSC		72,250		261,063
Kuwait Projects Co. Holdings KSC		378,400		273,329
Kuwait Real Estate Co. KSC(1)		492,240		154,751
Mabanee Co. SAKC		387,636		986,192
Mezzan Holding Co. KSCC		65,569		116,468
Mobile Telecommunications Co.		1,541,787		2,873,273
National Bank of Kuwait SAK		1,135,306		3,520,261
National Industries Group Holding SAK		664,558		484,359
National Real Estate Co. KPSC(1)		1,043,207		283,729
Qurain Petrochemical Industries Co.		349,621		353,504
Warba Bank KSCP(1)		178,108		150,760
			$	17,031,005
Latvia — 0.0%(6)
Grindeks		42,000	$	552,725
			$	552,725

14

Security	Shares		Value
Lithuania — 0.3%
Apranga PVA		427,588	$	1,011,044
Energijos Skirstymo Operatorius AB		128,934		104,683
Klaipedos Nafta AB		1,345,900		555,519
Pieno Zvaigzdes		104,200		107,845
Rokiskio Suris		122,500		327,838
Siauliu Bankas		2,303,871		1,325,924
			$	3,432,853
Malaysia — 2.9%
Aeon Co. (M) Bhd		661,200	$	262,329
Alliance Bank Malaysia Bhd		150,000		103,229
AMMB Holdings Bhd		145,400		138,692
Astro Malaysia Holdings Bhd		636,200		205,600
Axiata Group Bhd		1,020,750		1,049,190
Berjaya Sports Toto Bhd		410,650		260,277
British American Tobacco Malaysia Bhd		46,200		207,990
Bursa Malaysia Bhd		122,550		177,306
CIMB Group Holdings Bhd		387,500		486,320
Dialog Group Bhd		2,086,414		1,736,090
Digi.com Bhd		776,300		871,823
FGV Holdings Bhd(1)		884,500		232,402
Gamuda Bhd		649,400		580,690
Genting Bhd		903,900		1,255,617
Genting Malaysia Bhd		1,062,600		815,001
Genting Plantations Bhd		122,000		289,160
Globetronics Technology Bhd		736,900		364,448
Hartalega Holdings Bhd		350,100		440,426
Hong Leong Bank Bhd		57,100		235,114
IGB Real Estate Investment Trust		474,900		217,012
IHH Healthcare Bhd		1,197,400		1,631,921
IJM Corp. Bhd		967,680		497,526
Inari Amertron Bhd		2,341,300		1,100,586
IOI Corp. Bhd		469,418		489,938
IOI Properties Group Bhd		1,044,058		259,516
KLCCP Stapled Group		399,100		762,966
Kuala Lumpur Kepong Bhd		93,800		486,339
Magnum Bhd		597,640		400,172
Malayan Banking Bhd		447,687		920,638
Malaysia Airports Holdings Bhd		263,700		499,104
Maxis Bhd		367,000		472,562
MISC Bhd		390,000		776,801
MMC Corp. Bhd		1,217,800		293,756
My EG Services Bhd		2,432,950		662,389
Nestle Malaysia Bhd		12,300		425,678
Petronas Chemicals Group Bhd		1,048,400		1,873,086
Petronas Dagangan Bhd		201,000		1,132,678
Petronas Gas Bhd		166,700		664,012
PPB Group Bhd		95,200		411,844
Press Metal Aluminium Holdings Bhd		1,092,820		1,243,397
Public Bank Bhd		204,820		994,064
RHB Bank Bhd		101,700		139,898
Sapura Energy Bhd		5,340,168		338,121

15

Security	Shares		Value
Silverlake Axis, Ltd.		1,724,000	$	576,196
Sime Darby Bhd		901,839		488,987
Sime Darby Plantation Bhd		527,239		618,299
Sime Darby Property Bhd		1,732,039		300,324
SP Setia Bhd Group		575,400		166,434
Sunway Bhd		1,140,206		463,488
Sunway Real Estate Investment Trust		688,700		298,285
Supermax Corp. Bhd		788,500		276,862
Telekom Malaysia Bhd		533,900		479,783
Tenaga Nasional Bhd		630,925		2,089,463
Top Glove Corp. Bhd		718,000		746,982
UEM Sunrise Bhd(1)		1,683,050		275,468
UMW Holdings Bhd		184,400		195,383
VS Industry Bhd		1,748,000		584,375
YTL Corp. Bhd		1,319,034		274,273
YTL Power International Bhd		893,660		146,558
			$	34,386,868
Mauritius — 0.7%
Alteo, Ltd.		852,532	$	384,803
CIEL, Ltd.		1,801,109		279,286
MCB Group, Ltd.		375,902		3,130,483
Phoenix Beverages, Ltd.		24,345		383,215
Rogers & Co., Ltd.		1,621,735		1,650,698
SBM Holdings, Ltd.		6,041,362		947,680
Sun, Ltd., Class A		516,880		406,541
Terra Mauricia, Ltd.		432,330		245,733
United Basalt Products, Ltd.		279,060		1,051,267
			$	8,479,706
Mexico — 5.9%
Alfa SAB de CV, Series A		2,222,172	$	1,933,780
Alsea SAB de CV(1)		694,800		1,849,285
America Movil SAB de CV, Series L		10,471,150		8,290,262
Arca Continental SAB de CV		230,580		1,288,798
Bolsa Mexicana de Valores SAB de CV		617,475		1,351,695
Cemex SAB de CV, Series CPO		7,329,339		2,754,717
Coca-Cola Femsa SAB de CV, Series L		247,500		1,361,755
El Puerto de Liverpool SAB de CV		163,780		834,459
Fibra Uno Administracion SA de CV		2,054,090		3,122,272
Fomento Economico Mexicano SAB de CV, Series UBD		554,856		4,932,021
Genomma Lab Internacional SAB de CV(1)		2,080,800		2,201,247
Gentera SAB de CV		573,500		566,449
Grupo Aeroportuario del Pacifico SAB de CV, Class B		249,887		2,619,225
Grupo Aeroportuario del Sureste SAB de CV, Class B		152,885		2,503,510
Grupo Bimbo SAB de CV, Series A		835,245		1,558,771
Grupo Carso SAB de CV, Series A1		700,000		2,336,184
Grupo Elektra SAB de CV		23,483		1,706,001
Grupo Financiero Banorte SAB de CV, Class O		867,300		4,742,163
Grupo Financiero Inbursa SAB de CV, Class O		2,104,600		2,618,100
Grupo Mexico SAB de CV, Series B		1,824,579		4,817,424
Grupo Televisa SAB ADR		164,900		1,822,145
Grupo Televisa SAB, Series CPO		325,100		718,426

