Eaton Vance Series Trust II

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Portfolio Managers Thomas C. Seto and Timothy W. Atwill, Ph.D., CFA, each of Parametric Portfolio Associates LLC

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

Top 10 Holdings (% of net assets)⁴


America Movil SAB de CV, Series L	1.1	%

China Mobile, Ltd.	0.8

Taiwan Semiconductor Manufacturing Co., Ltd.	0.7

Sberbank of Russia PJSC	0.7

MTN Group, Ltd.	0.7

Naspers, Ltd., Class N	0.6

Tencent Holdings, Ltd.	0.6

Grupo Televisa SAB, Series CPO	0.6

Samsung Electronics Co., Ltd.	0.6

Gazprom PJSC ADR	0.6

Total	7.0	%

MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Institutional Class shares are offered at net asset value (NAV). Prior to September 1, 2016, Institutional Class shares were subject to a 2% redemption fee at the time of exchange or redemption. Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/ local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2016 – December 31, 2016).

Actual Expenses: The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.


Common Stocks — 98.3%


Security	Shares		Value


Argentina — 0.7%
Adecoagro SA⁽¹⁾		128,000	$	1,328,640
Arcos Dorados Holdings, Inc., Class A⁽¹⁾		500,800		2,704,320
Banco Macro SA, Class B		130,676		845,754
Banco Macro SA, Class B ADR		300		19,305
Cresud SA ADR⁽¹⁾		18,602		293,354
Grupo Financiero Galicia SA, Class B ADR		44,000		1,184,480
IRSA Inversiones y Representaciones SA⁽¹⁾		119,544		222,243
Ledesma SAAI		259,501		275,560
MercadoLibre, Inc.		25,900		4,044,026
Molinos Rio de la Plata SA, Class B⁽¹⁾		93,310		576,278
Pampa Energia SA ADR⁽¹⁾		136,160		4,739,730
Siderar SAIC		2,005,200		1,181,536
Transportadora de Gas del Sur SA		252,923		471,800
YPF SA ADR		101,600		1,676,400

			$	19,563,426


Bahrain — 0.8%
Ahli United Bank BSC		15,716,342	$	9,967,909
Al Salam Bank-Bahrain BSC		14,938,604		4,038,389
GFH Financial Group BSC⁽¹⁾		11,788,142		6,502,658
Ithmaar Bank BSC⁽¹⁾		16,428,969		2,039,955

			$	22,548,911


Bangladesh — 0.8%
ACI, Ltd.		113,593	$	559,146
Aftab Automobiles, Ltd.		378,354		271,508
Al-Arafah Islami Bank, Ltd.		2,070,941		421,871
Bangladesh Export Import Co., Ltd.⁽¹⁾		4,605,129		1,505,304
Bangladesh Submarine Cable Co., Ltd.		274,602		416,581
BBVA Banco Frances SA		76,594		448,906
Beximco Pharmaceuticals, Ltd.		522,666		537,881
BRAC Bank, Ltd.		318,598		259,609
British American Tobacco Bangladesh Co., Ltd.		41,583		1,301,505
BSRM Steels, Ltd.		1,250,000		1,486,794
City Bank, Ltd. (The)		889,331		308,925
CVO Petrochemical Refinery, Ltd.		70,050		183,894
Grameenphone, Ltd.		656,933		2,373,660
Heidelberger Cement Bangladesh, Ltd.		103,700		712,323
Islami Bank Bangladesh, Ltd.		1,587,087		601,855
Jamuna Oil Co., Ltd.		212,850		494,834
Khulna Power Co., Ltd.		972,814		782,543
Lafarge Surma Cement, Ltd.		396,773		415,264
Lankabangla Finance, Ltd.		594,464		264,667
Malek Spinning Mills, Ltd.		1,020,000		227,244


Security	Shares		Value


Bangladesh (continued)
Meghna Petroleum, Ltd.		210,100	$	458,055
National Bank, Ltd.⁽¹⁾		4,384,609		568,935
Olympic Industries, Ltd.		351,256		1,376,218
Padma Oil Co., Ltd.		175,100		399,040
People’s Leasing and Financial Services, Ltd.⁽¹⁾		665,379		80,391
Pubali Bank, Ltd.		1,779,933		546,434
Renata, Ltd.		22,958		317,886
Singer Bangladesh, Ltd.		165,593		404,772
Social Islami Bank, Ltd.		2,576,175		605,968
Southeast Bank, Ltd.		1,909,500		452,104
Square Pharmaceuticals, Ltd.		566,670		1,801,998
Summit Power, Ltd.		1,464,390		688,084
Titas Gas Transmission & Distribution Co., Ltd.		1,570,295		982,725
Unique Hotel & Resorts, Ltd.		1,004,743		685,552
United Airways Bangladesh, Ltd.⁽¹⁾		7,278,815		628,090
United Commercial Bank, Ltd.		1,270,726		343,033

			$	23,913,599


Botswana — 0.4%
Barclays Bank of Botswana, Ltd.		1,308,506	$	617,001
Botswana Insurance Holdings, Ltd.		801,726		1,316,302
First National Bank of Botswana, Ltd.		7,511,600		2,081,390
Letshego Holdings, Ltd.		16,310,999		3,494,828
Sechaba Breweries Holdings, Ltd.		1,086,400		2,707,119
Sefalana Holding Co.		991,000		1,177,392
Standard Chartered Bank Botswana, Ltd.		850,790		586,987

			$	11,981,019


Brazil — 6.2%
AMBEV SA		1,736,625	$	8,750,622
B2W Cia Digital⁽¹⁾		263,000		824,223
Banco Bradesco SA, PFC Shares		680,674		6,064,936
Banco do Brasil SA		312,199		2,694,463
Braskem SA, PFC Shares		301,200		3,169,601
BRF SA		289,766		4,295,698
BRF SA ADR		25,600		377,856
CCR SA		887,700		4,352,995
Centrais Eletricas Brasileiras SA, PFC Shares		371,782		2,957,396
CETIP SA - Mercados Organizados		155,700		2,133,598
Cia Brasileira de Distribuicao ADR, PFC Shares		14,300		236,665
Cia Brasileira de Distribuicao, PFC Shares		43,256		727,645
Cia de Saneamento Basico do Estado de Sao Paulo		125,400		1,109,247
Cia de Saneamento Basico do Estado de Sao Paulo ADR		127,400		1,105,832
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		39,663		790,530


Security	Shares		Value


Brazil (continued)
Cia Energetica de Minas Gerais SA, PFC Shares		662,453	$	1,569,273
Cia Energetica de Sao Paulo, Class B, PFC Shares		91,500		379,247
Cia Hering		155,800		723,783
Cia Paranaense de Energia, PFC Shares		107,100		900,315
Cia Siderurgica Nacional SA⁽¹⁾		147,100		490,379
Cia Siderurgica Nacional SA ADR⁽¹⁾		62,200		200,906
Cielo SA		1,825,032		15,638,966
Cosan SA Industria e Comercio		137,900		1,616,396
CPFL Energia SA		468,491		3,628,801
Cyrela Brazil Realty SA Empreendimentos e Participacoes		115,024		362,951
Duratex SA		335,583		701,129
EcoRodovias Infraestrutura e Logistica SA		146,900		371,910
EDP-Energias do Brasil SA		344,100		1,416,702
Eletropaulo Metropolitana SA, Class B, PFC Shares		205,868		714,121
Embraer SA		974,432		4,790,276
Embraer SA ADR		26,152		503,426
Engie Brasil Energia SA		182,700		1,964,697
Equatorial Energia SA		197,000		3,292,715
Estacio Participacoes SA		275,300		1,336,449
Even Construtora e Incorporadora SA		652,400		741,660
Ez Tec Empreendimentos e Participacoes SA		143,494		689,981
Fibria Celulose SA		24,585		240,887
Fibria Celulose SA ADR		54,900		527,589
Gafisa SA		845,200		483,016
Gerdau SA ADR		170,900		536,626
Gerdau SA, PFC Shares		227,900		756,236
Gol Linhas Aereas Inteligentes SA, PFC Shares		242,400		344,083
Hypermarcas SA		88,100		707,301
Itau Unibanco Holding SA, PFC Shares		623,775		6,487,475
Itausa-Investimentos Itau SA, PFC Shares		1,358,722		3,456,607
JBS SA		444,227		1,555,961
Klabin SA		255,400		1,390,509
Klabin SA, PFC Shares		981,500		859,457
Kroton Educacional SA		1,111,932		4,554,046
Light SA		123,900		660,861
Localiza Rent a Car SA		295,025		3,101,901
Lojas Americanas SA, PFC Shares		642,690		3,356,909
Lojas Renner SA		575,500		4,096,948
Marcopolo SA, PFC Shares		786,900		662,459
MRV Engenharia e Participacoes SA		476,800		1,602,664
Multiplus SA		91,200		947,110
Natura Cosmeticos SA		82,900		586,339
Odontoprev SA		579,500		2,243,433
Oi SA ADR⁽¹⁾		315,800		200,533
Oi SA, PFC Shares⁽¹⁾		888,684		614,354


Security	Shares		Value


Brazil (continued)
Petroleo Brasileiro SA⁽¹⁾		275,200	$	1,432,356
Petroleo Brasileiro SA ADR⁽¹⁾		187,400		1,650,994
Petroleo Brasileiro SA, PFC Shares⁽¹⁾		2,348,100		10,727,946
Prumo Logistica SA⁽¹⁾		82,880		194,805
Qualicorp SA		577,500		3,415,637
Randon SA Implementos e Participacoes, PFC Shares		198,512		210,424
Suzano Papel e Celulose SA, Class A, PFC Shares		371,100		1,619,080
Telefonica Brasil SA ADR		298,900		3,999,282
Telefonica Brasil SA, PFC Shares		214,905		2,910,564
Tim Participacoes SA		1,725,444		4,150,990
Totvs SA		238,900		1,764,573
Transmissora Alianca de Energia Electrica SA		134,400		856,440
Ultrapar Participacoes SA		242,648		5,103,160
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		226,900		285,830
Vale SA ADR, PFC Shares		57,800		398,242
Vale SA, PFC Shares		1,863,092		13,360,545
Weg SA		903,920		4,304,778

			$	177,984,340


Bulgaria — 0.1%
Albena AD		3,379	$	111,838
Bulgartabak Holding⁽¹⁾		3,450		74,141
CB First Investment Bank AD⁽¹⁾		54,000		97,407
Chimimport AD		825,588		741,132
Corporate Commercial Bank AD⁽¹⁾⁽²⁾		19,900		0
Industrial Holding Bulgaria PLC⁽¹⁾		576,865		316,680
Petrol AD⁽¹⁾		76,205		18,290
Sopharma AD		303,500		487,108

			$	1,846,596


Chile — 3.1%
AES Gener SA		1,713,702	$	614,051
Aguas Andinas SA, Series A		2,872,891		1,500,794
Almendral SA⁽¹⁾		7,092,000		534,710
Antarchile SA		114,800		1,148,351
Banco de Chile		34,510,060		4,019,849
Banco de Chile ADR		3,940		277,573
Banco de Credito e Inversiones		60,341		3,054,009
Banco Santander Chile ADR		118,249		2,586,106
Banmedica SA		286,194		553,335
Besalco SA		823,600		291,176
Cap SA		186,746		1,332,715
Cencosud SA		2,448,892		6,873,621
Cia Cervecerias Unidas SA ADR		119,300		2,502,914


Security	Shares		Value


Chile (continued)
Cia Sud Americana de Vapores SA⁽¹⁾		10,829,733	$	281,983
Colbun SA		5,553,984		1,092,397
Embotelladora Andina SA, Series A ADR		25,100		519,194
Embotelladora Andina SA, Series A, PFC Shares		202,478		691,961
Embotelladora Andina SA, Series B ADR		49,672		1,116,130
Empresa Nacional de Telecomunicaciones SA⁽¹⁾		323,187		3,435,034
Empresas CMPC SA		2,309,849		4,693,877
Empresas COPEC SA		1,098,567		10,528,149
Enel Americas SA		4,683,503		734,207
Enel Americas SA ADR		140,171		1,150,804
Enel Chile SA		4,683,503		427,238
Enel Chile SA ADR		140,171		637,778
Enel Generacion Chile SA ADR		67,659		1,315,291
Engie Energia Chile SA		253,400		401,024
Forus SA		64,662		217,698
Inversiones Aguas Metropolitanas SA		613,640		885,103
Itau CorpBanca		145,664,426		1,217,866
Latam Airlines Group SA⁽¹⁾		211,093		1,766,475
Latam Airlines Group SA ADR⁽¹⁾		300,348		2,456,847
Masisa SA		5,792,050		290,556
Parque Arauco SA		818,312		1,832,358
Quinenco SA		490,001		1,152,221
Ripley Corp. SA		1,626,000		969,466
S.A.C.I. Falabella		1,438,742		11,425,389
Salfacorp SA		1,303,900		934,423
Sigdo Koppers SA		879,641		1,103,171
Sociedad Matriz SAAM SA		6,677,681		514,538
Sociedad Quimica y Minera de Chile SA ADR		196,100		5,618,265
Sociedad Quimica y Minera de Chile SA, Series A		20,950		656,843
Sonda SA		2,937,360		5,213,875
Vina Concha y Toro SA		146,373		234,924
Vina Concha y Toro SA ADR		26,701		864,845

			$	89,669,134


China — 9.7%
3SBio, Inc.⁽¹⁾⁽³⁾		281,500	$	273,428
Agile Group Holdings, Ltd.		486,000		246,748
Agricultural Bank of China, Ltd., Class H		1,705,000		695,839
Air China, Ltd., Class H		1,770,000		1,124,362
Aisino Corp.		73,800		211,416
Aluminum Corp. of China, Ltd., Class H⁽¹⁾		3,954,000		1,619,527
Angang Steel Co., Ltd., Class H⁽¹⁾		1,148,000		678,051
Anhui Conch Cement Co., Ltd., Class H		1,450,500		3,925,325
ANTA Sports Products, Ltd.		887,000		2,635,998
Avic Aviation Engine Corp. PLC		40,300		189,549
Baidu, Inc. ADR⁽¹⁾		29,700		4,882,977


Security	Shares		Value


China (continued)
Bank of Beijing Co., Ltd.		174,600	$	245,035
Bank of China, Ltd., Class H		5,324,000		2,347,490
Bank of Communications, Ltd., Class H		2,201,300		1,583,162
Bank of Nanjing Co., Ltd.		121,000		188,454
BBMG Corp., Class H		2,269,000		779,648
BeiGene, Ltd. ADR⁽¹⁾		6,425		195,063
Beijing Capital Co., Ltd.		323,000		191,177
Beijing Capital International Airport Co., Ltd., Class H		596,000		600,780
Beijing Enterprises Holdings, Ltd.		223,500		1,052,018
Beijing Enterprises Water Group, Ltd.		1,500,000		992,780
Beijing Tongrentang Co., Ltd.		42,700		192,285
Beijing Xinwei Technology Group Co., Ltd.		80,600		170,106
Beiqi Foton Motor Co., Ltd.		407,100		180,595
BYD Co., Ltd., Class H		575,000		3,014,042
CGN Power Co., Ltd., Class H⁽³⁾		2,785,000		761,139
China Agri-Industries Holdings, Ltd.⁽¹⁾		2,380,000		925,971
China Biologic Products, Inc.⁽¹⁾		10,300		1,107,456
China Bluechemical, Ltd., Class H		1,348,000		372,354
China Cinda Asset Management Co., Ltd., Class H		3,202,000		1,152,987
China CITIC Bank Corp., Ltd., Class H		1,627,000		1,029,541
China Coal Energy Co., Ltd., Class H⁽¹⁾		2,861,000		1,349,889
China Communications Construction Co., Ltd., Class H		1,677,000		1,916,666
China Communications Services Corp., Ltd., Class H		2,166,000		1,376,216
China Construction Bank Corp., Class H		6,290,580		4,817,513
China Dongxiang Group Co., Ltd.		3,981,000		717,358
China Eastern Airlines Corp., Ltd., Class H⁽¹⁾		1,436,000		655,284
China Everbright Bank Co., Ltd.		341,400		191,435
China Everbright International, Ltd.		1,156,000		1,303,890
China Everbright, Ltd.		456,000		863,655
China Evergrande Group		1,273,000		789,023
China Fortune Land Development Co., Ltd.		52,400		180,031
China Gas Holdings, Ltd.		546,000		739,398
China Gezhouba Group Co., Ltd.		152,700		201,153
China Hongqiao Group, Ltd.		532,500		467,504
China International Marine Containers Co., Ltd., Class B		413,812		595,498
China International Travel Service Corp., Ltd.		31,488		196,084
China Life Insurance Co., Ltd., Class H		654,000		1,690,556
China Longyuan Power Group Corp., Ltd., Class H		2,413,000		1,875,021
China Medical System Holdings, Ltd.		245,000		386,802
China Mengniu Dairy Co., Ltd.		1,600,000		3,067,924
China Merchants Bank Co., Ltd., Class H		332,500		775,436
China Merchants Energy Shipping Co., Ltd.		251,980		179,041
China Merchants Port Holdings Co., Ltd.		790,000		1,951,768
China Merchants Securities Co., Ltd.		76,998		180,444


