| Sector Classification of Portfolio | ||
| Sector | Percentage of Net Assets | Value |
| Financials | 11.9% | $22,475,141 |
| Industrials | 11.0 | 20,802,086 |
| Energy | 10.0 | 18,791,729 |
| Consumer Discretionary | 9.6 | 18,082,674 |
| Materials | 9.5 | 17,962,382 |
| Consumer Staples | 9.5 | 17,812,176 |
| Communication Services | 9.1 | 17,216,029 |
| Health Care | 8.9 | 16,785,376 |
| Information Technology | 8.8 | 16,495,763 |
| Utilities | 6.2 | 11,729,639 |
| Real Estate | 5.1 | 9,513,290 |
| Short-Term Investments | 1.3 | 2,551,594 |
| Total Investments | 100.9% | $190,217,879 |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| GDR | – Global Depositary Receipt |
| PCL | – Public Company Limited |
| PFC Shares | – Preference Shares |
| Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(1) | $6,567 | $3,358,550 | $(2,799,108) | $ — | $ — | $566,009 | $2,808 | 566,009 |
| (1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
| • | 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) |
| Asset Description | Level 1 | Level 2 | Level 3* | Total |
| Common Stocks: | ||||
| Asia/Pacific | $ 3,849,506 | $ 92,805,111 | $165,475 | $ 96,820,092 |
| Developed Europe | 169,650 | — | 0 | 169,650 |
| Emerging Europe | 88,168 | 26,177,215 | — | 26,265,383 |
| Latin America | 28,343,649 | — | — | 28,343,649 |
| Middle East/Africa | 817,908 | 35,249,586 | — | 36,067,494 |
| Total Common Stocks | $33,268,881 | $154,231,912** | $165,475 | $187,666,268 |
| Rights | $ 17 | $ — | $ — | $ 17 |
| Short-Term Investments: | ||||
| Affiliated Fund | 566,009 | — | — | 566,009 |
| Securities Lending Collateral | 1,985,585 | — | — | 1,985,585 |
| Total Investments | $35,820,492 | $154,231,912 | $165,475 | $190,217,879 |
| * | 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. |