16

Security	Shares		Value
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		282,200	$	350,320
Industrias CH SAB de CV, Series B(1)		222,900		961,286
Industrias Penoles SAB de CV		95,765		1,140,528
Infraestructura Energetica Nova SAB de CV(1)		180,000		795,363
Kimberly-Clark de Mexico SAB de CV, Class A		631,700		1,269,212
Minera Frisco SAB de CV(1)		714,800		151,235
Orbia Advance Corp., SAB de CV		675,699		1,462,642
Organizacion Soriana SAB de CV, Class B		120,000		154,456
Promotora y Operadora de Infraestructura SAB de CV		193,500		1,788,792
Telesites SAB de CV(1)		1,126,268		731,271
Ternium SA ADR		26,100		521,739
Wal-Mart de Mexico SAB de CV, Series V		1,528,480		4,580,712
			$	69,836,245
Morocco — 0.7%
Attijariwafa Bank		31,486	$	1,538,059
Banque Centrale Populaire		30,563		845,746
BMCE Bank		29,719		593,064
Cosumar		39,962		858,095
Douja Promotion Groupe Addoha SA		160,235		149,222
Label Vie		940		264,293
LafargeHolcim Maroc SA		7,621		1,326,437
Lesieur Cristal		19,185		359,178
Managem SA		1,422		110,489
Maroc Telecom		99,529		1,486,265
Societe d’Exploitation des Ports		29,732		549,223
TAQA Morocco SA		3,336		307,064
TOTAL Maroc SA		1,894		213,196
			$	8,600,331
Nigeria — 0.7%
Access Bank PLC		15,309,588	$	314,844
Dangote Cement PLC		2,624,741		1,083,560
Ecobank Transnational, Inc.(1)		5,093,625		94,069
FBN Holdings PLC		20,750,490		300,254
Flour Mills of Nigeria PLC		3,215,556		131,899
Guaranty Trust Bank PLC		18,484,256		1,271,424
Guiness Nigeria PLC		1,391,550		87,072
Lafarge Africa PLC(1)		5,061,475		190,295
Lekoil, Ltd.(1)		1,111,089		71,511
Nestle Nigeria PLC		355,667		1,102,165
Nigerian Breweries PLC		4,747,707		657,461
SEPLAT Petroleum Development Co. PLC(4)		604,091		975,972
Stanbic IBTC Holdings PLC		1,977,675		196,484
Transnational Corp. of Nigeria PLC		44,100,342		120,770
United Bank for Africa PLC		25,521,594		408,452
Zenith Bank PLC		19,093,381		896,982
			$	7,903,214
Oman — 0.7%
Bank Dhofar SAOG		970,518	$	316,497
Bank Muscat SAOG		1,991,321		2,294,578

17

Security	Shares		Value
Bank Nizwa SAOG(1)		1,001,800	$	247,267
HSBC Bank Oman SAOG		589,256		193,627
National Bank of Oman SAOG		1,184,658		566,553
Oman Cables Industry SAOG		127,600		253,109
Oman Cement Co. SAOG		410,869		229,045
Oman Flour Mills Co. SAOG		90,796		160,277
Oman Telecommunications Co. SAOG		848,435		1,287,651
Ominvest		374,413		327,839
Ooredoo		634,160		862,810
Raysut Cement Co. SAOG		175,766		164,313
Renaissance Services SAOG(1)		915,971		641,135
Sembcorp Salalah Power & Water Co.		1,120,000		355,878
Sohar International Bank SAOG		1,707,287		498,512
			$	8,399,091
Pakistan — 0.7%
Bank Alfalah, Ltd.		865,691	$	230,836
D.G. Khan Cement Co., Ltd.		322,232		123,260
Engro Corp., Ltd.		270,585		514,734
Engro Fertilizers, Ltd.		610,528		279,908
Fauji Fertilizer Co., Ltd.		560,610		338,401
Habib Bank, Ltd.		612,217		502,332
Hub Power Co., Ltd. (The)		2,473,344		1,152,324
K-Electric, Ltd.(1)		4,344,000		102,671
Kot Addu Power Co., Ltd.		765,900		150,659
Lucky Cement, Ltd.		147,650		332,228
Maple Leaf Cement Factory, Ltd.		624,937		65,154
Mari Petroleum Co., Ltd.		26,983		190,092
MCB Bank, Ltd.		460,830		517,751
Millat Tractors, Ltd.		74,688		283,095
National Bank of Pakistan(1)		672,540		153,423
Nishat Mills, Ltd.		884,171		477,336
Oil & Gas Development Co., Ltd.		520,591		429,883
Pak Elektron, Ltd.(1)		892,000		107,821
Pakistan Oilfields, Ltd.		128,520		322,651
Pakistan Petroleum, Ltd.		543,771		400,778
Pakistan State Oil Co., Ltd.		232,833		230,450
Searle Co., Ltd. (The)		269,627		299,262
SUI Southern Gas Co., Ltd.(1)		864,051		96,180
TRG Pakistan(1)		989,500		106,693
United Bank, Ltd.		406,745		360,608
			$	7,768,530
Panama — 0.3%
Copa Holdings SA, Class A		31,629	$	3,217,934
			$	3,217,934
Peru — 1.5%
Alicorp SAA		410,225	$	1,124,694
Cementos Pacasmayo SAA		192,689		389,445
Cia de Minas Buenaventura SA ADR		217,650		3,338,751
Credicorp, Ltd.		39,400		8,433,176

18

Security	Shares		Value
Ferreycorp SAA		1,797,472	$	1,166,178
Southern Copper Corp.		85,576		3,044,794
Volcan Cia Minera SAA, Class B(1)		2,886,275		333,958
			$	17,830,996
Philippines — 2.9%
Aboitiz Equity Ventures, Inc.		718,410	$	790,781
Aboitiz Power Corp.		1,574,400		1,239,290
Alliance Global Group, Inc.		1,093,800		247,167
Altus San Nicolas Corp.(1)		19,271		0
Ayala Corp.		76,465		1,294,648
Ayala Land, Inc.		1,840,800		1,759,120
Ayala Land, Inc., PFC Shares(3)		3,951,800		0
Bank of the Philippine Islands		608,840		1,163,177
BDO Unibank, Inc.		590,794		1,802,220
Bloomberry Resorts Corp.		4,546,400		894,548
Cosco Capital, Inc.		3,726,300		506,818
D&L Industries, Inc.		4,201,800		706,250
DMCI Holdings, Inc.		1,492,900		241,196
First Gen Corp.		1,029,022		502,671
First Philippine Holdings Corp.		220,440		342,734
Globe Telecom, Inc.		26,020		935,278
GT Capital Holdings, Inc.		27,518		484,379
International Container Terminal Services, Inc.		271,820		635,454
JG Summit Holdings, Inc.		921,870		1,383,663
Jollibee Foods Corp.		390,940		1,786,338
LT Group, Inc.		1,202,200		316,031
Manila Electric Co.		259,940		1,733,633
Manila Water Co.		701,100		274,126
Megaworld Corp.		4,024,400		382,799
Metro Pacific Investments Corp.		4,416,700		417,288
Metropolitan Bank & Trust Co.		593,732		790,382
Nickel Asia Corp.		5,745,240		453,593
Petron Corp.		4,267,400		421,170
PLDT, Inc.		82,970		1,785,472
Puregold Price Club, Inc.		981,200		789,228
Robinsons Land Corp.		796,782		399,330
Robinsons Retail Holdings, Inc.		180,510		269,882
San Miguel Corp.		154,070		507,137
Security Bank Corp.		101,780		399,342
Semirara Mining & Power Corp.		1,827,920		841,074
SM Investments Corp.		141,833		2,875,298
SM Prime Holdings, Inc.		3,518,199		2,701,306
Universal Robina Corp.		752,580		2,235,778
Vista Land & Lifescapes, Inc.		1,567,200		237,465
			$	34,546,066
Poland — 2.9%
Alior Bank SA(1)		26,565	$	187,681
AmRest Holdings SE(1)		71,663		887,314
Asseco Poland SA		243,017		3,267,706
Bank Handlowy w Warszawie SA		11,785		157,352
Bank Millennium SA(1)		196,890		316,952