Security	Shares		Value


China (continued)
China Merchants Shekou Industrial Zone Holdings Co., Ltd.		935,251	$	2,209,035
China Minsheng Banking Corp., Ltd., Class H		864,100		919,458
China Mobile, Ltd.		2,309,900		24,353,672
China Molybdenum Co., Ltd., Class H		1,365,000		330,801
China National Building Material Co., Ltd., Class H		2,156,000		1,044,119
China National Nuclear Power Co., Ltd.		227,000		229,952
China Northern Rare Earth Group High-Tech Co., Ltd.		122,200		215,103
China Oilfield Services, Ltd., Class H		756,000		697,760
China Overseas Land & Investment, Ltd.		1,530,360		4,026,607
China Pacific Insurance (Group) Co., Ltd., Class H		282,800		978,995
China Petroleum & Chemical Corp., Class H		12,211,800		8,600,372
China Railway Construction Corp., Ltd., Class H		947,500		1,214,172
China Railway Group, Ltd., Class H		2,265,000		1,850,876
China Resources Beer Holdings Co., Ltd.⁽¹⁾		688,000		1,363,059
China Resources Gas Group, Ltd.		288,000		806,840
China Resources Land, Ltd.		967,111		2,164,073
China Resources Phoenix Healthcare Holdings Co., Ltd.		154,500		196,759
China Resources Power Holdings Co., Ltd.		1,443,000		2,282,364
China Shenhua Energy Co., Ltd., Class H		1,654,500		3,092,615
China Shipbuilding Industry Co., Ltd.⁽¹⁾		210,800		214,606
China Southern Airlines Co., Ltd., Class H		2,064,500		1,068,246
China Sports Industry Group Co., Ltd.		69,000		234,553
China State Construction Engineering Corp., Ltd.		236,800		300,979
China Taiping Insurance Holdings Co., Ltd.⁽¹⁾		277,000		567,884
China Telecom Corp., Ltd., Class H		7,572,000		3,473,345
China Travel International Investment Hong Kong, Ltd.		1,660,000		454,314
China Unicom (Hong Kong), Ltd.		2,590,290		2,997,894
China United Network Communications, Ltd.		808,166		847,513
China Vanke Co., Ltd., Class H		624,717		1,420,137
China Yangtze Power Co., Ltd.		236,900		432,356
China Yurun Food Group, Ltd.⁽¹⁾		926,000		137,994
Chongqing Changan Automobile Co., Ltd., Class B		400,443		572,058
CITIC, Ltd.		628,000		894,367
CNOOC, Ltd.		7,777,500		9,665,368
COFCO Tunhe Co., Ltd.		116,500		208,928
COSCO SHIPPING Development Co., Ltd., Class H⁽¹⁾		3,803,000		780,775
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,778,000		989,012
COSCO SHIPPING Holdings Co., Ltd., Class H⁽¹⁾		2,729,150		950,153
COSCO SHIPPING Ports, Ltd.		1,128,000		1,130,397
Country Garden Holdings Co., Ltd.		2,862,000		1,595,248
CSPC Pharmaceutical Group, Ltd.		2,312,000		2,461,768
Ctrip.com International, Ltd. ADR⁽¹⁾		128,600		5,144,000
Daqin Railway Co., Ltd.		191,860		195,090


Security	Shares		Value


China (continued)
Datang International Power Generation Co., Ltd., Class H		3,276,000	$	854,432
Dazhong Transportation Group Co., Ltd., Class B		609,139		438,154
Deluxe Family Co., Ltd.		146,700		174,597
Dongfeng Motor Group Co., Ltd., Class H		1,748,000		1,698,107
Dr Peng Telecom & Media Group Co., Ltd.		137,900		434,104
Fullshare Holdings, Ltd.		3,655,000		1,702,992
Fuyao Glass Industry Group Co., Ltd.		75,172		201,130
GD Power Development Co., Ltd.		566,200		256,391
Gemdale Corp.		184,600		346,030
Golden Eagle Retail Group, Ltd.		516,000		735,051
Great Wall Motor Co., Ltd., Class H		2,510,250		2,328,588
Guangdong Investment, Ltd.		2,088,000		2,749,638
Guanghui Energy Co., Ltd.⁽¹⁾		376,445		252,472
Guangxi Wuzhou Zhongheng Group Co., Ltd.⁽¹⁾		285,500		187,810
Guangzhou Automobile Group Co., Ltd., Class H		1,750,857		2,110,089
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		130,000		335,120
Guangzhou R&F Properties Co., Ltd., Class H		670,400		807,269
Harbin Pharmaceutical Group Co., Ltd.		150,695		185,708
Hengan International Group Co., Ltd.		248,000		1,816,388
Hengtong Optic-electric Co., Ltd.		70,400		188,696
Huadian Power International Corp., Ltd., Class H		1,590,000		717,543
Huaneng Power International, Inc., Class H		4,950,000		3,267,390
Huatai Securities Co., Ltd.		73,700		188,745
Huaxia Bank Co., Ltd.		141,500		220,504
Huayu Automotive Systems Co., Ltd.		82,100		188,213
Humanwell Healthcare Group Co., Ltd.		69,600		199,919
Hundsun Technologies, Inc.		29,600		199,819
Industrial & Commercial Bank of China, Ltd., Class H		4,715,000		2,811,234
Industrial Bank Co., Ltd.		179,000		415,367
Inner Mongolia BaoTou Steel Union Co., Ltd.⁽¹⁾		527,000		211,242
Inner Mongolia Yili Industrial Group Co., Ltd.		226,500		572,239
Jiangsu Broadcasting Cable Information Network Corp, Ltd.⁽¹⁾		129,123		209,492
Jiangsu Changjiang Electronics Technology Co., Ltd.		76,294		193,250
Jiangsu Expressway Co., Ltd., Class H		796,000		1,003,583
Jiangsu Hengrui Medicine Co., Ltd.		41,100		269,042
Jiangxi Copper Co., Ltd., Class H		1,055,000		1,464,368
Jinyu Bio-Technology Co., Ltd.		40,500		183,823
Jonjee High-Tech Industrial And Commercial Holding Co., Ltd.		90,800		183,910
Kangmei Pharmaceutical Co., Ltd.		106,000		270,419
Kingboard Chemical Holdings, Ltd.		421,200		1,272,057
Kingfa Sci & Tech Co., Ltd.		171,400		191,355
Kunlun Energy Co., Ltd.		1,678,000		1,250,180
Kweichow Moutai Co., Ltd.		16,010		768,996


Security	Shares		Value


China (continued)
Lee & Man Paper Manufacturing, Ltd.		876,000	$	675,472
Lenovo Group, Ltd.		2,596,000		1,564,885
Li Ning Co., Ltd.⁽¹⁾		1,892,312		1,184,942
Liaoning Cheng Da Co., Ltd.⁽¹⁾		72,015		185,553
Longfor Properties Co., Ltd.		439,000		555,263
Lonking Holdings, Ltd.		2,438,000		516,075
Luye Pharma Group, Ltd.		786,500		465,279
Maanshan Iron & Steel Co., Ltd., Class H⁽¹⁾		1,389,000		402,771
NARI Technology Co., Ltd.		85,600		203,903
NetEase, Inc. ADR		11,000		2,368,740
Neusoft Corp.		74,400		210,097
New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		135,000		5,683,500
Nine Dragons Paper Holdings, Ltd.		1,412,000		1,275,026
Offshore Oil Engineering Co., Ltd.		229,900		243,791
Parkson Retail Group, Ltd.		1,024,000		111,892
PetroChina Co., Ltd., Class H		10,100,300		7,501,282
PICC Property & Casualty Co., Ltd., Class H		342,000		528,962
Ping An Insurance (Group) Co. of China, Ltd., Class H		297,500		1,478,004
Pingdingshan Tianan Coal Mining Co., Ltd.⁽¹⁾		262,515		183,770
Poly Property Group Co., Ltd.⁽¹⁾		970,000		319,791
Poly Real Estate Group Co., Ltd.		292,400		384,442
Power Construction Corp. of China, Ltd.		186,917		195,036
Qingdao Haier Co., Ltd.		135,829		192,870
Qingling Motors Co., Ltd., Class H		1,448,966		437,931
SAIC Motor Corp. Ltd.		90,100		303,807
Sanan Optoelectronics Co., Ltd.		132,000		253,864
Sany Heavy Industry Co., Ltd.		219,800		192,599
SDIC Power Holdings Co., Ltd.		200,900		192,521
Semiconductor Manufacturing International Corp.⁽¹⁾		1,241,200		1,940,446
Shandong Gold Mining Co., Ltd.		44,309		229,250
Shandong Nanshan Aluminum Co., Ltd.		409,500		182,446
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,712,000		1,140,192
Shanghai Dazhong Public Utilities Group Co., Ltd.		220,886		190,652
Shanghai Diesel Engine Co., Ltd., Class B		380,700		325,730
Shanghai Electric Group Co., Ltd., Class H⁽¹⁾		1,644,000		732,549
Shanghai Fosun Pharmaceutical Group Co., Ltd.		133,000		405,957
Shanghai Industrial Holdings, Ltd.		291,000		784,560
Shanghai Jahwa United Co., Ltd.		50,376		196,296
Shanghai Oriental Pearl Media Co., Ltd.		65,600		219,503
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		147,100		335,728
Shanghai Pudong Development Bank Co., Ltd.		170,328		396,974
Shanghai Zhangjiang High-Tech Park Development Co., Ltd.		75,400		192,089
Shanxi Lu’an Environmental Energy Development Co., Ltd.⁽¹⁾		152,200		175,774


Security	Shares		Value


China (continued)
Shenergy Co., Ltd.		227,799	$	192,150
Shenzhen Investment, Ltd.		806,000		321,997
Shimao Property Holdings, Ltd.		532,000		692,344
Sichuan Changhong Electric Co., Ltd.⁽¹⁾		307,800		184,695
Sichuan Chuantou Energy Co., Ltd.		152,000		189,803
Sihuan Pharmaceutical Holdings Group, Ltd.		5,255,000		1,459,227
SINA Corp.⁽¹⁾		25,700		1,562,303
Sino Biopharmaceutical, Ltd.		3,540,000		2,482,352
Sino-Ocean Group Holding, Ltd.		1,370,500		610,691
Sinopec Oilfield Service Corp., Class H⁽¹⁾		4,801,500		930,072
Sinopec Shanghai Petrochemical Co., Ltd., Class H		3,136,000		1,692,682
Sinopharm Group Co., Ltd., Class H		975,600		3,998,343
Sohu.com, Inc.⁽¹⁾		8,700		294,843
Sunac China Holdings, Ltd.		441,000		365,395
Tasly Pharmaceutical Group Co., Ltd.		33,269		198,344
TBEA Co., Ltd.		145,485		190,631
Tencent Holdings, Ltd.		727,800		17,647,044
Tingyi (Cayman Islands) Holding Corp.		1,184,000		1,435,396
Tonghua Dongbao Pharmaceutical Co., Ltd.		59,557		187,818
Travelsky Technology, Ltd., Class H		1,218,000		2,552,661
Tsinghua Tongfang Co., Ltd.		106,100		210,854
Tsingtao Brewery Co., Ltd., Class H		874,000		3,292,202
Wanhua Chemical Group Co., Ltd.		74,100		229,037
Want Want China Holdings, Ltd.		3,531,000		2,255,073
Weibo Corp. ADR⁽¹⁾		2,570		104,342
Weichai Power Co., Ltd., Class H		453,600		695,613
Western Mining Co., Ltd.		169,300		190,008
WH Group, Ltd.⁽³⁾		1,693,000		1,364,721
Wintime Energy Co., Ltd.		348,400		200,758
Xi’an LONGi Silicon Materials Corp.		101,501		195,321
Xinhu Zhongbao Co., Ltd.		301,800		180,567
Yang Quan Coal Industry Group Co., Ltd.⁽¹⁾		189,257		182,955
Yangzijiang Shipbuilding Holdings, Ltd.		1,652,000		926,292
Yantai Changyu Pioneer Wine Co., Ltd., Class B		100,968		269,941
Yanzhou Coal Mining Co., Ltd., Class H		1,488,000		1,008,859
Yonghui Superstores Co., Ltd.		288,800		203,832
Yonyou Network Technology Co., Ltd.		60,600		180,842
Youngor Group Co., Ltd.		94,600		189,833
Yunnan Chihong Zinc & Germanium Co., Ltd.		160,600		161,491
Zhejiang China Commodities City Group Co., Ltd.		167,157		207,840
Zhejiang Expressway Co., Ltd., Class H		870,000		828,239
Zhejiang Huahai Pharmaceutical Co., Ltd.		58,400		185,243
Zhejiang Longsheng Group Co., Ltd.		155,000		204,861
Zhejiang Zheneng Electric Power Co., Ltd.		246,600		192,454
Zhengzhou Yutong Bus Co., Ltd.		66,400		186,911
Zhongjin Gold Corp., Ltd.⁽¹⁾		121,100		207,856


Security	Shares		Value


China (continued)
Zhuzhou CRRC Times Electric Co., Ltd.		288,000	$	1,454,423
Zijin Mining Group Co., Ltd., Class H		6,234,000		1,987,982
ZTE Corp., Class H		708,739		1,226,685

			$	278,576,005


Colombia — 1.6%
Almacenes Exito SA		569,955	$	2,828,891
Avianca Holdings SA, PFC Shares		614,449		736,848
Banco Davivienda SA, PFC Shares		190,600		1,904,730
Banco de Bogota SA		69,328		1,390,255
Bancolombia SA		86,292		724,945
Bancolombia SA ADR, PFC Shares		127,200		4,665,696
Bolsa de Valores de Colombia		85,691,900		619,425
Celsia SA ESP		833,260		1,117,212
Cementos Argos SA		509,458		2,012,716
Cementos Argos SA, PFC Shares		190,626		697,226
Cemex Latam Holdings SA⁽¹⁾		266,452		1,002,967
Corporacion Financiera Colombiana SA		161,465		1,994,378
Ecopetrol SA⁽¹⁾		4,549,600		2,091,422
Ecopetrol SA ADR⁽¹⁾		425,800		3,853,490
Empresa de Energia de Bogota SA		2,602,208		1,558,118
Empresa de Telecommunicaciones de Bogota SA		2,267,738		453,245
Fabricato SA⁽¹⁾		34,115,900		150,010
Grupo Argos SA		466,160		2,993,859
Grupo Argos SA, PFC Shares		147,122		889,005
Grupo Aval Acciones y Valores SA		1,723,100		677,301
Grupo Aval Acciones y Valores SA, PFC Shares		3,247,601		1,314,402
Grupo de Inversiones Suramericana SA		365,800		4,654,750
Grupo Nutresa SA		414,015		3,434,035
Interconexion Electrica SA		945,400		3,142,935
Odinsa SA⁽¹⁾		53,817		160,358
Organizacion Terpel SA		13,768		51,825

			$	45,120,044


Croatia — 0.8%
AD Plastik DD		51,587	$	991,499
Adris Grupa DD, PFC Shares		45,976		2,941,688
Atlantic Grupa DD		15,350		1,885,440
Atlantska Plovidba DD⁽¹⁾		15,437		607,342
Ericsson Nikola Tesla DD		5,610		909,534
Hrvatski Telekom DD		302,184		7,112,845
Koncar-Elektroindustrija DD		7,227		694,465
Kras DD		3,067		230,721
Ledo DD		983		1,460,229
Petrokemija DD⁽¹⁾		17,450		44,227