19

Security	Shares		Value
Bank Polska Kasa Opieki SA		57,442	$	1,622,203
Boryszew SA(1)		122,670		138,139
Budimex SA		17,729		612,290
CCC SA		25,700		750,818
Ciech SA(1)		32,562		276,476
Cyfrowy Polsat SA		206,500		1,497,840
Enea SA(1)		204,687		452,318
Energa SA(1)		215,408		346,934
Eurocash SA		317,200		1,820,087
Grupa Azoty SA(1)		39,918		366,830
Grupa Lotos SA		31,066		775,813
ING Bank Slaski SA		12,513		635,298
Jastrzebska Spolka Weglowa SA		58,043		294,923
KGHM Polska Miedz SA(1)		101,713		2,229,919
LPP SA		1,317		2,813,324
Lubelski Wegiel Bogdanka SA		8,815		83,561
mBank SA(1)		5,230		522,903
Netia SA(1)		97,800		117,829
Orange Polska SA(1)		1,310,117		2,146,647
PGE SA(1)		803,788		1,723,449
PKP Cargo SA		40,141		252,305
Polski Koncern Naftowy ORLEN SA		115,790		3,166,056
Polskie Gornictwo Naftowe i Gazownictwo SA		592,315		729,742
Powszechna Kasa Oszczednosci Bank Polski SA		298,805		2,983,536
Powszechny Zaklad Ubezpieczen SA		204,511		1,979,073
Santander Bank Polska SA		11,775		965,947
Tauron Polska Energia SA(1)		1,248,226		540,237
			$	34,661,502
Qatar — 1.5%
Aamal Co. QSC		465,350	$	89,576
Al Meera Consumer Goods Co.		36,720		157,446
Barwa Real Estate Co.		1,216,570		1,135,595
Commercial Bank PSQC (The)		341,880		400,947
Doha Bank QPSC		337,400		233,944
Gulf International Services QSC(1)		730,130		336,659
Industries Qatar		728,670		2,089,144
Masraf Al Rayan QSC		784,211		802,668
Medicare Group		95,760		235,151
Ooredoo QPSC		709,260		1,415,075
Qatar Electricity & Water Co. QSC		308,550		1,330,072
Qatar Gas Transport Co., Ltd.		1,679,290		1,132,955
Qatar Insurance Co.		348,370		291,743
Qatar International Islamic Bank		117,050		303,733
Qatar Islamic Bank		238,272		990,050
Qatar National Bank QPSC		971,900		5,093,616
Qatar Navigation QSC		240,210		426,382
United Development Co. QSC		1,202,690		459,673
Vodafone Qatar QSC		953,720		320,404
			$	17,244,833
Romania — 0.7%
Banca Transilvania SA		4,362,428	$	2,436,203

20

Security	Shares		Value
BRD-Groupe Societe Generale SA		258,237	$	860,796
OMV Petrom SA		18,141,927		1,793,976
Societatea Energetica Electrica SA		510,578		1,330,997
Societatea Nationala de Gaze Naturale ROMGAZ SA		131,370		1,132,106
Transelectrica SA		114,909		536,749
Transgaz SA Medias		4,871		422,049
			$	8,512,876
Russia — 6.1%
Aeroflot PJSC		131,896	$	221,066
Alrosa PJSC		650,100		754,604
Evraz PLC		154,201		735,840
Federal Grid Co. Unified Energy System PJSC		177,935,440		512,066
Gazprom PJSC ADR		1,259,133		10,094,275
Globaltrans Investment PLC GDR(5)		122,581		1,049,281
Inter RAO UES PJSC		20,242,070		1,369,041
LSR Group PJSC GDR(5)		186,400		395,693
Lukoil PJSC ADR(7)		1,600		147,296
Lukoil PJSC ADR(7)		76,502		7,049,891
Magnit PJSC		37,247		1,872,637
Magnit PJSC GDR(5)		10,769		122,595
Magnitogorsk Iron & Steel Works PJSC		721,700		411,405
Mail.ru Group, Ltd. GDR(1)(5)		66,111		1,395,524
Mechel PJSC ADR(1)		152,000		282,720
MMC Norilsk Nickel PJSC ADR(7)		823		22,826
MMC Norilsk Nickel PJSC ADR(7)		182,192		5,054,566
Mobile TeleSystems PJSC		520,077		2,309,094
Moscow Exchange MICEX-RTS PJSC		506,840		750,359
Mosenergo PJSC		8,811,603		312,940
Novatek PJSC GDR(5)		17,503		3,754,984
Novolipetsk Steel PJSC GDR		39,000		764,443
PhosAgro PJSC GDR(5)(7)		12,600		158,508
PhosAgro PJSC GDR(5)(7)		28,064		353,449
Polymetal International PLC		84,700		1,393,103
QIWI PLC ADR		11,566		223,918
Rosneft Oil Co. PJSC GDR(5)(7)		3,905		25,859
Rosneft Oil Co. PJSC GDR(5)(7)		269,824		1,793,212
Rostelecom PJSC		572,237		698,547
RusHydro PJSC		87,532,080		693,497
Sberbank of Russia PJSC		2,597,788		9,504,447
Severstal PJSC GDR(5)		72,006		984,214
Sistema PJSFC		2,303,578		522,626
Surgutneftegas PJSC ADR		227,679		1,505,057
Surgutneftegas PJSC, PFC Shares		1,968,100		1,153,063
Tatneft PJSC ADR		54,296		3,786,331
TMK PJSC GDR(5)		64,757		209,812
Transneft PJSC, PFC Shares		373		967,094
Unipro PJSC		8,737,000		359,869
VEON, Ltd. ADR		370,784		889,882
VTB Bank PJSC		1,213,960,000		812,670
X5 Retail Group NV GDR(5)		69,600		2,327,544
Yandex NV, Class A(1)		128,900		4,303,971
			$	72,049,819

21

Security	Shares		Value
Saudi Arabia — 2.8%
Abdullah Al Othaim Markets Co.		30,295	$	558,867
Advanced Petrochemical Co.		10,470		129,742
Al Hammadi Co. for Development and Investment(1)		60,117		319,067
Al Rajhi Bank		86,492		1,393,268
Alandalus Property Co.		60,105		228,889
Aldrees Petroleum and Transport Services Co.		35,520		535,004
Alinma Bank		61,312		342,749
Almarai Co. JSC		141,912		1,887,609
Arab National Bank		24,184		146,796
Arriyadh Development Co.		139,870		522,967
Bank AlBilad		30,000		198,402
Banque Saudi Fransi		27,000		242,751
Dallah Healthcare Co.		25,120		296,326
Dar Al Arkan Real Estate Development Co.(1)		545,237		1,750,786
Emaar Economic City(1)		510,380		1,275,407
Etihad Etisalat Co.(1)		121,903		731,165
Fawaz Abdulaziz Al Hokair & Co.(1)		59,694		390,119
Jarir Marketing Co.		37,374		1,578,818
Leejam Sports Co. JSC		20,900		430,081
Middle East Healthcare Co.(1)		53,535		354,196
Mobile Telecommunications Co. Saudi Arabia(1)		92,407		297,827
Mouwasat Medical Services Co.		41,022		897,074
National Agriculture Development Co. (The)(1)		17,649		119,801
National Commercial Bank		79,945		927,762
National Gas & Industrialization Co.		25,806		201,019
National Medical Care Co.		19,273		244,886
Rabigh Refining & Petrochemical Co.(1)		88,189		472,648
Riyad Bank		68,200		403,637
Sahara International Petrochemical Co.		76,374		334,926
Samba Financial Group		80,905		597,842
Saudi Airlines Catering Co.		29,475		680,360
Saudi Arabian Amiantit Co.(1)		31,767		123,902
Saudi Arabian Fertilizer Co.		16,723		348,381
Saudi Arabian Mining Co.(1)		56,208		635,150
Saudi Basic Industries Corp.		70,347		1,645,083
Saudi Ceramic Co.(1)		46,140		304,135
Saudi Chemical Co. Holding		34,533		222,243
Saudi Co. for Hardware CJSC		15,187		231,823
Saudi Electricity Co.		702,805		3,894,687
Saudi Ground Services Co.		63,562		551,302
Saudi Industrial Investment Group		28,574		160,619
Saudi Industrial Services Co.		57,275		229,036
Saudi Kayan Petrochemical Co.(1)		59,809		163,031
Saudi Pharmaceutical Industries & Medical Appliances Corp.		19,138		132,716
Saudi Public Transport Co.(1)		82,600		344,305
Saudi Research & Marketing Group(1)		8,978		159,223
Saudi Telecom Co.		100,472		2,568,231
Saudia Dairy & Foodstuff Co.		10,319		349,496
Savola Group (The)(1)		150,846		1,243,174
Seera Group Holding(1)		89,711		435,941
United Electronics Co.		15,707		299,349
United International Transportation Co.		37,546		345,388

22

Security	Shares		Value
Yanbu National Petrochemical Co.		28,127	$	373,243
			$	33,251,249
Slovenia — 0.7%
Cinkarna Celje DD		2,659	$	533,424
KRKA DD		39,669		2,806,588
Luka Koper		33,006		859,388
Petrol		4,871		1,885,011
Pozavarovalnica Sava DD		42,725		805,528
Telekom Slovenije DD		12,378		785,295
Zavarovalnica Triglav DD		26,606		937,308
			$	8,612,542
South Africa — 5.8%
Absa Group, Ltd.		94,735	$	971,610
AECI, Ltd.		52,556		339,436
African Rainbow Minerals, Ltd.		35,834		359,010
Anglo American Platinum, Ltd.		12,485		932,497
AngloGold Ashanti, Ltd.		79,824		1,765,571
Aspen Pharmacare Holdings, Ltd.(1)		392,807		2,742,144
Astral Foods, Ltd.		18,500		197,079
AVI, Ltd.		186,900		1,073,151
Barloworld, Ltd.		357,375		2,846,483
Bid Corp., Ltd.		119,527		2,788,470
Bidvest Group, Ltd. (The)		326,254		4,453,641
Capitec Bank Holdings, Ltd.(2)		8,932		811,918
Clicks Group, Ltd.		109,500		1,780,019
DataTec, Ltd.		160,600		383,354
Discovery, Ltd.		77,690		618,456
Exxaro Resources, Ltd.		118,010		964,799
FirstRand, Ltd.		363,258		1,570,357
Foschini Group, Ltd. (The)(2)		63,545		732,855
Gold Fields, Ltd.		162,131		1,006,895
Grindrod, Ltd.		340,300		109,013
Growthpoint Properties, Ltd.		1,042,876		1,527,142
Harmony Gold Mining Co., Ltd.(1)		230,129		800,054
Hyprop Investments, Ltd.		92,800		362,673
Impala Platinum Holdings, Ltd.(1)		155,673		1,071,803
Imperial Logistics, Ltd.		60,958		228,759
Investec, Ltd.		62,594		355,666
JSE, Ltd.		40,800		350,963
Kumba Iron Ore, Ltd.		14,360		349,896
Liberty Holdings, Ltd.		47,175		363,315
Life Healthcare Group Holdings, Ltd.		1,510,419		2,385,390
Massmart Holdings, Ltd.(2)		98,355		279,016
Mediclinic International PLC		253,849		1,191,323
Momentum Metropolitan Holdings		365,188		487,696
Motus Holdings, Ltd.(2)		60,958		288,786
Mr Price Group, Ltd.		59,321		627,250
MTN Group, Ltd.		289,276		1,790,497
MultiChoice Group, Ltd.(1)		44,057		366,925
Murray & Roberts Holdings, Ltd.		915,850		679,769
Nampak, Ltd.(1)		465,438		247,662
Naspers, Ltd., Class N		35,657		5,045,768