Security	Shares		Value


Croatia (continued)
Podravka Prehrambena Industrija DD		50,437	$	2,650,133
Privredna Banka Zagreb DD		3,310		352,917
Valamar Riviera DD		643,639		3,126,129
Zagrebacka Banka DD⁽¹⁾		30,550		229,627

			$	23,236,796


Czech Republic — 0.7%
CEZ AS		398,425	$	6,668,703
Komercni Banka AS		237,911		8,198,460
New World Resources PLC, Class A⁽¹⁾⁽²⁾		860,500		0
Pegas Nonwovens SA		48,000		1,437,862
Philip Morris CR AS		3,728		1,902,096
Unipetrol AS		417,401		2,985,712

			$	21,192,833


Egypt — 1.1%
Alexandria Mineral Oils Co.		121,900	$	496,863
Arab Cotton Ginning		1,880,400		487,933
Citadel Capital SAE⁽¹⁾		1,600,000		89,052
Commercial International Bank Egypt SAE		2,285,293		9,204,562
Eastern Tobacco		97,097		1,499,203
Egypt Kuwait Holding Co. SAE		1,277,058		740,078
Egyptian Financial & Industrial Co.⁽¹⁾		137,064		68,850
Egyptian Financial Group-Hermes Holding Co.⁽¹⁾		1,822,174		2,543,682
Egyptian International Pharmaceuticals EIPICO		153,932		742,912
Egyptian Resorts Co.⁽¹⁾		4,213,900		243,890
El Ezz Aldekhela Steel Alexandria⁽¹⁾		4,750		118,151
ElSewedy Electric Co.		384,121		1,567,261
Ezz Steel⁽¹⁾		1,677,500		1,655,497
Ghabbour Auto⁽¹⁾		345,862		60,807
Global Telecom Holding SAE⁽¹⁾		9,908,210		3,879,124
Juhayna Food Industries		2,665,536		915,508
Maridive & Oil Services SAE⁽¹⁾		787,652		204,740
Medinet Nasr for Housing and Development SAE⁽¹⁾		922,844		1,041,331
Misr Cement (Qena)		18,251		83,534
Orascom Telecom Media and Technology Holding SAE⁽¹⁾		13,585,310		628,916
Oriental Weavers Co.		1,278,405		1,075,313
Pioneers Holding⁽¹⁾		919,613		572,439
Sidi Kerir Petrochemicals Co.		957,400		892,386
Six of October Development & Investment Co.⁽¹⁾		275,153		225,839
South Valley Cement⁽¹⁾		485,000		135,767
Suez Cement Co.		138,000		117,871
Talaat Moustafa Group		3,963,160		1,984,490
Telecom Egypt		1,449,600		929,893

			$	32,205,892


Security	Shares		Value


Estonia — 0.4%
AS Baltika⁽¹⁾		226,000	$	67,346
AS Merko Ehitus		75,000		714,062
AS Tallink Grupp		5,354,470		5,148,438
AS Tallinna Kaubamaja Grupp		202,800		1,757,076
AS Tallinna Vesi		35,235		511,781
Nordecon AS		223,282		313,057
Olympic Entertainment Group AS		803,899		1,506,103

			$	10,017,863


Ghana — 0.1%
Aluworks Ghana, Ltd.⁽¹⁾		5,176,100	$	168,377
CAL Bank, Ltd.		4,406,554		800,659
Ghana Commercial Bank, Ltd.		1,384,370		1,148,875
Produce Buying Co., Ltd.⁽¹⁾		650,000		9,069
Societe Generale Ghana, Ltd.		814,000		130,635
Standard Chartered Bank of Ghana, Ltd.		242,700		688,456
Total Petroleum Ghana, Ltd.		20,964		9,638
Unilever Ghana, Ltd.		249,000		492,359

			$	3,448,068


Greece — 1.5%
Aegean Airlines SA		64,124	$	426,973
Aegean Marine Petroleum Network, Inc.		90,611		919,702
Alpha Bank AE⁽¹⁾		1,871,973		3,736,543
Athens Water Supply & Sewage Co. SA		210,831		1,236,348
Costamare, Inc.		143,445		803,292
Diana Shipping, Inc.⁽¹⁾		354,520		1,070,650
Ellaktor SA⁽¹⁾		292,801		335,567
Eurobank Ergasias SA⁽¹⁾		2,893,755		1,961,566
FF Group		63,075		1,275,610
GasLog, Ltd.		84,616		1,362,318
GEK Terna Holding Real Estate Construction SA⁽¹⁾		120,661		289,160
Hellenic Exchanges - Athens Stock Exchange SA		114,224		587,294
Hellenic Petroleum SA⁽¹⁾		132,875		617,727
Hellenic Telecommunications Organization SA		715,655		6,720,946
Intralot SA⁽¹⁾		260,400		276,628
JUMBO SA		154,850		2,453,570
Marfin Investment Group Holdings SA⁽¹⁾		1,699,487		267,259
Metka Industrial - Construction SA		43,400		291,366
Motor Oil (Hellas) Corinth Refineries SA		170,500		2,349,847
Mytilineos Holdings SA		387,770		2,507,087
National Bank of Greece SA⁽¹⁾		1,340,996		349,967
Navios Maritime Acquisition Corp.		191,284		325,183
Navios Maritime Holdings, Inc.⁽¹⁾		668,237		942,214
OPAP SA		324,524		2,868,232


Security	Shares		Value


Greece (continued)
Public Power Corp. SA⁽¹⁾		970,278	$	2,951,985
StealthGas, Inc.⁽¹⁾		81,587		275,764
Terna Energy SA		126,318		373,703
Titan Cement Co. SA		210,674		4,938,450
Tsakos Energy Navigation, Ltd.		201,900		946,911
Viohalco SA⁽¹⁾		184,517		236,191

			$	43,698,053


Hungary — 0.8%
Magyar Telekom Telecommunications PLC		1,327,936	$	2,249,735
MOL Hungarian Oil & Gas Rt.		92,592		6,492,609
OTP Bank PLC		226,778		6,475,500
Richter Gedeon Nyrt.		309,705		6,541,702

			$	21,759,546


India — 5.5%
ABB India, Ltd.		33,400	$	514,060
ACC, Ltd.		54,200		1,060,468
Adani Enterprises, Ltd.		119,200		134,389
Adani Ports and Special Economic Zone, Ltd.		719,546		2,827,151
Adani Power, Ltd.⁽¹⁾		518,864		228,534
Aditya Birla Fashion and Retail, Ltd.⁽¹⁾		137,831		280,700
Aditya Birla Nuvo, Ltd.		26,506		499,661
Ambuja Cements, Ltd.		566,900		1,716,141
Apollo Hospitals Enterprise, Ltd.		61,400		1,068,082
Ashok Leyland, Ltd.		820,626		964,287
Asian Paints, Ltd.		243,000		3,185,581
Axis Bank, Ltd.		157,800		1,042,120
Bajaj Auto, Ltd.		42,600		1,650,538
Bajaj Holdings & Investment, Ltd.		11,100		295,855
Balrampur Chini Mills, Ltd.		262,700		484,817
Bharat Forge, Ltd.		43,136		575,757
Bharat Heavy Electricals, Ltd.		370,300		657,265
Bharat Petroleum Corp., Ltd.		122,400		1,140,615
Bharti Airtel, Ltd.		1,940,801		8,721,376
Biocon, Ltd.		78,400		1,090,744
Bosch, Ltd.		3,900		1,215,924
Cairn India, Ltd.		157,100		558,281
Century Textiles & Industries, Ltd.		50,000		584,638
Cipla, Ltd.		207,400		1,729,674
Coal India, Ltd.		372,500		1,644,426
Colgate-Palmolive (India), Ltd.		46,200		612,841
Container Corp. of India, Ltd.		69,900		1,139,929
Cummins India, Ltd.		79,700		955,797
Dabur India, Ltd.		278,000		1,130,368


Security	Shares		Value


India (continued)
Divi’s Laboratories, Ltd.		49,800	$	572,114
Dr. Reddy’s Laboratories, Ltd.		24,300		1,095,402
Dr. Reddy’s Laboratories, Ltd. ADR		12,700		575,056
GAIL (India), Ltd.		418,540		2,685,007
GAIL India, Ltd. GDR⁽⁴⁾		25,050		958,475
GlaxoSmithKline Pharmaceuticals, Ltd.		8,000		321,656
Glenmark Pharmaceuticals, Ltd.		114,000		1,491,501
Grasim Industries, Ltd. GDR⁽⁴⁾		66,500		842,344
Great Eastern Shipping Co., Ltd. (The)		56,700		302,872
HCL Technologies, Ltd.		193,371		2,346,752
HDFC Bank, Ltd.		198,400		3,852,442
Hero MotoCorp, Ltd.		51,542		2,298,965
Hindalco Industries, Ltd.		436,910		987,250
Hindustan Petroleum Corp., Ltd.		201,900		1,313,280
Hindustan Unilever, Ltd.		546,109		6,633,914
Hindustan Zinc, Ltd.		244,148		911,327
Housing Development Finance Corp., Ltd.		257,575		4,772,419
ICICI Bank, Ltd.		532,035		1,990,034
Idea Cellular, Ltd.		1,449,679		1,577,468
Indian Hotels Co., Ltd. (The)		173,820		251,575
Indian Oil Corp., Ltd.		443,800		2,107,930
Infosys, Ltd.		422,490		6,273,306
ITC, Ltd.		1,537,650		5,442,557
Jindal Steel & Power, Ltd.⁽¹⁾		90,000		90,543
JSW Energy, Ltd.		1,158,270		1,032,444
JSW Steel, Ltd.		60,200		1,432,698
Kotak Mahindra Bank, Ltd.		204,617		2,158,373
Larsen & Toubro, Ltd.		112,578		2,229,822
Larsen & Toubro, Ltd. GDR⁽⁴⁾		72,000		1,427,951
LIC Housing Finance, Ltd.		62,800		513,461
Lupin, Ltd.		97,200		2,119,272
Mahindra & Mahindra, Ltd.		140,600		2,438,028
Maruti Suzuki India, Ltd.		43,700		3,411,768
Mphasis, Ltd.		37,500		309,952
Nestle India, Ltd.		12,100		1,068,386
NHPC, Ltd.		1,887,800		735,782
NTPC, Ltd.		2,100,300		5,095,720
Oil & Natural Gas Corp., Ltd.		937,863		2,628,817
Oracle Financial Services Software, Ltd.		4,000		183,846
Petronet LNG, Ltd.		216,300		1,166,329
Piramal Enterprises, Ltd.		41,782		995,697
Power Grid Corporation of India, Ltd.		1,419,700		3,830,572
Reliance Communications, Ltd.⁽¹⁾		1,408,559		702,862
Reliance Industries, Ltd.		516,780		8,207,396
Reliance Infrastructure, Ltd.		171,400		1,173,261
Reliance Power, Ltd.		546,400		330,087


Security	Shares		Value


India (continued)
Siemens, Ltd.		72,300	$	1,180,326
State Bank of India GDR⁽⁴⁾		49,600		1,810,935
Steel Authority of India, Ltd.⁽¹⁾		60,000		43,077
Sun Pharmaceutical Industries, Ltd.		378,100		3,494,042
Tata Chemicals, Ltd.		58,600		432,601
Tata Communications, Ltd.		47,000		433,853
Tata Consultancy Services, Ltd.		100,507		3,497,707
Tata Global Beverages, Ltd.		156,000		279,684
Tata Motors, Ltd.		305,826		2,109,889
Tata Power Co., Ltd.		1,002,648		1,115,996
Tata Steel, Ltd.		149,900		858,987
Tech Mahindra, Ltd.		143,648		1,031,441
Titan Co., Ltd.		248,000		1,188,667
UltraTech Cement, Ltd.		58,091		2,774,858
United Spirits, Ltd.⁽¹⁾		21,533		615,873
UPL, Ltd.		237,900		2,261,196
Vedanta, Ltd.		499,740		1,577,271
Voltas, Ltd.		224,100		1,072,285
Wipro, Ltd.		199,798		1,398,830
Zee Entertainment Enterprises, Ltd.		316,895		2,109,098

			$	159,883,348


Indonesia — 2.9%
Adaro Energy Tbk PT		28,006,600	$	3,496,638
AKR Corporindo Tbk PT		4,660,500		2,070,939
Aneka Tambang Persero Tbk PT⁽¹⁾		8,587,500		567,817
Astra Argo Lestari Tbk PT		654,000		813,148
Astra International Tbk PT		16,668,000		10,192,000
Bank Central Asia Tbk PT		3,787,000		4,344,896
Bank Danamon Indonesia Tbk PT		3,237,181		890,388
Bank Mandiri Tbk PT		3,099,600		2,652,896
Bank Negara Indonesia Persero Tbk PT		3,878,700		1,583,518
Bank Pan Indonesia Tbk PT⁽¹⁾		6,253,772		347,067
Bank Rakyat Indonesia Tbk PT		3,508,300		3,030,169
Charoen Pokphand Indonesia Tbk PT		4,000,700		914,464
Gudang Garam Tbk PT		498,500		2,359,467
Hanson International Tbk PT⁽¹⁾		88,182,000		1,105,195
Indah Kiat Pulp & Paper Corp. Tbk PT		3,326,500		235,606
Indo Tambangraya Megah Tbk PT		1,269,200		1,582,963
Indocement Tunggal Prakarsa Tbk PT		2,045,500		2,330,133
Indofood CBP Sukses Makmur Tbk PT		2,546,000		1,616,052
Indofood Sukses Makmur Tbk PT		4,080,900		2,390,118
Indosat Tbk PT⁽¹⁾		1,322,500		632,923
Jasa Marga (Persero) Tbk PT		3,247,500		1,038,280
Kalbe Farma Tbk PT		45,305,200		5,077,210
Lippo Karawaci Tbk PT		26,506,000		1,410,548


Security	Shares		Value


Indonesia (continued)
Matahari Putra Prima Tbk PT		5,148,000	$	564,134
Pembangunan Perumahan Persero Tbk PT		4,793,002		1,352,686
Perusahaan Gas Negara Persero Tbk PT		19,152,100		3,820,721
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,099,000		913,861
Semen Indonesia Persero Tbk PT		4,703,500		3,191,519
Sigmagold Inti Perkasa Tbk PT⁽¹⁾		27,503,000		102,118
Surya Semesta Internusa Tbk PT		3,178,000		102,119
Tambang Batubara Bukit Asam Tbk PT		2,159,900		1,991,996
Telekomunikasi Indonesia Tbk PT		39,828,600		11,717,259
Unilever Indonesia Tbk PT		918,500		2,641,255
United Tractors Tbk PT		3,148,000		4,952,732
Vale Indonesia Tbk PT⁽¹⁾		4,748,000		984,552
Wijaya Karya Persero Tbk PT		6,352,000		1,109,381

			$	84,126,768


Jordan — 0.8%
Al-Eqbal Investment Co. PLC		41,512	$	1,460,687
Alia The Royal Jordanian Airlines PLC⁽¹⁾		115,334		71,640
Arab Bank PLC		1,092,510		9,515,896
Arab Potash Co. PLC		67,492		1,827,150
Bank of Jordan		255,974		1,040,795
Cairo Amman Bank		205,544		536,824
Capital Bank of Jordan⁽¹⁾		470,740		551,604
Jordan Ahli Bank		271,280		440,181
Jordan Islamic Bank		216,828		1,181,114
Jordan Petroleum Refinery		591,748		2,855,718
Jordan Phosphate Mines⁽¹⁾		83,990		254,207
Jordan Steel⁽¹⁾		269,400		132,973
Jordan Telecommunications Co.		245,934		803,306
Jordanian Electric Power Co.		445,146		1,528,272
Union Investment Corp. PLC⁽¹⁾		154,400		250,863

			$	22,451,230


Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR⁽¹⁾⁽⁴⁾		716,100	$	4,287,071
Halyk Savings Bank of Kazakhstan JSC GDR⁽¹⁾⁽⁴⁾		65,594		392,908
KAZ Minerals PLC⁽¹⁾		1,642,218		7,241,440
Kazkommertsbank JSC GDR⁽¹⁾⁽⁴⁾		284,200		410,785
KazMunaiGas Exploration Production GDR⁽¹⁾⁽⁴⁾		632,226		4,853,387
KazMunaiGas Exploration Production GDR⁽¹⁾⁽⁴⁾		75,786		582,794
Kcell JSC GDR⁽⁴⁾		544,503		1,742,115
Nostrum Oil & Gas PLC⁽¹⁾		390,353		1,856,477

			$	21,366,977


Security	Shares		Value


Kenya — 0.8%
ARM Cement, Ltd.⁽¹⁾		1,677,000	$	419,862
Bamburi Cement Co., Ltd.		460,041		716,916
Barclays Bank of Kenya, Ltd.		6,801,720		643,978
British American Tobacco Kenya, Ltd.		11,700		103,746
Centum Investment Co., Ltd.		1,534,080		552,626
Co-operative Bank of Kenya, Ltd. (The)		7,353,160		954,619
Diamond Trust Bank Kenya, Ltd.		236,400		281,504
East African Breweries, Ltd.		2,184,940		5,288,972
Equity Group Holdings, Ltd.		9,682,400		2,857,891
KCB Group, Ltd.		8,717,560		2,471,062
KenolKobil, Ltd.		3,645,800		534,039
Kenya Airways, Ltd.⁽¹⁾		2,398,400		138,361
Kenya Electricity Generating Co., Ltd.		1,875,100		105,241
Kenya Power & Lighting, Ltd.		5,995,293		467,907
Nation Media Group, Ltd.		442,376		400,374
NIC Bank, Ltd.		852,975		215,910
Safaricom, Ltd.		32,198,900		6,011,495
Standard Chartered Bank Kenya, Ltd.		278,578		516,291

			$	22,680,794


Kuwait — 1.5%
Abyaar Real Estate Development Co. KSC⁽¹⁾		1,440,000	$	106,526
Agility Public Warehousing Co. KSC		1,807,548		3,658,119
Ahli United Bank		306,691		411,287
Al Ahli Bank of Kuwait KSCP		122,180		119,958
Al-Mazaya Holding Co.		551,200		195,280
Boubyan Petrochemicals Co.		2,067,187		3,344,805
Burgan Bank SAK		921,028		917,725
Combined Group Contracting Co. KSC		151,423		297,248
Commercial Bank of Kuwait KSCP		994,227		1,335,299
Commercial Real Estate Co. KSCC		2,487,729		648,047
Gulf Bank		1,477,708		1,159,840
Gulf Cable & Electrical Industries Co. KSCP⁽¹⁾		165,000		201,814
Gulf National Holding Co.⁽¹⁾⁽²⁾		681,313		0
Kuwait Finance House KSCP		2,907,746		5,138,001
Kuwait Food Co. (Americana) SAK		512,500		4,353,026
Kuwait International Bank		818,000		550,502
Kuwait Portland Cement Co. KSC		212,231		631,998
Kuwait Projects Co. Holdings KSC		964,872		1,578,583
Kuwait Real Estate Co. KSC⁽¹⁾		1,720,000		343,674
Mabanee Co. SAK		1,009,315		2,818,629
Mobile Telecommunications Co.		4,387,600		5,882,958
National Bank of Kuwait SAK		2,859,636		6,090,571
National Industries Group Holding SAK		3,619,875		1,443,461
National Investment Co.⁽¹⁾		645,000		200,073
National Real Estate Co. KPSC⁽¹⁾		692,594		235,888


Security	Shares		Value


Kuwait (continued)
Qurain Petrochemical Industries Co. KSC		1,460,000	$	1,098,805
Sultan Center Food Products Co.⁽¹⁾		2,160,000		404,814

			$	43,166,931


Latvia — 0.0%⁽⁵⁾
Grindeks⁽¹⁾		12,000	$	55,392
Latvian Shipping Co.⁽¹⁾		96,000		48,341

			$	103,733


Lebanon — 0.2%
Banque Audi sal-Audi Saradar Group		246,610	$	1,641,861
Byblos Bank		838,110		1,432,504
Solidere, Class A		284,881		2,950,390
Solidere, Class B		5,696		57,199

			$	6,081,954


Lithuania — 0.1%
Apranga PVA		363,680	$	982,845
Energijos Skirstymo Operatorius AB		370,141		335,836
Invalda Privatus Kapitalas AB⁽²⁾		32,177		0
Klaipedos Nafta AB		1,576,663		892,601
Panevezio Statybos Trestas		323,592		321,851
Pieno Zvaigzdes		94,000		143,480
Rokiskio Suris		177,000		327,028
Siauliu Bankas		1,239,550		585,820

			$	3,589,461


Malaysia — 2.8%
Aeon Co. (M) Bhd		1,017,000	$	583,197
Affin Holdings Bhd		236,000		125,740
Alliance Financial Group Bhd		330,800		274,014
AMMB Holdings Bhd		276,900		265,615
Axiata Group Bhd		2,283,775		2,399,374
Batu Kawan Bhd		100,300		411,299
Berjaya Corp. Bhd		2,573,043		194,600
Berjaya Sports Toto Bhd		468,894		309,302
Boustead Holdings Bhd		577,500		343,395
British American Tobacco Malaysia Bhd		109,600		1,088,726
Bumi Armada Bhd⁽¹⁾		5,772,800		776,596
Bursa Malaysia Bhd		224,600		443,278
Capitaland Malaysia Mall Trust		1,336,100		455,788
CIMB Group Holdings Bhd		894,766		897,247
Datasonic Group Bhd		1,594,400		429,230
Dialog Group Bhd		2,846,250		976,384


Security	Shares		Value


Malaysia (continued)
Digi.com Bhd		1,538,000	$	1,656,518
Felda Global Ventures Holdings Bhd		1,136,300		391,864
Gamuda Bhd		1,487,900		1,582,832
Genting Bhd		1,560,000		2,777,932
Genting Malaysia Bhd		2,380,000		2,426,269
Genting Plantations Bhd		261,000		626,845
Globetronics Technology Bhd		359,900		278,880
Hartalega Holdings Bhd		707,900		761,018
Hong Leong Bank Bhd		167,700		503,509
Hong Leong Financial Group Bhd		136,200		431,430
IHH Healthcare Bhd		2,936,300		4,154,427
IJM Corp. Bhd		1,497,540		1,067,490
Inari Amertron Bhd		362,200		268,011
IOI Corp. Bhd		2,220,568		2,172,041
IOI Properties Group Bhd		2,239,484		1,046,281
KLCCP Stapled Group		515,300		953,114
KNM Group Bhd⁽¹⁾		7,927,875		598,608
Kossan Rubber Industries		458,100		672,239
KPJ Healthcare Bhd		403,200		375,305
Kuala Lumpur Kepong Bhd		270,750		1,446,174
Lafarge Malaysia Bhd		895,660		1,434,023
Landmarks Bhd⁽¹⁾		576,800		88,621
LBS Bina Group Bhd		824,700		306,969
Magnum Bhd		617,940		298,947
Mah Sing Group Bhd		1,024,700		326,559
Malayan Banking Bhd		992,786		1,812,481
Malaysian Resources Corp. Bhd		853,000		252,109
Maxis Bhd		1,255,300		1,670,661
Media Prima Bhd		567,300		145,226
MISC Bhd		314,240		514,311
MMC Corp. Bhd		662,000		343,440
Muhibbah Engineering (M) Bhd		1,581,000		786,556
My EG Services Bhd		8,886,600		2,985,175
Nestle Malaysia Bhd		15,000		261,407
Parkson Holdings Bhd⁽¹⁾		749,278		104,338
Petronas Chemicals Group Bhd		3,014,400		4,687,283
Petronas Dagangan Bhd		526,600		2,787,683
Petronas Gas Bhd		268,500		1,272,376
PPB Group Bhd		357,300		1,262,496
Press Metal Bhd		2,604,000		921,344
Public Bank Bhd		566,498		2,489,070
RHB Bank Bhd		404,959		424,608
Sapurakencana Petroleum Bhd⁽¹⁾		7,478,652		2,687,518
Silverlake Axis, Ltd.		1,586,300		578,837
Sime Darby Bhd		1,019,709		1,839,490
Sona Petroleum Bhd⁽¹⁾⁽²⁾		1,449,600		0


Security	Shares		Value


Malaysia (continued)
SP Setia Bhd		2,194,200	$	1,533,576
Sunway Bhd		578,440		390,012
Sunway REIT		1,565,000		600,808
Supermax Corp. Bhd		1,466,700		689,906
Ta Ann Holdings Bhd		427,078		375,268
Tan Chong Motor Holdings Bhd		219,000		86,970
Telekom Malaysia Bhd		1,020,100		1,351,497
Tenaga Nasional Bhd		1,724,331		5,338,861
Top Glove Corp. Bhd		857,800		1,022,479
UEM Sunrise Bhd		2,038,500		475,372
UMW Holdings Bhd		549,600		559,354
UMW Oil & Gas Corp. Bhd⁽¹⁾		1,133,700		220,860
Unisem (M) Bhd		3,101,700		1,632,334
UOA Development Bhd		377,700		197,622
Wah Seong Corp. Bhd		697,402		125,268
YTL Corp. Bhd		2,626,518		906,670
YTL Power International Bhd		1,597,363		529,836

			$	80,482,793


Mauritius — 0.8%
Alteo, Ltd.		352,391	$	276,968
Ciel Textile, Ltd.		165,621		195,491
CIEL, Ltd.		7,066,026		1,235,595
CIM Financial Services, Ltd.		2,422,985		485,994
ENL Land, Ltd.		484,800		545,806
IBL, Ltd.		309,981		263,759
LUX Island Resorts, Ltd.		991,531		1,638,959
MCB Group, Ltd.		1,727,906		10,324,774
New Mauritius Hotels, Ltd.		4,534,304		2,369,008
Phoenix Beverages, Ltd.		8,471		98,833
Rogers & Co., Ltd.		608,300		461,185
SBM Holdings, Ltd.		17,348,217		3,194,643
Sun, Ltd., Class A⁽¹⁾		87,613		86,314
Terra Mauricia, Ltd.		1,002,180		834,678
United Basalt Products, Ltd.		187,150		493,999

			$	22,506,006


Mexico — 6.0%
Alfa SAB de CV, Series A		5,949,820	$	7,364,928
Alpek SAB de CV		210,700		251,665
Alsea SAB de CV		1,605,700		4,587,128
America Movil SAB de CV, Series L		48,525,790		30,478,362
Arca Continental SAB de CV		288,500		1,500,838
Bolsa Mexicana de Valores SAB de CV		915,200		1,203,511
Cemex SAB de CV, Series CPO⁽¹⁾		14,049,729		11,237,262


Security	Shares		Value


Mexico (continued)
Coca-Cola Femsa SAB de CV, Series L		286,300	$	1,814,783
Controladora Vuela Cia de Aviacion SAB de CV⁽¹⁾		363,200		543,846
El Puerto de Liverpool SAB de CV		262,181		1,891,453
Empresas ICA SAB de CV⁽¹⁾		2,075,736		280,374
Fibra Uno Administracion SA de CV		1,735,300		2,651,965
Fomento Economico Mexicano SAB de CV, Series UBD		1,289,700		9,816,942
Genomma Lab Internacional SAB de CV⁽¹⁾		2,311,200		2,398,203
Gentera SAB de CV		2,673,100		4,299,212
Gruma SAB de CV, Class B		98,200		1,247,772
Grupo Aeroportuario del Centro Norte SAB de CV		143,800		618,982
Grupo Aeroportuario del Pacifico SAB de CV, Class B		476,800		3,919,348
Grupo Aeroportuario del Sureste SAB de CV, Class B		297,709		4,285,617
Grupo Bimbo SAB de CV, Series A		1,495,508		3,382,084
Grupo Carso SAB de CV, Series A1		1,023,400		4,115,885
Grupo Comercial Chedraui SA de CV		208,900		372,761
Grupo Elektra SAB de CV		140,026		1,757,413
Grupo Financiero Banorte SAB de CV, Class O		2,252,300		11,093,281
Grupo Financiero Inbursa SAB de CV, Class O		3,477,016		5,270,125
Grupo Financiero Santander Mexico SAB de CV		652,200		937,888
Grupo Mexico SAB de CV, Series B		4,413,035		11,983,306
Grupo Sanborns SAB de CV		223,900		233,949
Grupo Televisa SAB, Series CPO		4,213,471		17,573,702
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾		1,134,930		1,522,025
Industrias CH SAB de CV, Series B⁽¹⁾		194,112		1,240,634
Industrias Penoles SAB de CV		137,229		2,543,976
Infraestructura Energetica Nova SAB de CV		250,400		1,090,762
Kimberly-Clark de Mexico SAB de CV, Class A		944,910		1,701,596
Megacable Holdings SAB de CV		40,500		136,663
Mexichem SAB de CV		1,515,367		3,437,960
Minera Frisco SAB de CV⁽¹⁾		873,200		657,123
Nemak SAB de CV⁽³⁾		325,400		291,656
OHL Mexico SAB de CV		366,100		360,102
Organizacion Soriana SAB de CV, Class B⁽¹⁾		166,700		361,712
Promotora y Operadora de Infraestructura SAB de CV		416,700		3,477,584
Telesites SAB de CV⁽¹⁾		2,436,230		1,323,319
Ternium SA ADR		70,322		1,698,276
TV Azteca SAB de CV, Series CPO		1,018,565		159,200
Wal-Mart de Mexico SAB de CV, Series V		3,059,664		5,475,902

			$	172,591,075


Morocco — 0.7%
Attijariwafa Bank		81,912	$	3,337,587
Banque Centrale Populaire		74,120		2,084,336
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		3,030		182,508


Security	Shares		Value


Morocco (continued)
BMCE Bank		66,776	$	1,469,506
Delta Holding SA		35,000		100,227
Douja Promotion Groupe Addoha SA		232,801		987,147
Label Vie		3,700		489,111
LafargeHolcim Maroc SA		18,125		4,376,444
Managem SA		7,900		764,054
Maroc Telecom		358,271		5,020,491
Samir⁽¹⁾⁽²⁾		19,247		0
Sonasid⁽¹⁾		5,872		224,335
Taqa Morocco		26,192		2,016,941
Wafa Assurance		716		328,541

			$	21,381,228


Nigeria — 0.4%
Access Bank PLC		14,469,911	$	265,096
Ashaka Cem PLC		105		4
Dangote Cement PLC		2,191,891		1,208,498
Dangote Sugar Refinery PLC		4,385,654		82,051
Diamond Bank PLC⁽¹⁾		12,314,600		34,298
Ecobank Transnational, Inc.		12,099,560		394,543
FBN Holdings PLC		27,727,599		295,484
FCMB Group PLC		21,258,724		74,276
Fidelity Bank PLC		15,112,844		40,404
Flour Mills of Nigeria PLC		1,874,895		110,077
Forte Oil PLC		2,086,402		560,844
Guaranty Trust Bank PLC		20,343,994		1,594,195
Guiness Nigeria PLC		856,034		220,361
Lafarge Africa PLC		3,897,771		484,156
Lekoil, Ltd.⁽¹⁾		1,110,205		358,741
Nestle Nigeria PLC		388,412		999,508
Nigerian Breweries PLC		4,077,383		1,913,608
Oando PLC⁽¹⁾		14,592,401		217,604
PZ Cussons Nigeria PLC		950,083		45,434
SEPLAT Petroleum Development Co. PLC⁽³⁾		728,540		650,655
Skye Bank PLC⁽¹⁾		17,576,580		27,806
Stanbic IBTC Holdings PLC⁽¹⁾		1,857,245		88,524
Transnational Corp. of Nigeria PLC⁽¹⁾		22,334,373		59,148
UAC of Nigeria PLC		4,061,181		217,216
Unilever Nigeria PLC		2,074,728		231,162
United Bank for Africa PLC		25,390,531		362,344
Zenith Bank PLC		21,731,635		1,000,512

			$	11,536,549


Security	Shares		Value


Oman — 0.8%
Al Anwar Ceramic Tiles Co.		166,191	$	73,101
Al Maha Petroleum Products Marketing Co., LLC		36,500		151,520
Bank Dhofar SAOG		1,838,203		1,097,857
Bank Muscat SAOG		2,985,751		3,643,709
Bank Sohar SAOG		4,346,210		1,792,939
Dhofar International Development & Investment Holding SAOG		316,407		294,150
Galfar Engineering & Contracting SAOG⁽¹⁾		1,569,283		382,117
HSBC Bank Oman SAOG		2,331,977		726,988
National Bank of Oman SAOG		2,541,393		1,563,178
Oman Cables Industry SAOG		112,400		466,804
Oman Cement Co. SAOG		956,735		1,154,454
Oman Flour Mills Co. SAOG		543,700		993,198
Oman Telecommunications Co. SAOG		1,247,060		4,856,831
Omani Qatari Telecommunications Co. SAOG		671,100		1,114,815
Ominvest		1,392,062		1,850,123
Raysut Cement Co. SAOG		523,326		2,007,378
Renaissance Services SAOG⁽¹⁾		1,561,017		970,656
Sembcorp Salalah Power & Water Co.		414,000		247,036
Shell Oman Marketing Co. SAOG		66,100		343,268