23

Security	Shares		Value
Nedbank Group, Ltd.		44,331	$	672,514
Netcare, Ltd.		1,305,994		1,478,893
Northam Platinum, Ltd.(1)		166,038		1,121,186
Oceana Group, Ltd.		19,823		87,643
Pick’n Pay Stores, Ltd.		225,781		986,360
PPC, Ltd.(1)		468,427		119,453
Rand Merchant Investment Holdings, Ltd.(2)		241,697		477,460
Redefine Properties, Ltd.(2)		2,311,150		1,153,034
Remgro, Ltd.		67,399		772,795
Reunert, Ltd.		371,825		1,758,312
RMB Holdings, Ltd.		93,764		493,588
Sanlam, Ltd.		213,591		1,124,096
Sappi, Ltd.		166,248		426,915
Sasol, Ltd.		121,456		2,201,837
Shoprite Holdings, Ltd.		172,823		1,548,578
Sibanye Gold, Ltd.(1)(2)		534,218		1,031,412
SPAR Group, Ltd. (The)		91,631		1,232,824
Standard Bank Group, Ltd.		130,101		1,493,591
Steinhoff International Holdings NV(1)		787,883		51,809
Telkom SA SOC, Ltd.		188,450		861,490
Tiger Brands, Ltd.		76,630		1,088,131
Tongaat Hulett, Ltd.(1)(3)		99,910		43,672
Truworths International, Ltd.		105,912		375,381
Vodacom Group, Ltd.		116,477		1,017,581
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		993,239
Woolworths Holdings, Ltd.		245,524		933,465
			$	68,792,370
South Korea — 5.9%
AMOREPACIFIC Corp.		5,380	$	885,080
AMOREPACIFIC Group		6,000		434,836
BNK Financial Group, Inc.		34,935		208,645
Celltrion, Inc.(1)(2)		14,223		2,434,266
Cheil Worldwide, Inc.		31,519		669,952
CJ CheilJedang Corp.		2,752		540,901
CJ Corp.		1,800		127,229
CJ ENM Co., Ltd.		2,216		313,627
CJ Logistics Corp.(1)		2,049		277,304
Daelim Industrial Co., Ltd.		3,151		244,926
Daesang Corp.		8,000		147,327
Daewoo Engineering & Construction Co., Ltd.(1)		36,541		136,262
Daewoo Industrial Development Co., Ltd.(1)		3,657		6,585
Daewoong Pharmaceutical Co., Ltd.		4,700		614,605
DB Insurance Co., Ltd.		5,340		231,519
DGB Financial Group Co., Ltd.		34,537		208,503
Dong-A Pharmaceutical Co., Ltd.		2,407		191,495
Dong-A ST Co., Ltd.		4,078		354,939
Dongkuk Steel Mill Co., Ltd.(1)		50,333		253,652
Doosan Co., Ltd.		1,722		114,930
Doosan Fuel Cell Co., Ltd.(1)		5,759		38,214
Doosan Solus Co., Ltd.(1)		3,174		48,560
E-MART, Inc.		5,525		528,487
GS Engineering & Construction Corp.		10,435		276,274
GS Holdings Corp.		21,120		900,075

24

Security	Shares		Value
Hana Financial Group, Inc.		27,700	$	801,985
Hanjin Kal Corp.		10,383		270,193
Hankook Tire and Technology Co., Ltd.		14,523		387,257
Hanmi Pharm Co., Ltd.		2,304		659,032
Hanmi Science Co., Ltd.		9,239		345,552
Hansol Holdings Co., Ltd.(1)		38,317		130,520
Hansol Paper Co., Ltd.		12,933		162,747
Hanwha Aerospace Co., Ltd.(1)		5,395		175,247
Hanwha Chemical Corp.		28,250		395,282
Hanwha Corp.		6,080		123,950
HDC Hyundai Development Co-Engineering & Construction, Class E		4,650		123,369
Helixmith Co., Ltd.(1)(2)		7,168		592,744
Hite-Jinro Co., Ltd.		20,121		491,685
Hyosung Corp.		1,124		79,842
Hyosung TNC Co., Ltd.		1,031		142,075
Hyundai Department Store Co., Ltd.		2,715		172,377
Hyundai Engineering & Construction Co., Ltd.		7,842		288,923
Hyundai Glovis Co., Ltd.		3,070		397,663
Hyundai Heavy Industries Holdings Co., Ltd.		867		253,905
Hyundai Marine & Fire Insurance Co., Ltd.		5,856		127,173
Hyundai Mipo Dockyard Co., Ltd.		4,150		154,760
Hyundai Mobis Co., Ltd.		6,259		1,276,420
Hyundai Motor Co.		15,339		1,606,674
Hyundai Steel Co.		16,100		438,482
Hyundai Wia Corp.		5,400		237,304
Industrial Bank of Korea		26,180		265,135
Kakao Corp.		3,565		432,621
Kangwon Land, Inc.		23,766		639,878
KB Financial Group, Inc.		38,300		1,378,777
KCC Corp.		745		144,603
Kia Motors Corp.		28,703		1,049,019
Korea Electric Power Corp.(1)		86,095		1,882,090
Korea Gas Corp.		15,148		511,782
Korea Investment Holdings Co., Ltd.		4,490		260,844
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1)		4,301		449,508
Korea Zinc Co., Ltd.		1,988		740,794
Korean Air Lines Co., Ltd.		10,010		214,250
Korean Reinsurance Co.		29,387		200,220
KT Corp.		40,844		930,364
KT Corp. ADR		3,700		41,551
KT&G Corp.		20,325		1,744,730
Kumho Petrochemical Co., Ltd.		4,400		263,447
LG Chem, Ltd.		6,650		1,754,569
LG Corp.		13,532		806,731
LG Display Co., Ltd.(1)		19,325		226,528
LG Electronics, Inc.		13,143		753,215
LG Hausys, Ltd.		2,858		146,102
LG Household & Health Care, Ltd.		1,800		1,947,775
LG Uplus Corp.		103,900		1,200,321
Lotte Chemical Corp.		2,291		445,723
Lotte Corp.		5,796		181,433
LOTTE Fine Chemical Co., Ltd.		9,050		343,141
Lotte Shopping Co., Ltd.		1,923		205,535
LS Corp.		3,530		146,984

25

Security	Shares		Value
LS Industrial Systems Co., Ltd.		3,300	$	141,019
Medy-Tox, Inc.		1,853		524,381
Mirae Asset Daewoo Co., Ltd.		44,889		275,211
Naver Corp.		6,970		982,745
NCsoft Corp.		1,263		560,514
NH Investment & Securities Co., Ltd.		21,508		223,030
NHN Corp.(1)		4,718		233,763
Nong Shim Co., Ltd.		2,523		525,193
OCI Co., Ltd.		4,137		222,920
Orion Corp. of Republic of Korea		8,200		745,006
POSCO		10,900		1,977,756
Posco International Corp.		9,000		140,659
S-Oil Corp.		14,880		1,271,215
S1 Corp.		3,266		263,168
Samsung Biologics Co., Ltd.(1)(4)		2,681		915,879
Samsung C&T Corp.		8,300		710,737
Samsung Card Co., Ltd.		3,060		88,268
Samsung Electro-Mechanics Co., Ltd.		3,583		346,886
Samsung Electronics Co., Ltd.		148,230		6,406,478
Samsung Fire & Marine Insurance Co., Ltd.		2,779		516,960
Samsung Heavy Industries Co., Ltd.(1)		67,350		418,189
Samsung Life Insurance Co., Ltd.		8,610		522,863
Samsung SDI Co., Ltd.		2,525		492,743
Samsung Securities Co., Ltd.		9,540		274,843
Shinhan Financial Group Co., Ltd.		44,051		1,605,002
Shinsegae, Inc.		1,984		402,081
SK Chemicals Co., Ltd.		5,375		217,756
SK Holdings Co., Ltd.		3,484		772,940
SK Hynix, Inc.(2)		17,800		1,251,624
SK Innovation Co., Ltd.		18,691		2,557,593
SK Networks Co., Ltd.		41,210		205,552
SK Telecom Co., Ltd.		13,100		2,677,591
Woongjin Coway Co., Ltd.		5,240		413,671
Woori Financial Group, Inc.		48,286		486,811
Yuhan Corp.		4,620		890,576
Zyle Motor Sales Corp.(1)		5,113		5,691
			$	69,598,338
Sri Lanka — 0.7%
Access Engineering PLC		1,359,048	$	168,091
Aitken Spence PLC		899,792		228,694
Ceylon Tobacco Co. PLC		116,289		700,889
Chevron Lubricants Lanka PLC		636,242		246,854
Commercial Bank of Ceylon PLC		1,722,957		921,640
DFCC Bank PLC		293,137		151,435
Dialog Axiata PLC		7,195,302		515,804
Hatton National Bank PLC		1,026,509		1,037,479
Hemas Holdings PLC		518,341		229,590
John Keells Holdings PLC		2,230,432		1,931,973
Lanka IOC PLC		1,004,003		94,102
Melstacorp PLC(1)		5,098,120		1,255,069
National Development Bank PLC		567,373		328,573
Nations Trust Bank PLC(1)		394,717		176,467
Sampath Bank PLC		560,185		525,199