			$	23,730,122


Pakistan — 1.5%
Adamjee Insurance Co., Ltd.		549,644	$	389,361
Attock Petroleum, Ltd.		103,400		676,874
Bank Alfalah, Ltd.		1,609,394		585,711
Bank of Punjab, (The)⁽¹⁾		2,431,500		412,442
Cherat Cement Co., Ltd.		236,000		392,225
D.G. Khan Cement Co., Ltd.		528,320		1,121,980
Engro Corp., Ltd.		443,116		1,340,984
Engro Fertilizers, Ltd.		706,500		460,172
Engro Foods, Ltd.⁽¹⁾		467,100		856,997
Fatima Fertilizer Co., Ltd.		952,500		338,196
Fauji Cement Co., Ltd.		1,338,000		576,929
Fauji Fertilizer Bin Qasim, Ltd.		841,000		410,624
Fauji Fertilizer Co., Ltd.		1,196,614		1,196,144
Ferozsons Laboratories, Ltd.		32,400		232,636
Habib Bank, Ltd.		1,179,133		3,071,700
Hub Power Co., Ltd.		3,353,400		3,967,149
K-Electric, Ltd.⁽¹⁾		10,456,000		936,294
Kot Addu Power Co., Ltd.		1,728,500		1,302,942
Lucky Cement, Ltd.		329,700		2,730,483
Maple Leaf Cement Factory, Ltd.		362,000		440,781
MCB Bank, Ltd.		1,447,325		3,297,497
Millat Tractors, Ltd.		80,629		695,153
National Bank of Pakistan		1,144,026		821,639


Security	Shares		Value


Pakistan (continued)
Nishat Mills, Ltd.		2,017,480	$	2,944,148
Oil & Gas Development Co., Ltd.		1,195,300		1,895,706
Pak Elektron, Ltd.		1,144,000		777,347
Pak Suzuki Motor Co., Ltd.		121,600		722,034
Pakistan Oilfields, Ltd.		215,100		1,102,347
Pakistan Petroleum, Ltd.		941,502		1,704,746
Pakistan State Oil Co., Ltd.		384,947		1,600,936
Pakistan Telecommunication Co., Ltd.		2,767,500		454,440
Pioneer Cement, Ltd.		233,500		316,656
Searle Co., Ltd. (The)		533,529		3,331,658
SUI Southern Gas Co., Ltd.⁽¹⁾		2,055,152		716,899
TRG Pakistan⁽¹⁾		2,295,587		966,301
United Bank, Ltd.		370,425		845,940

			$	43,634,071


Panama — 0.3%
Copa Holdings SA, Class A		90,208	$	8,193,593

			$	8,193,593


Peru — 1.5%
Alicorp SAA		3,270,649	$	7,114,344
Banco Continental SA		518,831		618,392
Cementos Pacasmayo SAA		218,975		411,067
Cia de Minas Buenaventura SA ADR.		280,456		3,163,544
Cia Minera Milpo SA		815,683		797,211
Credicorp, Ltd.		78,696		12,422,951
Enel Generacion Peru SAA		2,930,732		2,292,363
Ferreycorp SAA		4,279,744		2,155,175
Grana y Montero SAA		1,632,663		2,286,507
Intercorp Financial Services, Inc.		54,000		1,728,000
Luz del Sur SAA		108,968		425,027
Minsur SA⁽¹⁾		1,034,898		445,598
Refineria La Pampilla SA Relapasa⁽¹⁾		681,460		47,312
Sociedad Minera Cerro Verde SAA⁽¹⁾		35,235		673,341
Southern Copper Corp.		268,455		8,574,453
Union Andina de Cementos SAA		278,400		212,367
Volcan Cia Minera SAA, Class B		3,500,000		750,894

			$	44,118,546


Philippines — 2.9%
Aboitiz Equity Ventures, Inc.		2,284,250	$	3,253,614
Aboitiz Power Corp.		3,401,900		2,848,257
Alliance Global Group, Inc.		2,897,300		744,327
Ayala Corp.		201,738		2,961,808
Ayala Land, Inc.		4,584,708		2,945,664


Security	Shares		Value


Philippines (continued)
Ayala Land, Inc., PFC Shares⁽²⁾		3,534,608	$	0
Bank of the Philippine Islands		1,291,856		2,307,042
BDO Unibank, Inc.		1,170,320		2,637,245
Bloomberry Resorts Corp.⁽¹⁾		14,372,500		1,778,420
CEMEX Holdings Philippines, Inc.⁽¹⁾⁽³⁾		3,723,800		831,533
Century Pacific Food, Inc.		1,007,500		327,731
Cosco Capital, Inc.		1,868,100		319,251
D&L Industries, Inc.		4,542,000		1,040,592
DMCI Holdings, Inc.		2,556,500		680,781
Emperador, Inc.		3,420,000		481,434
Energy Development Corp.		14,742,350		1,525,638
Filinvest Land, Inc.		16,105,546		493,930
First Gen Corp.		2,648,860		1,171,825
First Philippine Holdings Corp.		403,650		551,235
Global Ferronickel Holdings, Inc.⁽¹⁾		7,230,000		414,956
Globe Telecom, Inc.		68,575		2,079,537
GMA Holdings, Inc. PDR		1,242,100		146,539
GT Capital Holdings, Inc.		54,000		1,377,111
International Container Terminal Services, Inc.		551,900		796,567
JG Summit Holding, Inc.		2,048,150		2,783,385
Jollibee Foods Corp.		1,132,220		4,410,665
Lopez Holdings Corp.		8,390,900		1,315,572
LT Group, Inc.		1,987,400		501,907
Manila Electric Co.		464,684		2,476,964
Manila Water Co.		1,474,000		859,454
Megaworld Corp.		10,700,000		766,012
Melco Crown Philippines Resorts Corp.⁽¹⁾		10,101,200		766,409
Metro Pacific Investments Corp.		10,567,300		1,414,320
Metro Retail Stores Group, Inc.		1,991,000		162,180
Metropolitan Bank & Trust Co.		804,523		1,173,921
Nickel Asia Corp.		9,129,938		1,458,787
Petron Corp.		2,395,000		478,849
Philex Mining Corp.		3,645,900		631,751
PLDT, Inc.		203,575		5,582,813
Puregold Price Club, Inc.		1,964,200		1,539,448
Robinsons Land Corp.		1,290,000		674,460
Robinsons Retail Holdings, Inc.		1,077,190		1,608,220
San Miguel Corp.		484,300		898,901
Security Bank Corp.		248,900		950,625
Semirara Mining & Power Corp.		979,830		2,560,833
SM Investments Corp.		354,720		4,670,467
SM Prime Holdings, Inc.		9,291,350		5,289,994
SSI Group, Inc.⁽¹⁾		2,093,000		107,097
Travellers International Hotel Group, Inc.		3,644,200		240,842
Universal Robina Corp.		1,964,140		6,451,613
Vista Land & Lifescapes, Inc.		6,128,000		608,946


Security	Shares		Value


Philippines (continued)
Xurpas, Inc.		833,800	$	134,015

			$	82,233,487


Poland — 3.1%
Agora SA		64,445	$	192,799
Alior Bank SA⁽¹⁾		98,462		1,273,816
AmRest Holdings SE⁽¹⁾		30,208		2,135,645
Asseco Poland SA		309,112		3,984,291
Bank Handlowy w Warszawie SA		44,485		811,845
Bank Millennium SA⁽¹⁾		697,490		864,676
Bank Pekao SA		150,085		4,506,546
Bank Zachodni WBK SA		19,704		1,487,059
Boryszew SA⁽¹⁾		350,000		669,762
Budimex SA		50,276		2,376,638
CCC SA		45,300		2,201,720
CD Projekt SA⁽¹⁾		49,801		620,844
Ciech SA		40,900		569,670
Cyfrowy Polsat SA⁽¹⁾		709,480		4,170,085
Enea SA⁽¹⁾		145,490		329,967
Energa SA		389,300		845,927
Eurocash SA		288,203		2,708,073
Getin Noble Bank SA⁽¹⁾		530,473		167,132
Globe Trade Centre SA⁽¹⁾		183,554		359,359
Grupa Azoty SA		31,054		464,847
Grupa Kety SA		1,241		114,938
Grupa Lotos SA⁽¹⁾		176,940		1,615,241
ING Bank Slaski SA		15,900		613,297
Jastrzebska Spolka Weglowa SA⁽¹⁾		174,769		2,791,923
KGHM Polska Miedz SA		297,964		6,552,552
KRUK SA		21,183		1,199,259
LPP SA		2,402		3,253,802
Lubelski Wegiel Bogdanka SA⁽¹⁾		10,688		177,255
mBank SA⁽¹⁾		24,950		1,997,463
Medicalgorithmics SA		1,784		131,266
Netia SA		610,010		670,181
Orange Polska SA		2,339,445		3,077,165
Orbis SA		138,180		2,409,657
PGE SA		2,425,400		6,049,354
PKP Cargo SA⁽¹⁾		5,094		57,186
Polski Koncern Naftowy ORLEN SA		502,664		10,237,205
Polskie Gornictwo Naftowe i Gazownictwo SA		2,342,566		3,147,789
Powszechna Kasa Oszczednosci Bank Polski SA⁽¹⁾		968,082		6,503,022
Powszechny Zaklad Ubezpieczen SA		691,000		5,478,981
Synthos SA		418,000		455,196
Tauron Polska Energia SA⁽¹⁾		3,658,454		2,490,532

			$	89,763,965


Security	Shares		Value


Qatar — 1.6%
Al Meera Consumer Goods Co.		16,300	$	785,778
Barwa Real Estate Co.		221,937		2,022,142
Commercial Bank QSC (The)		40,659		362,329
Doha Bank QSC		79,773		763,471
Gulf International Services QSC		169,144		1,442,922
Industries Qatar		204,177		6,574,331
Masraf Al Rayan QSC		348,259		3,593,425
Mazaya Qatar Real Estate Development QSC⁽¹⁾		60,314		238,384
Medicare Group		23,582		406,436
Ooredoo QSC		164,595		4,597,106
Qatar Electricity & Water Co. QSC		60,880		3,797,667
Qatar Gas Transport Co., Ltd.		551,991		3,502,117
Qatar Insurance Co.		80,354		1,872,865
Qatar International Islamic Bank		32,210		555,284
Qatar Islamic Bank		69,898		1,993,986
Qatar National Bank SAQ		164,143		7,341,792
Qatar National Cement Co. QSC		29,395		694,396
Qatar Navigation QSC		55,051		1,446,048
Qatari Investors Group		63,900		1,023,327
United Development Co. QSC		395,852		2,254,183
Vodafone Qatar QSC⁽¹⁾		694,900		1,787,014

			$	47,055,003


Romania — 0.8%
Antibiotice SA		1,843,129	$	222,412
Banca Transilvania SA		18,039,206		9,974,973
BRD-Groupe Societe Generale SA		1,198,197		3,298,476
OMV Petrom SA⁽¹⁾		50,671,803		3,064,612
Societatea Energetica Electrica SA		487,300		1,486,464
Societatea Nationala de Gaze Naturale ROMGAZ SA		342,084		1,982,267
Societatea Nationala Nuclearelectrica SA		322,130		358,856
Transelectrica SA		247,700		1,676,527
Transgaz SA Medias		14,233		969,834

			$	23,034,421


Russia — 6.0%
Aeroflot PJSC⁽¹⁾		597,030	$	1,492,227
Alrosa PJSC		1,517,000		2,401,091
Evraz PLC⁽¹⁾		568,676		1,549,494
Federal Grid Co. Unified Energy System PJSC		1,285,220,600		4,254,521
Gazprom PJSC ADR		3,284,375		16,570,151
Global Ports Investments PLC GDR⁽¹⁾⁽⁴⁾		30,769		123,084
Globaltrans Investment PLC GDR⁽⁴⁾		143,453		905,469
Lenta, Ltd. GDR⁽¹⁾⁽⁴⁾		206,121		1,689,670
Lukoil PJSC ADR		236,140		13,227,516


Security	Shares		Value


Russia (continued)
Magnit PJSC		90,226	$	16,128,306
Mail.ru Group, Ltd. GDR⁽¹⁾⁽⁴⁾		271,412		4,985,894
MegaFon PJSC GDR⁽⁴⁾		118,415		1,117,855
MMC Norilsk Nickel PJSC ADR		645,862		10,749,528
Mobile TeleSystems PJSC		2,364,243		9,943,927
Moscow Exchange MICEX-RTS PJSC		1,002,020		2,043,263
Mosenergo PJSC		12,772,962		518,667
Novatek PJSC GDR⁽⁴⁾		41,973		5,435,565
Novolipetsk Steel PJSC GDR		118,024		2,179,840
PhosAgro PJSC GDR⁽⁴⁾		77,473		1,179,878
PIK Group PJSC⁽¹⁾		113,450		551,287
PIK Group PJSC GDR⁽¹⁾⁽⁴⁾		100,000		473,691
Polymetal International PLC		300,059		3,143,857
QIWI PLC ADR		72,100		920,717
Rosneft Oil Co. PJSC GDR⁽⁴⁾		738,057		4,793,336
Rosseti PJSC		78,782,500		1,468,966
Rostelecom PJSC		253,968		348,025
Rostelecom PJSC ADR		31,284		258,406
RusHydro PJSC		167,096,952		2,516,418
Sberbank of Russia PJSC		7,033,490		19,835,344
Severstal PJSC GDR⁽⁴⁾		219,504		3,308,481
Sistema PJSC FC		4,558,100		1,722,809
Sistema PJSC FC GDR⁽⁴⁾		166,806		1,501,316
Surgutneftegas OJSC ADR		643,884		3,246,033
Surgutneftegas OJSC ADR, PFC Shares		73,700		378,081
Surgutneftegas OJSC, PFC Shares		3,453,017		1,803,413
Tatneft PJSC ADR		152,995		6,295,657
Transneft PJSC, PFC Shares		1,025		3,305,981
Unipro PJSC		4,102,000		194,243
VimpelCom, Ltd. ADR		776,130		2,988,101
VTB Bank PJSC GDR⁽⁴⁾		986,602		2,347,834
X5 Retail Group NV GDR⁽¹⁾⁽⁴⁾		226,978		7,371,829
Yandex NV, Class A⁽¹⁾		413,400		8,321,742

			$	173,591,513


Slovenia — 0.7%
Cinkarna Celje DD		4,134	$	704,700
Gorenje DD⁽¹⁾		120,554		760,846
KRKA DD		146,474		8,153,066
Luka Koper		34,436		906,556
Petrol		15,934		5,442,552
Sava Reinsurance Co.		58,474		813,596
Telekom Slovenije DD		27,595		2,064,369
Zavarovalnica Triglav DD		64,022		1,561,400

			$	20,407,085


Security	Shares		Value


South Africa — 6.1%
AECI, Ltd.		108,017	$	796,136
African Rainbow Minerals, Ltd.		33,300		236,975
Anglo American Platinum, Ltd.⁽¹⁾		15,100		288,081
AngloGold Ashanti, Ltd.⁽¹⁾		70,634		750,395
AngloGold Ashanti, Ltd. ADR⁽¹⁾		79,199		832,381
Aspen Pharmacare Holdings, Ltd.		301,772		6,216,728
Assore, Ltd.		24,358		423,027
Astral Foods, Ltd.		26,100		244,780
Aveng, Ltd.⁽¹⁾		697,596		403,348
AVI, Ltd.		228,000		1,512,714
Barclays Africa Group, Ltd.		203,773		2,501,167
Barloworld, Ltd.		463,800		3,966,267
Bid Corp., Ltd.		455,103		8,066,263
Bidvest Group, Ltd. (The)		455,103		5,992,501
Clicks Group, Ltd.		218,200		1,831,313
DataTec, Ltd.		305,900		1,099,467
Discovery, Ltd.		221,254		1,842,593
Exxaro Resources, Ltd.		92,500		597,273
FirstRand, Ltd.		956,285		3,690,121
Foschini Group, Ltd. (The)		104,323		1,204,516
Gold Fields, Ltd.		255,380		772,327
Grindrod, Ltd.		350,600		342,136
Growthpoint Properties, Ltd.		942,500		1,774,530
Harmony Gold Mining Co., Ltd.		38,100		82,696
Hosken Consolidated Investments, Ltd.		33,700		334,591
Hyprop Investments, Ltd.		65,400		556,914
Impala Platinum Holdings, Ltd.⁽¹⁾		133,586		411,010
Imperial Holdings, Ltd.		130,900		1,731,787
Investec, Ltd.		156,600		1,027,375
JSE, Ltd.		45,700		545,673
Kumba Iron Ore, Ltd.⁽¹⁾		22,200		255,371
Lewis Group, Ltd.		39,800		121,841
Liberty Holdings, Ltd.		67,700		543,370
Life Healthcare Group Holdings, Ltd.		709,548		1,680,141
Massmart Holdings, Ltd.		48,804		448,850
MMI Holdings, Ltd.		554,133		946,332
Mondi, Ltd.		134,531		2,737,689
Montauk Holdings, Ltd.⁽¹⁾		40,451		49,877
Mr Price Group, Ltd.		188,400		2,185,282
MTN Group, Ltd.		2,099,580		19,229,422
Murray & Roberts Holdings, Ltd.		689,700		578,904
Nampak, Ltd.		677,282		911,313
Naspers, Ltd., Class N		125,876		18,376,842
Nedbank Group, Ltd.		141,600		2,450,921
Netcare, Ltd.		659,100		1,531,787
Northam Platinum, Ltd.⁽¹⁾		298,659		881,586


Security	Shares		Value


South Africa (continued)
Pick’n Pay Stores, Ltd.		213,731	$	991,295
Rand Merchant Investment Holdings, Ltd.		449,000		1,296,044
Redefine Properties, Ltd.		1,959,096		1,595,243
Remgro, Ltd.		237,905		3,860,244
Reunert, Ltd.		401,800		1,987,956
RMB Holdings, Ltd.		520,200		2,514,268
Sanlam, Ltd.		883,390		4,040,828
Santam, Ltd.		27,610		468,386
Sappi, Ltd.⁽¹⁾		593,587		3,872,306
Sasol, Ltd.		446,059		12,801,584
Shoprite Holdings, Ltd.		419,647		5,244,840
Sibanye Gold, Ltd.		1,052,080		1,889,173
SPAR Group, Ltd. (The)		79,260		1,148,618
Standard Bank Group, Ltd.		605,849		6,671,106
Steinhoff International Holdings NV		1,020,600		5,254,087
Sun International, Ltd.		33,860		213,849
Telkom SA SOC, Ltd.		333,000		1,785,392
Tiger Brands, Ltd.		207,487		5,998,130
Tongaat Hulett, Ltd.		25,322		240,682
Truworths International, Ltd.		299,341		1,731,241
Vodacom Group, Ltd.		444,200		4,921,044
Wilson Bayly Holmes-Ovcon, Ltd.		111,180		1,246,596
Woolworths Holdings, Ltd.		355,542		1,839,593

			$	174,617,118


South Korea — 5.7%
AMOREPACIFIC Corp.		10,613	$	2,820,777
AMOREPACIFIC Group		19,571		2,150,975
BNK Financial Group, Inc.		55,807		400,331
Bukwang Pharmaceutical Co., Ltd.		33,651		732,926
Cell Biotech Co., Ltd.		7,242		291,131
Celltrion, Inc.⁽¹⁾		42,489		3,768,403
Chabiotech Co., Ltd.⁽¹⁾		115,772		1,212,641
Cheil Worldwide, Inc.		38,050		494,777
CJ CheilJedang Corp.		3,500		1,035,509
CJ Corp.		7,083		1,095,298
CJ Korea Express Corp.⁽¹⁾		4,378		648,383
CJ O Shopping Co., Ltd.		1,122		150,880
Coway Co., Ltd.		15,560		1,137,357
Daelim Industrial Co., Ltd.		6,870		494,511
Daesang Corp.		29,700		648,635
Daewoo Engineering & Construction Co., Ltd.⁽¹⁾		60,100		252,478
Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,501		3,319
DGB Financial Group Co., Ltd.		64,880		524,247
Dong-A ST Co., Ltd.		2,658		231,651
Dongbu Insurance Co., Ltd.		9,442		488,830


Security	Shares		Value


South Korea (continued)
Doosan Corp.		4,600	$	398,895
E-MART, Inc.		8,311		1,258,507
Green Cross Corp.		2,863		371,803
GS Engineering & Construction Corp.⁽¹⁾		35,833		783,482
GS Holdings Corp.		47,154		2,109,260
Hana Financial Group, Inc.		64,225		1,657,650
Hanjin Kal Corp.		8,977		113,616
Hanjin Transportation Co., Ltd.		10,500		250,150
Hankook Tire Co., Ltd.		27,617		1,327,705
Hanmi Pharmaceutical Co., Ltd.		2,253		568,144
Hanmi Science Co., Ltd.		22,829		1,151,105
Hanwha Chemical Corp.		65,820		1,341,744
Hanwha Corp.		27,900		808,330
Hotel Shilla Co., Ltd.		12,750		506,833
Hyosung Corp.		18,800		2,259,959
Hyundai Department Store Co., Ltd.		5,600		505,541
Hyundai Development Co. Engineering & Construction		26,580		987,482
Hyundai Engineering & Construction Co., Ltd.		26,794		947,846
Hyundai Glovis Co., Ltd.		11,450		1,462,880
Hyundai Heavy Industries Co., Ltd.⁽¹⁾		2,393		287,429
Hyundai Marine & Fire Insurance Co., Ltd.		14,350		373,529
Hyundai Mobis Co., Ltd.		12,626		2,756,547
Hyundai Motor Co.		33,990		4,100,468
Hyundai Motor Co., Second PFC Shares		3,773		309,848
Hyundai Steel Co.		49,615		2,335,241
Hyundai Wia Corp.		6,700		404,417
InBody Co., Ltd.		11,574		258,075
Industrial Bank of Korea		71,500		750,404
Kangwon Land, Inc.		36,658		1,084,730
KB Financial Group, Inc.		81,707		2,887,480
KB Financial Group, Inc. ADR⁽¹⁾		7,488		264,252
KB Insurance Co., Ltd.		23,590		510,289
KCC Corp.		1,710		508,203
Kia Motors Corp.		64,887		2,106,014
KIWOOM Securities Co., Ltd.		8,011		476,499
Korea Electric Power Corp.		262,607		9,579,383
Korea Gas Corp.		15,047		603,873
Korea Investment Holdings Co., Ltd.		10,700		370,807
Korea Zinc Co., Ltd.		5,700		2,242,085
Korean Air Lines Co., Ltd.⁽¹⁾		18,577		419,213
Korean Reinsurance Co.		52,474		494,947
KT Corp.		87,949		2,139,855
KT&G Corp.		49,980		4,180,817
Kumho Petrochemical Co., Ltd.		4,900		332,224
LG Chem, Ltd.		16,004		3,451,211
LG Corp.		45,183		2,243,252


Security	Shares		Value


South Korea (continued)
LG Display Co., Ltd.		33,200	$	861,403
LG Electronics, Inc.		9,019		385,043
LG Hausys, Ltd.		4,611		364,880
LG Household & Health Care, Ltd.		3,800		2,696,067
LG Life Sciences, Ltd.⁽¹⁾		28,600		1,602,432
LG Uplus Corp.		278,220		2,636,940
Lotte Chemical Corp.		10,200		3,108,360
LOTTE Fine Chemical Co., Ltd.		10,800		274,203
Lotte Shopping Co., Ltd.		4,500		825,348
LS Corp.		7,030		344,867
LS Industrial Systems Co., Ltd.		4,500		147,928
Macrogen, Inc.⁽¹⁾		13,950		379,118
Medy-Tox, Inc.		5,201		1,530,624
Mirae Asset Daewoo Co., Ltd.		58,559		350,348
Mirae Asset Securities Co., Ltd.		20,190		337,133
Naver Corp.		3,131		2,005,021
NCsoft Corp.		5,300		1,084,146
NH Investment & Securities Co., Ltd.		51,222		408,121
Nong Shim Co., Ltd.		1,100		302,759
OCI Co., Ltd.⁽¹⁾		1,020		66,318
ORION Corp.		1,200		650,413
Osstem Implant Co., Ltd.⁽¹⁾		12,166		610,134
POSCO		23,524		4,994,491
Posco Daewoo Corp.		10,502		234,430
S-Oil Corp.		24,372		1,705,818
S1 Corp.		10,130		735,598
Samsung C&T Corp.		21,421		2,218,059
Samsung Card Co., Ltd.		10,660		350,492
Samsung Electro-Mechanics Co., Ltd.		16,480		691,810
Samsung Electronics Co., Ltd.		11,354		16,898,295
Samsung Fire & Marine Insurance Co., Ltd.		8,763		1,947,106
Samsung Heavy Industries Co., Ltd.⁽¹⁾		9,500		72,544
Samsung Life Insurance Co., Ltd.		23,664		2,202,535
Samsung SDI Co., Ltd.		7,925		713,435
Samsung Securities Co., Ltd.		14,212		372,280
Seegene, Inc.⁽¹⁾		19,291		556,932
Shinhan Financial Group Co., Ltd.		102,298		3,836,293
Shinsegae, Inc.		2,179		317,292
SK Chemicals Co., Ltd.		12,100		670,438
SK Holdings Co., Ltd.		6,366		1,208,465
SK Hynix, Inc.		58,370		2,147,787
SK Innovation Co., Ltd.		67,596		8,180,333
SK Telecom Co., Ltd.		33,743		6,253,961
SK Telecom Co., Ltd. ADR		19,826		414,363
ViroMed Co., Ltd.⁽¹⁾		12,347		1,053,827
Woori Bank		20,809		219,302


Security	Shares		Value


South Korea (continued)
Yuhan Corp.		7,108	$	1,172,890
Zyle Daewoo Motor Sales Corp.⁽¹⁾		4,895		5,654

			$	163,011,119


Sri Lanka — 0.7%
Access Engineering PLC		3,828,963	$	632,756
Aitken Spence PLC		867,213		376,622
Ceylon Tobacco Co. PLC		62,950		336,057
Chevron Lubricants Lanka PLC		1,378,614		1,444,108
Commercial Bank of Ceylon PLC		3,103,961		3,003,615
DFCC Bank PLC		648,984		530,920
Dialog Axiata PLC		15,786,381		1,106,851
Hatton National Bank PLC		1,383,687		2,077,462
Hemas Holdings PLC		282,108		185,974
John Keells Holdings PLC		5,864,940		5,675,371
Melstacorp, Ltd.⁽¹⁾		6,057,336		2,405,951
National Development Bank PLC		1,051,846		1,096,339
Nations Trust Bank PLC		934,186		504,693
Sampath Bank PLC		818,413		1,428,481
Teejay Lanka PLC		699,521		198,880

			$	21,004,080


Taiwan — 6.3%
Acer, Inc.		948,490	$	383,231
Advanced Semiconductor Engineering, Inc.		1,298,281		1,323,580
Advantech Co., Ltd.		205,428		1,619,900
Altek Corp.		206,437		141,295
Ambassador Hotel		221,000		160,156
AmTRAN Technology Co., Ltd.		376,765		257,531
Asia Cement Corp.		1,183,967		963,061
Asia Optical Co., Inc.⁽¹⁾		187,913		176,844
Asustek Computer, Inc.		216,174		1,769,895
AU Optronics Corp.		3,013,925		1,094,475
AU Optronics Corp. ADR		33,754		119,489
Capital Securities Corp.		605,143		181,685
Catcher Technology Co., Ltd.		215,100		1,486,706
Cathay Financial Holding Co., Ltd.		2,145,019		3,188,820
Cathay Real Estate Development Co., Ltd.⁽¹⁾		462,000		260,562
Chang Hwa Commercial Bank, Ltd.		1,976,453		1,049,057
Cheng Shin Rubber Industry Co., Ltd.		1,781,251		3,343,585
Cheng Uei Precision Industry Co., Ltd.		149,516		169,424
Chicony Electronics Co., Ltd.		159,718		369,784
China Airlines, Ltd.		940,963		270,966
China Development Financial Holding Corp.		5,090,106		1,267,151
China Life Insurance Co., Ltd.		983,749		972,677


Security	Shares		Value


Taiwan (continued)
China Motor Corp.		1,026,930	$	834,196
China Petrochemical Development Corp.⁽¹⁾		1,522,857		465,338
China Steel Corp.		6,433,886		4,890,703
Chipbond Technology Corp.		240,000		341,512
Chong Hong Construction Co., Ltd.		165,761		327,089
Chunghwa Telecom Co., Ltd.		2,476,909		7,777,681
Clevo Co.		206,579		177,876
Compal Electronics, Inc.		1,488,557		850,273
Coretronic Corp.		169,387		177,554
CTBC Financial Holding Co., Ltd.		6,143,273		3,351,205
Delta Electronics, Inc.		434,356		2,135,350
E.Sun Financial Holding Co., Ltd.		2,480,141		1,407,597
Elan Microelectronics Corp.		142,410		152,798
Epistar Corp.⁽¹⁾		321,439		229,428
Eternal Materials Co., Ltd.		345,850		352,965
EVA Airways Corp.		1,768,426		796,704
Evergreen Marine Corp.⁽¹⁾		1,171,314		402,437
Everlight Chemical Industrial Corp.		379,054		236,950
Everlight Electronics Co., Ltd.		103,212		147,316
Far Eastern Department Stores, Ltd.		1,496,944		741,505
Far Eastern International Bank		1,013,613		285,797
Far Eastern New Century Corp.		2,069,313		1,549,675
Far EasTone Telecommunications Co., Ltd.		1,199,364		2,696,224
Faraday Technology Corp.		262,329		245,361
Feng Hsin Steel Co., Ltd.		172,000		241,205
FIH Mobile, Ltd.		1,168,000		368,191
First Financial Holding Co., Ltd.		3,478,351		1,851,885
Formosa Chemicals & Fibre Corp.		1,780,214		5,301,728
Formosa International Hotels Corp.		40,132		210,251
Formosa Petrochemical Corp.		985,153		3,409,184
Formosa Plastics Corp.		2,620,853		7,224,609
Formosa Taffeta Co., Ltd.		545,000		497,300
Formosan Rubber Group, Inc.		405,000		200,779
Foxconn Technology Co., Ltd.		340,221		895,132
Fubon Financial Holding Co., Ltd.		1,538,833		2,425,736
Giant Manufacturing Co., Ltd.		228,093		1,291,668
Gintech Energy Corp.⁽¹⁾		286,877		171,141
Goldsun Building Materials Co., Ltd.		617,053		127,070
Great Wall Enterprise Co., Ltd.		321,362		289,397
Highwealth Construction Corp.		325,556		459,247
Hiwin Technologies Corp.		184,905		844,124
Hon Hai Precision Industry Co., Ltd.		2,955,636		7,687,868
Hotai Motor Co., Ltd.		98,000		1,117,877
HTC Corp.⁽¹⁾		246,311		600,286
Hua Nan Financial Holdings Co., Ltd.		2,838,133		1,426,982
Huaku Development Co., Ltd.		187,010		350,835