26

Security	Shares		Value
Teejay Lanka PLC		1,222,185	$	279,458
			$	8,791,317
Taiwan — 5.9%
AcBel Polytech, Inc.		429,000	$	312,399
Acer, Inc.		263,519		153,761
AirTAC International Group		62,714		852,325
AmTRAN Technology Co., Ltd.(1)		650,067		234,269
ASE Technology Holding Co., Ltd.		123,561		320,570
Asia Cement Corp.		280,356		395,758
Asustek Computer, Inc.		40,325		273,562
AU Optronics Corp.		578,837		147,580
Capital Securities Corp.		393,762		118,902
Catcher Technology Co., Ltd.		37,183		315,167
Cathay Financial Holding Co., Ltd.		534,533		707,539
Center Laboratories, Inc.		631,122		1,380,228
Chailease Holding Co., Ltd.		107,457		484,203
Chang Hwa Commercial Bank, Ltd.		596,348		465,322
Cheng Shin Rubber Industry Co., Ltd.		492,672		774,295
Chicony Electronics Co., Ltd.		47,164		146,526
China Airlines, Ltd.		2,591,887		771,893
China Development Financial Holding Corp.		1,110,050		346,185
China Life Insurance Co., Ltd.(1)		244,996		201,918
China Motor Corp.		188,926		256,863
China Petrochemical Development Corp.		435,292		145,015
China Steel Corp.		1,153,734		888,358
Chong Hong Construction Co., Ltd.		184,999		497,944
Chunghwa Telecom Co., Ltd.		1,203,746		4,432,753
Clevo Co.		260,155		314,598
Compal Electronics, Inc.		260,345		155,417
CTBC Financial Holding Co., Ltd.		1,236,275		859,474
Delta Electronics, Inc.		62,151		272,873
Dynapack International Technology Corp.		97,374		192,891
E Ink Holdings, Inc.		172,000		168,766
E.Sun Financial Holding Co., Ltd.		813,008		734,601
Eclat Textile Co., Ltd.		34,159		458,025
Elan Microelectronics Corp.		66,710		205,813
EVA Airways Corp.		1,370,861		642,340
Evergreen International Storage & Transport Corp.		868,000		399,833
Evergreen Marine Corp.(1)		1,336,441		547,240
Far Eastern Department Stores, Ltd.		729,995		626,544
Far Eastern New Century Corp.		1,180,695		1,148,281
Far EasTone Telecommunications Co., Ltd.		620,084		1,487,848
Feng Hsin Steel Co., Ltd.		183,260		317,279
First Financial Holding Co., Ltd.		726,515		532,716
Formosa Chemicals & Fibre Corp.		439,399		1,277,190
Formosa International Hotels Corp.		42,084		223,611
Formosa Petrochemical Corp.		679,320		2,163,706
Formosa Plastics Corp.		480,896		1,543,626
Formosa Taffeta Co., Ltd.		331,000		376,517
Formosan Rubber Group, Inc.		350,730		214,529
Foxconn Technology Co., Ltd.		109,087		233,281
Fubon Financial Holding Co., Ltd.		499,596		730,926
Giant Manufacturing Co., Ltd.		69,208		511,754
Goldsun Building Materials Co., Ltd.		329,928		149,142

27

Security	Shares		Value
Great Wall Enterprise Co., Ltd.		719,102	$	889,900
Highwealth Construction Corp.		441,669		677,911
Hiwin Technologies Corp.		71,698		615,071
Hon Hai Precision Industry Co., Ltd.		383,747		1,013,515
Hota Industrial Manufacturing Co., Ltd.		58,360		215,995
Hotai Motor Co., Ltd.		71,000		1,256,007
Hu Lane Associate, Inc.		90,000		220,493
Hua Nan Financial Holdings Co., Ltd.		626,061		449,903
IBF Financial Holdings Co., Ltd.		730,791		261,553
Innolux Corp.		623,762		138,267
Inventec Corp.		324,966		235,463
Kenda Rubber Industrial Co., Ltd.		238,367		253,948
Kinpo Electronics, Inc.		1,125,000		415,172
Largan Precision Co., Ltd.		2,795		410,122
MediaTek, Inc.		43,462		580,429
Mega Financial Holding Co., Ltd.		695,730		682,842
Merida Industry Co., Ltd.		34,657		200,553
Nan Kang Rubber Tire Co., Ltd.		246,253		448,780
Nan Ya Plastics Corp.		557,214		1,316,737
Novatek Microelectronics Corp., Ltd.		41,942		268,665
Pegatron Corp.		135,028		262,194
Pou Chen Corp.		491,819		657,530
Powertech Technology, Inc.		59,865		188,697
President Chain Store Corp.		248,664		2,480,699
Quanta Computer, Inc.		103,508		198,557
Radium Life Tech Co., Ltd.		646,090		257,778
Realtek Semiconductor Corp.		23,002		170,628
Ruentex Development Co., Ltd.		314,860		480,235
Sanyang Motor Co., Ltd.		839,866		602,432
ScinoPharm Taiwan, Ltd.		255,343		199,900
Shin Kong Financial Holding Co., Ltd.		817,968		258,402
Sino-American Silicon Products, Inc.		70,233		211,157
SinoPac Financial Holdings Co., Ltd.		894,414		367,071
St. Shine Optical Co., Ltd.		22,000		343,684
Synnex Technology International Corp.		169,358		201,999
Tainan Spinning Co., Ltd.		941,822		346,166
Taishin Financial Holding Co., Ltd.		808,193		375,333
Taiwan Cement Corp.		513,131		681,255
Taiwan Cooperative Financial Holding Co., Ltd.		705,432		485,334
Taiwan Fertilizer Co., Ltd.		66,000		105,051
Taiwan Glass Industry Corp.		542,564		206,742
Taiwan Mobile Co., Ltd.		606,296		2,260,624
Taiwan Semiconductor Manufacturing Co., Ltd.		525,465		5,149,451
Taiwan Tea Corp.		395,711		220,775
Tatung Co., Ltd.(1)		427,785		257,108
Teco Electric & Machinery Co., Ltd.		856,000		759,020
Tong Yang Industry Co., Ltd.		105,608		164,882
Tripod Technology Corp.		27,535		106,418
TSRC Corp.		129,063		102,867
TTY Biopharm Co., Ltd.		534,330		1,406,727
Tung Ho Steel Enterprise Corp.		798,060		565,814
U-Ming Marine Transport Corp.		186,000		206,147
Uni-President Enterprises Corp.		1,736,831		4,290,634
United Microelectronics Corp.		383,090		176,421