Security	Shares		Value


Taiwan (continued)
Innolux Corp.		2,855,987	$	1,022,428
Inventec Corp.		1,330,753		907,804
King Yuan Electronics Co., Ltd.		711,274		554,330
Kinsus Interconnect Technology Corp.		166,280		365,513
Largan Precision Co., Ltd.		21,042		2,452,684
LCY Chemical Corp.		253,644		349,229
Lite-On Technology Corp.		751,508		1,130,155
Macronix International Corp., Ltd.⁽¹⁾		1,015,868		145,752
MediaTek, Inc.		378,371		2,527,798
Mega Financial Holding Co., Ltd.		3,731,240		2,653,478
Merida Industry Co., Ltd.		435,907		1,940,634
Mitac Holdings Corp.		325,498		310,980
Nan Kang Rubber Tire Co., Ltd.		889,819		811,167
Nan Ya Plastics Corp.		3,006,303		6,622,036
Nanya Technology Corp.		311,276		463,001
Novatek Microelectronics Corp., Ltd.		263,479		865,948
Oriental Union Chemical Corp.		453,200		323,574
Pegatron Corp.		553,486		1,316,760
Phison Electronics Corp.		43,692		343,627
Pou Chen Corp.		2,168,764		2,695,045
Powertech Technology, Inc.		366,725		984,105
President Chain Store Corp.		619,120		4,425,611
Quanta Computer, Inc.		905,065		1,686,490
Radiant Opto-Electronics Corp.		206,350		356,889
Radium Life Tech Co., Ltd.⁽¹⁾		342,068		99,407
Realtek Semiconductor Corp.		165,542		522,824
Ruentex Development Co., Ltd.⁽¹⁾		338,533		384,880
Ruentex Industries, Ltd.		1,161,953		1,921,529
Sanyang Motor Co., Ltd.		1,509,000		968,561
Shin Kong Financial Holding Co., Ltd.⁽¹⁾		3,270,375		798,807
Shin Kong Synthetic Fibers Corp.		965,996		270,715
Siliconware Precision Industries Co., Ltd.		613,260		909,656
Simplo Technology Co., Ltd.		123,820		356,100
Sino-American Silicon Products, Inc.		183,259		188,792
SinoPac Financial Holdings Co., Ltd.		4,187,725		1,177,104
Solar Applied Materials Technology Corp.⁽¹⁾⁽²⁾		329,817		0
Synnex Technology International Corp.		684,558		687,902
Tainan Spinning Co., Ltd.		1,445,010		546,713
Taishin Financial Holding Co., Ltd.		3,777,914		1,379,623
Taiwan Business Bank		1,945,531		491,061
Taiwan Cement Corp.		1,724,118		1,873,792
Taiwan Cooperative Financial Holding Co., Ltd.		2,473,709		1,076,398
Taiwan Fertilizer Co., Ltd.		436,000		542,400
Taiwan Glass Industry Corp.⁽¹⁾		252,874		104,112
Taiwan Mobile Co., Ltd.		1,170,052		3,766,769
Taiwan Semiconductor Manufacturing Co., Ltd.		3,595,873		20,141,397


Security	Shares		Value


Taiwan (continued)
Taiwan Tea Corp.		661,346	$	287,094
Tatung Co., Ltd.⁽¹⁾		1,214,645		358,142
Teco Electric & Machinery Co., Ltd.		1,226,000		1,057,615
Tong Yang Industry Co., Ltd.		379,826		745,567
TPK Holding Co., Ltd.⁽¹⁾		83,515		153,064
Transcend Information, Inc.		63,886		168,761
Tripod Technology Corp.		152,979		345,452
TSRC Corp.		381,087		389,656
TTY Biopharm Co., Ltd.		307,255		972,308
Tung Ho Steel Enterprise Corp.		293,385		192,053
U-Ming Marine Transport Corp.		202,000		157,403
Uni-President Enterprises Corp.		3,855,626		6,357,401
Unimicron Technology Corp.		527,171		201,930
United Microelectronics Corp.		3,348,361		1,179,197
United Microelectronics Corp. ADR		93,397		163,445
Vanguard International Semiconductor Corp.		784,175		1,358,799
Walsin Lihwa Corp.		1,085,980		398,018
Wan Hai Lines, Ltd.		606,375		306,474
Waterland Financial Holdings		1,621,128		413,611
Wintek Corp.⁽²⁾		706,482		0
Wistron Corp.		935,875		721,236
WPG Holdings Co., Ltd.		548,136		644,164
Yageo Corp.		170,042		308,826
Yang Ming Marine Transport⁽¹⁾		1,116,288		166,936
YFY, Inc.		1,451,414		434,410
Yieh Phui Enterprise⁽¹⁾		1,004,233		349,088
Yuanta Financial Holding Co., Ltd.		4,019,729		1,490,725
Yulon Motor Co., Ltd.		1,212,420		1,005,245

			$	181,926,103


Thailand — 3.1%
Advanced Info Service PCL⁽⁶⁾		809,800	$	3,316,366
Airports of Thailand PCL⁽⁶⁾		346,800		3,851,114
AP Thailand PCL⁽⁶⁾		4,609,660		963,002
Bangkok Bank PCL⁽⁶⁾		198,400		880,805
Bangkok Dusit Medical Services PCL⁽⁶⁾		6,953,300		4,477,251
Bangkok Expressway & Metro PCL⁽⁶⁾		7,754,354		1,609,817
Banpu PCL⁽⁶⁾		2,037,000		1,085,017
BEC World PCL⁽⁶⁾		1,693,300		783,927
Berli Jucker PCL⁽⁶⁾		2,875,000		4,021,416
Bumrungrad Hospital PCL⁽⁶⁾		676,700		3,414,627
Cal-Comp Electronics (Thailand) PCL⁽⁶⁾		1,957,091		147,369
Central Pattana PCL⁽⁶⁾		538,000		850,374
Charoen Pokphand Foods PCL⁽⁶⁾		2,464,100		2,024,799
CP ALL PCL⁽⁶⁾		2,539,200		4,425,421
Delta Electronics (Thailand) PCL⁽⁶⁾		1,516,370		3,444,789


Security	Shares		Value


Thailand (continued)
Electricity Generating PCL⁽⁶⁾		382,000	$	2,119,287
Glow Energy PCL⁽⁶⁾		803,700		1,770,426
Hana Microelectronics PCL⁽⁶⁾		1,416,900		1,560,149
Home Product Center PCL⁽⁶⁾		1,565,760		444,992
Indorama Ventures PCL⁽⁶⁾		1,721,800		1,603,770
Intouch Holdings PCL⁽⁶⁾		1,520,200		2,106,745
IRPC PCL⁽⁶⁾		9,870,200		1,320,095
Italian-Thai Development PCL⁽¹⁾⁽⁶⁾		4,014,629		550,374
Kasikornbank PCL⁽⁶⁾		364,900		1,802,147
KCE Electronics PCL⁽⁶⁾		328,300		1,116,325
Kiatnakin Bank PCL⁽⁶⁾		555,000		912,288
Krung Thai Bank PCL⁽⁶⁾		1,610,225		793,418
Land & Houses PCL⁽⁶⁾		896,600		244,623
Major Cineplex Group PCL⁽⁶⁾		1,728,400		1,578,032
Minor International PCL⁽⁶⁾		3,179,761		3,167,278
Precious Shipping PCL⁽¹⁾⁽⁶⁾		933,750		213,254
PTT Exploration & Production PCL⁽⁶⁾		1,033,716		2,768,791
PTT Global Chemical PCL⁽⁶⁾		1,519,650		2,664,266
PTT PCL⁽⁶⁾		550,700		5,701,453
Quality House PCL⁽⁶⁾		9,121,583		656,001
Ratchaburi Electricity Generating Holding PCL⁽⁶⁾		578,300		806,584
Samart Corp. PCL⁽⁶⁾		718,600		250,330
Siam Cement PCL⁽⁶⁾		285,200		3,943,571
Siam City Cement PCL⁽⁶⁾		64,900		492,399
Siam Commercial Bank PCL⁽⁶⁾		439,500		1,863,844
Sino-Thai Engineering & Construction PCL⁽⁶⁾		1,387,400		1,072,103
Superblock PCL⁽¹⁾⁽⁶⁾		8,463,500		358,618
SVI PCL⁽⁶⁾		1,450,800		206,422
Thai Airways International PCL⁽¹⁾⁽⁶⁾		1,290,500		816,310
Thai Beverage PCL		5,055,800		2,962,168
Thai Oil PCL⁽⁶⁾		812,500		1,636,850
Thai Union Group PCL⁽⁶⁾		2,183,692		1,278,766
Thanachart Capital PCL⁽⁶⁾		460,200		564,627
Thoresen Thai Agencies PCL⁽⁶⁾		2,257,887		572,066
TMB Bank PCL⁽⁶⁾		5,321,200		311,206
Total Access Communication PCL⁽⁶⁾		790,500		831,363
TPI Polene PCL⁽⁶⁾		19,506,000		1,337,248
True Corp. PCL⁽⁶⁾		7,849,382		1,562,682
TTCL PCL⁽⁶⁾		254,300		138,143
TTW PCL⁽⁶⁾		4,040,000		1,205,549

			$	90,600,657


Turkey — 2.9%
Akbank TAS		1,569,418	$	3,474,153
Akcansa Cimento AS		90,700		352,197
Akenerji Elektrik Uretim AS⁽¹⁾		524,095		126,200


Security	Shares		Value


Turkey (continued)
Aksa Akrilik Kimya Sanayii AS		228,054	$	593,008
Alarko Holding AS		207,704		254,677
Anadolu Anonim Turk Sigorta Sirketi⁽¹⁾		368,571		201,597
Anadolu Efes Biracilik ve Malt Sanayii AS		284,148		1,419,782
Arcelik AS		627,359		3,767,962
Asya Katilim Bankasi AS⁽²⁾		621,338		0
Aygaz AS⁽¹⁾		177,606		605,258
Bagfas Bandirma Gubre Fabrikalari AS⁽¹⁾		38,600		107,941
BIM Birlesik Magazalar AS		318,192		4,415,584
Cimsa Cimento Sanayi ve Ticaret AS		116,200		519,940
Coca-Cola Icecek AS		112,100		1,050,952
Dogan Sirketler Grubu Holding AS⁽¹⁾		2,165,468		465,921
Dogus Otomotiv Servis ve Ticaret AS		140,556		349,359
Eczacibasi Ilac Sanayi ve Ticaret AS		735,375		649,754
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		4,959,239		4,200,105
Enka Insaat ve Sanayi AS		1,750,953		2,667,090
Eregli Demir ve Celik Fabrikalari TAS		4,238,583		6,166,864
Ford Otomotiv Sanayi AS		189,160		1,638,868
Gubre Fabrikalari TAS		386,800		479,693
Haci Omer Sabanci Holding AS		1,118,249		2,894,859
Ihlas Holding AS⁽¹⁾		3,341,600		283,929
Is Gayrimenkul Yatirim Ortakligi AS		1,308,951		578,284
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		3,600,406		1,170,818
KOC Holding AS		1,097,419		4,288,901
Koza Altin Isletmeleri AS⁽¹⁾		122,800		567,084
Net Holding AS⁽¹⁾		282,129		226,320
Petkim Petrokimya Holding AS		1,788,061		1,873,618
Sekerbank TAS⁽¹⁾		673,641		225,220
Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000		211,548
TAV Havalimanlari Holding AS		212,009		842,153
Tekfen Holding AS		409,091		748,905
Tofas Turk Otomobil Fabrikasi AS		299,386		2,088,837
Trakya Cam Sanayii AS		673,159		541,533
Tupras-Turkiye Petrol Rafinerileri AS		452,941		9,076,206
Turcas Petrol AS		420,874		174,029
Turk Hava Yollari AO⁽¹⁾		748,507		1,061,823
Turk Sise ve Cam Fabrikalari AS		1,718,588		1,863,430
Turk Telekomunikasyon AS		1,057,800		1,581,116
Turkcell Iletisim Hizmetleri AS⁽¹⁾		2,152,775		5,944,254
Turkcell Iletisim Hizmetleri AS ADR⁽¹⁾		38,494		265,609
Turkiye Garanti Bankasi AS		1,812,125		3,908,065
Turkiye Halk Bankasi AS		536,500		1,417,667
Turkiye Is Bankasi, Class B		1,244,619		1,825,301
Turkiye Sinai Kalkinma Bankasi AS		1,719,381		686,502
Turkiye Vakiflar Bankasi TAO, Class D		1,021,671		1,257,469


Security	Shares		Value


Turkey (continued)
Ulker Biskuvi Sanayi AS		204,629	$	936,628
Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾		573,007		1,030,630
Yapi ve Kredi Bankasi AS⁽¹⁾		827,536		802,923
Yazicilar Holding AS		107,100		399,150

			$	82,279,716


United Arab Emirates — 1.6%
Abu Dhabi Commercial Bank PJSC		2,035,444	$	3,818,482
Abu Dhabi National Hotels		832,200		718,254
Agthia Group PJSC		623,000		1,205,231
Air Arabia PJSC		6,041,100		2,186,859
Ajman Bank PJSC⁽¹⁾		677,245		244,947
Al Waha Capital PJSC		1,401,285		737,252
Aldar Properties PJSC		3,816,500		2,725,484
Arabtec Holding PJSC⁽¹⁾		7,431,105		2,639,296
Dana Gas PJSC⁽¹⁾		3,612,782		530,340
DP World, Ltd.		416,236		7,290,041
Dubai Financial Market PJSC		1,713,500		582,121
Dubai Investments PJSC		1,313,593		849,558
Dubai Islamic Bank PJSC		1,037,500		1,572,438
Emaar Properties PJSC		3,506,022		6,797,554
Emirates Telecommunications Group Co. PJSC		281,055		1,438,173
First Gulf Bank PJSC		1,231,388		4,306,662
National Bank of Abu Dhabi PJSC		1,606,429		4,367,998
National Bank of Ras Al-Khaimah PSC (The)		62,608		84,367
National Central Cooling Co. (Tabreed)		1,050,547		575,490
Ras Al Khaimah Properties PJSC		1,262,100		225,333
Ras Al Khaimah White Cement		732,778		245,278
Union National Bank PJSC		1,180,087		1,457,187

			$	44,598,345


Vietnam — 0.7%
Bank for Foreign Trade of Vietnam JSC		1,367,969	$	2,127,516
Bao Viet Holdings		371,340		946,755
Danang Rubber JSC		463,076		650,181
Development Investment Construction Corp.⁽¹⁾		589,411		197,853
FPT Corp.		2		4
Gemadept Corp.		972,649		1,151,852
HAGL JSC⁽¹⁾		1,153,680		270,280
Hoa Phat Group JSC		1,677,855		3,172,311
KIDO Group Corp.		387,216		617,481
Kinh Bac City Development Share Holding Corp.⁽¹⁾		590,200		358,840
Masan Group Corp.⁽¹⁾		456,400		1,298,654
PetroVietnam Construction JSC⁽¹⁾		870,460		91,496
PetroVietnam Drilling & Well Services JSC⁽¹⁾		824,017		745,894


Security	Shares		Value


Vietnam (continued)
PetroVietnam Fertilizer & Chemical JSC		342,540	$	335,974
PetroVietnam Gas JSC		69,600		184,821
Pha Lai Thermal Power JSC		754,210		552,735
Refrigeration Electrical Engineering Corp.		243,788		263,506
Song Da Urban & Industrial Zone Investment and Development JSC⁽¹⁾		339,950		350,344
Tan Tao Investment & Industry JSC⁽¹⁾		1,048,757		183,809
Vietnam Construction and Import-Export JSC		459,600		272,172
Vietnam Dairy Products JSC		450,380		2,479,928
Vietnam Joint Stock Commercial Bank for Industry and Trade⁽¹⁾		1,081,023		714,490
Vingroup JSC⁽¹⁾		2,199,259		4,049,230
Vinh Son - Song Hinh Hydropower JSC		750,120		510,045

			$	21,526,171


Total Common Stocks (identified cost $2,624,987,723)			$	2,834,036,087



Equity-Linked Securities⁽³⁾⁽⁷⁾ — 1.0%


Security	Maturity Date		Shares		Value


Saudi Arabia — 1.0%
Abdullah Al Othaim Markets		7/31/17		14,400	$	378,639
Al Hammadi Development and Industrial Corp.		8/21/17		62,917		698,649
Al Rajhi Bank		1/22/18		126,533		2,129,519
Al Tayyar		3/5/18		74,582		728,759
Alinma Bank		1/22/18		182,900		735,103
Almarai Co.		7/31/17		86,069		1,568,991
Arab National Bank		5/12/17		96,000		565,642
Bank Albilad		3/5/18		38,550		211,981
Banque Saudi Fransi		1/22/18		65,833		457,220
Company for Cooperative Insurance (The)		7/31/17		21,600		624,106
Dar Al Arkan Real Estate Development		7/20/18		518,953		854,352
Emaar Economic City		4/28/18		205,921		940,174
Etihad Etisalat Co.		11/20/17		156,722		1,001,759
Fawaz Abdulaziz Alhokair Co.		3/20/17		53,700		526,147
Fitaihi Holding Group		9/14/18		57,200		200,157
Jarir Marketing Co.		1/22/18		26,212		808,031
Mobile Telecommunications Co.		4/30/18		251,298		557,768
Mouwasat Medical Services Co.		3/5/18		11,798		460,810
National Agriculture Development Co. (The)		12/11/18		41,405		264,659
National Commercial Bank		11/20/17		32,554		369,734
National Industrialization Co.		8/26/19		175,407		817,221
Rabigh Refining and Petrochemicals Co.		7/24/17		84,000		263,701