28

Security	Shares		Value
United Renewable Energy Co., Ltd.(1)		685,542	$	185,447
Walsin Lihwa Corp.		1,408,000		688,566
Wan Hai Lines, Ltd.		518,962		308,707
Wei Chuan Food Corp.		623,000		539,014
Wistron Corp.		145,489		133,384
Xxentria Technology Materials Corp.		234,700		527,128
Yageo Corp.		19,591		201,031
Yang Ming Marine Transport(1)		1,153,621		287,035
YFY, Inc.		531,120		208,625
Yieh Phui Enterprise Co., Ltd.		1,510,046		452,336
Yuanta Financial Holding Co., Ltd.		588,629		367,875
Yulon Motor Co., Ltd.		250,950		161,389
			$	70,471,751
Thailand — 2.9%
Advanced Info Service PCL(8)		190,200	$	1,442,863
Airports of Thailand PCL(8)		738,300		1,912,912
AP Thailand PCL(8)		1,657,700		362,357
Bangkok Bank PCL(8)		101,600		585,302
Bangkok Dusit Medical Services PCL(8)		2,556,700		2,032,468
Bangkok Land PCL(8)		7,258,500		329,331
Banpu PCL(8)		403,300		154,959
BEC World PCL(1)(8)		1,120,800		246,896
Berli Jucker PCL(8)		207,500		335,056
BTS Group Holdings PCL(8)		1,624,000		720,907
Bumrungrad Hospital PCL(8)		273,300		1,090,783
Central Pattana PCL(8)		537,000		1,138,388
Central Plaza Hotel PCL(8)		268,400		244,682
CH. Karnchang PCL(8)		187,120		126,397
Charoen Pokphand Foods PCL(8)		579,600		484,862
CP ALL PCL(8)		601,800		1,555,497
Electricity Generating PCL(8)		105,200		1,209,026
Hana Microelectronics PCL(8)		803,900		679,061
Home Product Center PCL(8)		1,842,455		1,049,283
Indorama Ventures PCL(8)		657,600		610,156
IRPC PCL(8)		2,114,500		238,101
Italian-Thai Development PCL(8)		2,682,406		147,656
Jasmine International PCL(8)		662,900		137,207
Kasikornbank PCL(8)		144,500		664,911
KCE Electronics PCL(8)		562,600		273,906
Khon Kaen Sugar Industry PCL(8)		1,189,180		76,839
Kiatnakin Bank PCL(8)		103,100		223,584
Krung Thai Bank PCL(8)		535,400		294,341
L.P.N. Development PCL(8)		1,255,000		195,335
Land & Houses PCL(8)		1,634,300		525,084
Minor International PCL(8)		714,977		852,505
Pruksa Holding PCL(8)		518,200		271,200
PTT Exploration & Production PCL(8)		259,798		1,036,464
PTT Global Chemical PCL(8)		470,200		794,248
PTT PCL(8)		1,276,000		1,912,085
Quality House PCL(8)		3,480,946		299,718
Ratch Group PCL(8)		441,300		1,074,972
Robinson PCL(8)		315,200		681,180
Samart Corp. PCL(8)		867,800		214,029

29

Security	Shares		Value
Siam Cement PCL(8)		75,100	$	913,259
Siam City Cement PCL(8)		39,783		284,692
Siam Commercial Bank PCL(8)		238,100		882,472
Siam Global House PCL (The)(8)		1,002,689		504,875
Sino-Thai Engineering & Construction PCL(8)		452,157		251,825
Super Energy Corp. PCL(1)(8)		11,910,000		236,838
Thai Airways International PCL(1)(8)		472,700		115,860
Thai Beverage PCL(8)		1,370,600		920,205
Thai Oil PCL(8)		158,700		359,987
Thai Union Group PCL(8)		465,900		225,292
Thanachart Capital PCL(8)		139,700		245,307
Thoresen Thai Agencies PCL(8)		1,334,265		195,325
TMB Bank PCL(8)		4,639,200		221,138
Total Access Communication PCL(8)		241,900		496,525
TPI Polene PCL(8)		4,974,200		219,270
True Corp. PCL(8)		5,357,890		887,477
TTW PCL(8)		2,149,000		967,919
			$	34,152,817
Tunisia — 0.3%
Attijari Bank		16,957	$	191,794
Banque de Tunisie		168,735		441,601
Banque Internationale Arabe de Tunisie		6,030		234,722
Banque Nationale Agricole(1)		65,193		280,619
Carthage Cement(1)		597,550		259,417
Euro Cycles SA		20,636		132,063
Poulina Group		122,715		552,729
Societe d’Articles Hygieniques SA(1)		71,336		302,809
Societe Frigorifique et Brasserie de Tunis SA		81,951		541,122
Telnet Holding		104,957		343,983
Union Internationale de Banques SA		28,431		229,459
			$	3,510,318
Turkey — 1.4%
AG Anadolu Grubu Holding AS		48,884	$	127,274
Akbank T.A.S.(1)		420,261		507,745
Aksa Akrilik Kimya Sanayii AS		141,731		254,408
Aksa Enerji Uretim AS(1)		302,801		139,766
Anadolu Efes Biracilik ve Malt Sanayii AS		72,541		244,052
Arcelik AS(1)		233,338		722,891
Aygaz AS		279,132		531,785
BIM Birlesik Magazalar AS		155,980		1,290,817
Coca-Cola Icecek AS		37,723		206,094
Dogan Sirketler Grubu Holding AS		427,506		129,306
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,122,786		660,407
Enka Insaat ve Sanayi AS		456,597		460,989
Eregli Demir ve Celik Fabrikalari TAS		853,212		975,359
Ford Otomotiv Sanayi AS		57,339		646,616
Haci Omer Sabanci Holding AS		221,439		320,330
Is Gayrimenkul Yatirim Ortakligi AS(1)		1,075,056		174,707
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		762,505		287,688
KOC Holding AS		234,415		768,364
Koza Altin Isletmeleri AS(1)		40,782		501,276

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Security	Shares		Value
Petkim Petrokimya Holding AS(1)		674,380	$	405,662
TAV Havalimanlari Holding AS		49,964		227,778
Tekfen Holding AS		52,700		156,032
Tofas Turk Otomobil Fabrikasi AS		97,106		379,713
Tupras-Turkiye Petrol Rafinerileri AS		88,839		1,933,698
Turk Hava Yollari AO(1)		162,600		330,906
Turk Telekomunikasyon AS(1)		356,891		362,484
Turkcell Iletisim Hizmetleri AS		823,354		1,810,399
Turkiye Garanti Bankasi AS(1)		317,284		509,991
Turkiye Halk Bankasi AS(1)		130,144		119,195
Turkiye Is Bankasi AS, Class C(1)		240,517		243,719
Turkiye Vakiflar Bankasi TAO, Class D(1)		175,317		132,956
Ulker Biskuvi Sanayi AS(1)		75,263		242,126
Vestel Elektronik Sanayi ve Ticaret AS(1)		138,308		246,329
Yapi ve Kredi Bankasi AS(1)		330,032		131,483
			$	16,182,345
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		677,199	$	1,436,544
Abu Dhabi National Hotels		108,000		87,815
Agthia Group PJSC		424,180		424,632
Air Arabia PJSC(1)		1,986,079		735,664
Al Waha Capital PJSC		702,377		193,187
Aldar Properties PJSC		1,897,498		1,213,469
Arabtec Holding PJSC		690,341		347,948
Dana Gas PJSC		3,559,706		887,869
DP World PLC		131,989		1,752,013
Dubai Financial Market PJSC(1)		801,704		193,708
Dubai Investments PJSC		1,856,227		652,044
Dubai Islamic Bank PJSC		487,539		701,827
DXB Entertainments PJSC(1)		3,800,000		212,035
Emaar Properties PJSC		1,905,320		2,214,381
Emirates Telecommunications Group Co. PJSC		577,000		2,602,585
First Abu Dhabi Bank PJSC		705,595		2,920,299
RAK Properties PJSC(1)		2,150,800		268,330
			$	16,844,350
Vietnam — 1.5%
Bank for Foreign Trade of Vietnam JSC		575,155	$	2,169,567
Bao Viet Holdings(1)		240,830		747,978
FLC Faros Construction JSC(1)		383,532		414,913
FPT Corp.		88,783		237,054
Hoa Phat Group JSC(1)		1,806,175		1,693,840
KIDO Group Corp.(1)		417,980		391,059
Kinh Bac City Development Share Holding Corp.		328,860		206,515
Masan Group Corp.(1)		313,620		1,001,412
PetroVietnam Drilling & Well Services JSC(1)		764,295		538,403
PetroVietnam Fertilizer & Chemical JSC		341,840		200,884
PetroVietnam Gas JSC		215,050		956,732
PetroVietnam Technical Services Corp.		247,200		196,785
Phu Nhuan Jewelry JSC		50,653		181,680
SSI Securities Corp.		198,000		181,665
Vietjet Aviation JSC		278,536		1,739,379

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Security	Shares		Value
Vietnam Dairy Products JSC		299,737	$	1,676,823
Vingroup JSC(1)		984,667		5,044,429
			$	17,579,118
Total Common Stocks (identified cost $1,027,914,585)			$	1,183,717,583
Rights(1) — 0.0%(6)
Security	Shares		Value
Banque Nationale Agricole, Exp. 4/15/49		50	$	4
Maple Leaf Cement Factory, Ltd., Exp. 1/13/20		531,196		14,411
Societatea Energetica Electrica SA, Exp. 12/3/19		510,578		224
Telnet Holding, Exp. 7/1/49		6		0
Total Rights (identified cost $91,665)			$	14,639
Short-Term Investments — 0.3%
Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.75%(9)		2,934,061	$	2,934,061
Total Short-Term Investments (identified cost $2,934,061)			$	2,934,061
Total Investments — 100.1% (identified cost $1,030,940,311)			$	1,186,666,283
Other Assets, Less Liabilities — (0.1)%			$	(1,037,177	)
Net Assets — 100.0%			$	1,185,629,106

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

(1) Non-income producing security.

(2) All or a portion of this security was on loan at October 31, 2019. The aggregate market value of securities on loan at October 31, 2019 was $16,703,550 and the total market value of the collateral received by the Fund was $17,723,727, comprised of cash of $2,934,061 and U.S. government and/or agencies securities of $14,789,666.

(3) For fair value measurement disclosure purposes, security is categorized as Level 3.

(4) 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 October 31, 2019, the aggregate value of these securities is $8,572,334 or 0.7% of the Fund’s net assets.

(5) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the aggregate value of these securities is $13,891,845 or 1.2% of the Fund’s net assets.

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(6) Amount is less than 0.05%.

(7) Securities are traded on separate exchanges for the same entity.

(8) Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

(9) Represents investment of cash collateral received in connection with securities lending.

Currency Concentration of Portfolio

Currency	Percentage of Net Assets			Value
Hong Kong Dollar		9.4	%	$	111,598,464
United States Dollar		8.0			94,965,957
Indian Rupee		6.0			70,671,106
New Taiwan Dollar		5.9			70,471,751
South Korean Won		5.9			69,556,787
Brazilian Real		5.9			69,552,043
South African Rand		5.8			68,740,561
Mexican Peso		5.7			67,492,361
Euro		3.1			36,797,741
Polish Zloty		2.9			34,661,502
Philippine Peso		2.9			34,546,066
Indonesian Rupiah		2.9			34,130,613
Malaysian Ringgit		2.8			33,810,672
Saudi Riyal		2.8			33,251,249
Thai Baht		2.8			33,232,612
Chilean Peso		2.7			31,475,705
Russian Ruble		2.0			23,225,025
Kuwaiti Dinar		1.9			22,411,636
United Arab Emirates Dirham		1.5			18,254,685
Vietnamese Dong		1.5			17,579,118
Qatari Riyal		1.5			17,244,833
Chinese Yuan Renminbi		1.4			17,223,069
New Turkish Lira		1.4			16,182,345
Colombian Peso		1.3			16,056,239
Other currency, less than 1% each		12.1			143,534,143
Total Investments		100.1	%	$	1,186,666,283

Sector Classification of Portfolio

Sector	Percentage of Net Assets			Value
Financials		19.1	%	$	226,704,690
Consumer Staples		10.9			129,457,156
Materials		10.8			128,105,113
Industrials		10.7			126,954,496
Communication Services		9.6			113,468,121
Energy		9.3			109,844,455
Consumer Discretionary		8.0			95,472,666
Utilities		6.4			75,850,236
Health Care		5.7			68,152,305
Real Estate		4.8			56,899,829
Information Technology		4.5			52,823,155
Short-Term Investments		0.3			2,934,061
Total Investments		100.1	%	$	1,186,666,283

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Abbreviations:

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
PCL	-	Public Company Ltd.
PFC Shares	-	Preference Shares

The Fund did not have any open derivative instruments at October 31, 2019.

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 October 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	10,289,755	$	524,347,511		$	0	$	534,637,266
Emerging Europe		11,361,343		185,915,815			0		197,277,158
Latin America		216,333,152		—			—		216,333,152
Middle East/Africa		1,450,441		233,070,353			949,213		235,470,007
Total Common Stocks	$	239,434,691	$	943,333,679	**	$	949,213	$	1,183,717,583
Rights	$	4	$	14,635		$	—	$	14,639
Short-Term Investments		2,934,061		—			—		2,934,061
Total Investments	$	242,368,756	$	943,348,314		$	949,213	$	1,186,666,283

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

** 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.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended October 31, 2019 is not presented.

Valuation – Other

Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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Securities Lending

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities. The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral. The securities lending transactions outstanding at October 31, 2019 have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

For additional information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

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