Security	Maturity Date		Shares		Value


Saudi Arabia (continued)
Riyad Bank		11/20/17		137,000	$	422,782
Sahara Petrochemical Co.		9/14/18		101,700		400,612
Samba Financial Group		6/29/17		89,776		583,418
Saudi Airlines Catering Co.		5/28/18		23,421		644,720
Saudi Arabian Fertilizer Co.		7/31/17		24,333		487,367
Saudi Arabian Mining Co.		4/30/18		45,000		467,300
Saudi Basic Industries Corp.		1/22/18		91,400		2,226,636
Saudi British Bank		1/22/18		95,300		633,926
Saudi Cable Co.		7/20/18		141,499		229,179
Saudi Cement Co.		7/20/18		20,250		383,993
Saudi Ceramic Co.		3/5/18		35,563		316,207
Saudi Chemical Co.		4/23/18		11,900		123,734
Saudi Electricity Co.		1/22/18		329,377		1,969,263
Saudi Ground Services Co.		6/25/18		33,401		588,846
Saudi Industrial Investment Group		10/9/17		49,800		249,941
Saudi International Petrochemicals Co.		1/22/18		67,870		341,990
Saudi Kayan Petrochemical Co.		1/22/18		145,500		344,275
Saudi Pharmaceutical Industries and Medical Appliances Corp.		2/12/18		50,599		549,725
Saudi Telecom Co.		4/23/18		108,000		2,091,150
Saudia Dairy and Foodstuff Co.		6/4/18		5,419		180,053
Savola Group		2/6/17		93,100		996,575
Yamamah Saudi Cement Co. Ltd.		1/22/18		23,300		142,100
Yanbu National Petrochemical Co.		7/31/17		29,100		419,920


Total Equity-Linked Securities (identified cost $33,694,076)					$	29,956,834



Rights⁽¹⁾ — 0.0%


Security	Shares		Value

TPI Polene PCL		120,407	$	0


Total Rights (identified cost $0)			$	0


Warrants⁽¹⁾ — 0.0%⁽⁵⁾


Security	Shares		Value
Banpu PCL, Exp. 6/5/17, Strike THB 5.00		679,000	$	261,660


Total Warrants (identified cost $0)			$	261,660


Short-Term Investments — 0.0%⁽⁵⁾


Description	Principal Amount (000’s omitted)		Value

State Street Bank and Trust Euro Time Deposit, 0.01%, 1/3/17	$	20	$	19,851


Total Short-Term Investments (identified cost $19,851)			$	19,851


Total Investments — 99.3% (identified cost $2,658,701,650)			$	2,864,274,432


Other Assets, Less Liabilities — 0.7%			$	19,946,252


Net Assets — 100.0%			$	2,884,220,684

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

⁽¹⁾	Non-income producing security.

⁽²⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽³⁾

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 December 31, 2016, the aggregate value of these securities is $34,129,966 or 1.2% of the Fund’s net assets.

⁽⁴⁾

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 December 31, 2016, the aggregate value of these securities is $52,542,667 or 1.8% of the Fund’s net assets.

⁽⁵⁾	Amount is less than 0.05%.

⁽⁶⁾	Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁷⁾	Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.


Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
United States Dollar		9.8	%	$	283,106,971
Hong Kong Dollar		8.1			232,453,262
New Taiwan Dollar		6.3			181,274,978
Mexican Peso		5.9			170,892,799
South African Rand		5.8			168,530,650
Brazilian Real		5.8			168,246,389
South Korean Won		5.6			162,332,504
Indian Rupee		5.4			154,268,587
Polish Zloty		3.1			89,763,965
Thai Baht		3.0			87,900,149
Indonesian Rupiah		2.9			84,126,768
Philippine Peso		2.9			82,233,487
New Turkish Lira		2.8			82,014,107
Malaysian Ringgit		2.8			79,903,956
Euro		2.7			76,424,248
Chilean Peso		2.4			70,623,387
Russian Ruble		2.4			68,528,488
Kuwaiti Dinar		1.9			55,174,795
United Arab Emirates Dirham		1.7			47,849,351
Qatari Riyal		1.6			47,055,003
Pakistani Rupee		1.5			43,634,071
Colombian Peso		1.3			36,600,858
Egyptian Pound		1.1			31,261,074
Other currency, less than 1% each		12.5			360,074,585

Total Investments		99.3	%	$	2,864,274,432


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		19.6	%	$	564,278,904
Materials		12.1			348,193,728
Consumer Staples		9.6			277,606,437
Energy		9.6			275,822,372
Industrials		9.5			275,053,992
Telecommunication Services		9.5			273,809,190
Consumer Discretionary		9.4			272,770,832
Information Technology		7.0			203,692,119
Utilities		6.0			172,356,521
Health Care		3.9			111,896,732
Real Estate		3.1			88,773,754
Short-Term Investments		0.0	⁽¹⁾		19,851

Total Investments		99.3	%	$	2,864,274,432

⁽¹⁾	Amount is less than 0.05%.

Parametric Tax-Managed Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Series Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term, after-tax returns for its shareholders. The Fund offers Institutional Class shares, which are sold at net asset value and are not subject to a sales charge.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices. Equity-linked securities are generally valued based on the value of the underlying equity security or instrument.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D Federal and Other Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain

portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of December 31, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Equity-Linked Securities — Equity-linked securities are primarily used as an alternative means to more efficiently and effectively access the securities markets of emerging market countries and may also be known as participation notes, equity swaps, and zero strike calls and warrants. Equity-linked securities are privately issued securities whose investment results are designed to correspond generally to the performance of a specified stock index or “basket” of stocks, or a single stock. The Fund deposits an amount of cash with its custodian (or broker, if legally permitted) in an amount near or equal to the selling price of the underlying security in exchange for an equity-linked security. Upon sale, the Fund receives cash from the broker or custodian equal to the current value of the underlying security, less transactional costs. Aside from market risk of the underlying security, there is the risk that the issuer of an equity-linked security may default on its obligation under the security. In addition, the Fund may be unable to close out such a transaction with the other party or obtain an offsetting position with any other party, at any time prior to the end of the term of the underlying agreement. Income received on equity-linked securities is recorded as dividend income.

H Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

J Redemption Fees — Fund shares acquired on or after April 1, 2005 were subject to a redemption fee, at the time of exchange or redemption, equal to 2% of the net asset value of the shares exchanged or redeemed. Fund shares purchased prior to April 1, 2005 were subject to a redemption fee equal to 1% of the net asset value of the shares exchanged or redeemed, and were subject to a purchase fee of 1% of the net asset value of the shares purchased at the time they were purchased. Shares acquired on or before June 30, 1998 were not subject to a redemption fee. The redemption fee was accounted for as an addition to paid-in capital. Effective September 1, 2016, Fund shares are no longer subject to a redemption fee.

K Interim Financial Statements — The interim financial statements relating to December 31, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At June 30, 2016, the Fund, for federal income tax purposes, had capital loss carryforwards of $22,535 and deferred capital losses of $49,402,301 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The capital loss carryforwards will expire on June 30, 2018 and their character is short-term. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of the Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. Of the deferred capital losses at June 30, 2016, $12,608,555 are short-term and $36,793,746 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2016, as determined on a federal income tax basis, were as follows:

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets and is payable monthly. For the six months ended December 31, 2016, the investment adviser fee amounted to $6,756,254. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.50% of the Fund’s average daily net assets. For the six months ended December 31, 2016, the administration fee amounted to $7,506,949. Pursuant to a sub-administrative services agreement with Parametric, EVM pays Parametric a portion of its administration fee for sub-administrative services provided to the Fund. EVM also pays all ordinary operating expenses of the Fund (excluding the investment adviser and administration fees). EVM serves as the sub-transfer agent of the Fund, at no additional cost to the Fund.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended December 31, 2016, no significant amounts have been deferred. Trustees’ fees incurred by the Fund are paid by EVM. Certain officers and Trustees of the Fund are officers of EVM.

Purchases and sales of investments, other than short-term obligations, aggregated $162,713,659 and $193,140,510, respectively, for the six months ended December 31, 2016.

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

For the six months ended December 31, 2016 and the year ended June 30, 2016, the Fund received $3,946,175 and $11,906,949, respectively, in redemption fees.

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 1, 2017. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At December 31, 2016, the Fund had a balance outstanding pursuant to this line of credit of $33,500,000 at an interest rate of 1.66%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at December 31, 2016. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 8) at December 31, 2016. The Fund’s average borrowings or allocated fees during the six months ended December 31, 2016 were not significant.

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States. The foregoing risks of foreign investing can be more significant in less developed countries characterized as emerging market countries.

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.

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 December 31, 2016, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

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 six months ended December 31, 2016 is not presented. At December 31, 2016, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit

Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.

D&T advised the Audit Committee of its conclusion that, in light of the facts surrounding its lending relationships, D&T’s objectivity and impartiality in the planning and conduct of the audits of the Funds financial statements will not be compromised, D&T is in a position to continue as the auditor for the Funds and no actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to the auditor independence issue described above. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. After giving consideration to the guidance provided in the No-Action Letter, D&T affirmed to the Audit Committee that D&T is an independent accountant with respect to the Funds within the meaning of the rules and standards of the PCAOB and the securities laws and regulations administered by the SEC. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Officers and Trustees			38

Important Notices			39


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Institutional Class at NAV		06/30/1998		06/30/1998		2.97	%		12.10	%		2.23	%		2.69	%
MSCI Emerging Markets Index		—		—		4.49	%		11.19	%		1.27	%		1.84	%


% After-Tax Returns			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
After Taxes on Distributions				06/30/1998		06/30/1998			11.92	%		1.99	%		2.50	%
After Taxes on Distributions and Sales of Fund Shares				—		—			7.47			1.95			2.38


% Total Annual Operating Expense Ratio³														Institutional Class
															0.95	%


	Beginning Account Value (7/1/16)		Ending Account Value (12/31/16)		Expenses Paid During Period* (7/1/16 – 12/31/16)		Annualized Expense Ratio


Actual
Institutional Class	$	1,000.00	$	1,029.70	$	4.86		0.95	%



Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.40	$	4.84		0.95	%


Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PCL	–	Public Company Ltd.
PDR	–	Philippine Deposit Receipt
PFC Shares	–	Preference Shares


Assets	December 31, 2016
Investments, at value (identified cost, $2,658,701,650)	$	2,864,274,432
Cash		429,819
Foreign currency, at value (identified cost, $3,086,269)		2,733,528
Dividends and interest receivable		2,940,098
Receivable for investments sold		44,680,767
Receivable for Fund shares sold		16,285,162
Tax reclaims receivable		222,093
Miscellaneous receivable		3,145,000
Total assets	$	2,934,710,899

Liabilities
Demand note payable	$	33,500,000
Payable for investments purchased		50,917
Payable for Fund shares redeemed		12,610,684
Payable to affiliates:
Investment adviser fee		1,113,934
Administration fee		1,237,704
Accrued foreign capital gains taxes		1,964,915
Accrued expenses		12,061
Total liabilities	$	50,490,215
Net Assets	$	2,884,220,684

Sources of Net Assets
Paid-in capital	$	2,779,217,269
Accumulated net realized loss		(79,367,599	)
Accumulated distributions in excess of net investment income		(18,898,309	)
Net unrealized appreciation		203,269,323
Total	$	2,884,220,684

Institutional Class Shares
Net Assets	$	2,884,220,684
Shares Outstanding		68,855,179
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	41.89


Investment Income	Six Months Ended December 31, 2016
Dividends (net of foreign taxes, $4,133,269)	$	31,010,846
Interest		1,022
Total investment income	$	31,011,868

Expenses
Investment adviser fee	$	6,756,254
Administration fee		7,506,949
Interest expense		40,482
Total expenses	$	14,303,685

Net investment income	$	16,708,183

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(25,410,955	)
Foreign currency transactions		(1,261,539	)
Net realized loss	$	(26,672,494	)
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $910,488)	$	88,648,361
Foreign currency		180,299
Net change in unrealized appreciation (depreciation)	$	88,828,660

Net realized and unrealized gain	$	62,156,166

Net increase in net assets from operations	$	78,864,349


Increase (Decrease) in Net Assets	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
From operations —
Net investment income	$	16,708,183		$	58,616,818
Net realized gain (loss) from investment and foreign currency transactions		(26,672,494	)		18,907,552
Net change in unrealized appreciation (depreciation) from investments and foreign currency		88,828,660			(442,786,934	)
Net increase (decrease) in net assets from operations	$	78,864,349		$	(365,262,564	)
Distributions to shareholders —
From net investment income	$	(47,871,238	)	$	(57,084,671	)
Total distributions to shareholders	$	(47,871,238	)	$	(57,084,671	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	390,582,842		$	306,372,745
Net asset value of shares issued to shareholders in payment of distributions declared		39,655,320			44,659,318
Cost of shares redeemed		(431,926,037	)		(787,590,641	)
Redemption fees		3,946,175			11,906,949
Net increase (decrease) in net assets from Fund share transactions	$	2,258,300		$	(424,651,629	)

Net increase (decrease) in net assets	$	33,251,411		$	(846,998,864	)

Net Assets
At beginning of period	$	2,850,969,273		$	3,697,968,137
At end of period	$	2,884,220,684		$	2,850,969,273

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(18,898,309	)	$	12,264,746


	Institutional Class
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30,
	Six Months Ended December 31, 2016 (Unaudited)			2016			2015			2014			2013			2012
Net asset value — Beginning of period	$	41.370		$	46.230		$	52.430		$	45.870		$	44.060		$	51.610

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.241		$	0.799		$	0.838		$	0.805		$	0.941		$	0.874
Net realized and unrealized gain (loss)		0.921			(5.019	)		(6.134	)		6.518			1.724			(7.866	)

Total income (loss) from operations	$	1.162		$	(4.220	)	$	(5.296	)	$	7.323		$	2.665		$	(6.992	)

Less Distributions
From net investment income	$	(0.699	)	$	(0.802	)	$	(0.981	)	$	(0.854	)	$	(0.941	)	$	(0.631	)

Total distributions	$	(0.699	)	$	(0.802	)	$	(0.981	)	$	(0.854	)	$	(0.941	)	$	(0.631	)

Redemption fees⁽¹⁾⁽²⁾	$	0.057		$	0.162		$	0.077		$	0.091		$	0.086		$	0.073

Net asset value — End of period	$	41.890		$	41.370		$	46.230		$	52.430		$	45.870		$	44.060

Total Return⁽³⁾		2.97	%⁽⁴⁾		(8.64	)%		(9.93	)%		16.30	%		6.14	%		(13.32	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,884,221		$	2,850,969		$	3,697,968		$	3,886,328		$	3,090,101		$	2,648,747
Ratios (as a percentage of average daily net assets):
Expenses		0.95	%⁽⁵⁾		0.95	%		0.95	%		0.95	%		0.96	%		0.96	%
Net investment income		1.11	%⁽⁵⁾		1.99	%		1.71	%		1.65	%		1.98	%		1.94	%
Portfolio Turnover		6	%⁽⁴⁾		2	%		10	%		6	%		5	%		4	%



Aggregate cost	$	2,689,938,236

Gross unrealized appreciation	$	680,864,217
Gross unrealized depreciation		(506,528,021	)

Net unrealized appreciation	$	174,336,196


	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016

Sales		9,057,692			7,708,481
Issued to shareholders electing to receive payments of distributions in Fund shares		957,395			1,166,040
Redemptions		(10,081,204	)		(19,941,971	)

Net decrease		(66,117	)		(11,067,450	)


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks
Asia/Pacific	$	26,719,361	$	1,225,565,817		$	0	$	1,252,285,178
Emerging Europe		19,778,690		494,742,891			0		514,521,581
Latin America		557,240,158		—			—		557,240,158
Middle East/Africa		4,272,998		505,716,172			0		509,989,170

Total Common Stocks	$	608,011,207	$	2,226,024,880	**	$	0	$	2,834,036,087

Equity-Linked Securities	$	—	$	29,956,834		$	—	$	29,956,834
Rights		0		—			—		0
Warrants		261,660		—			—		261,660
Short-Term Investments		—		19,851			—		19,851

Total Investments	$	608,272,867	$	2,256,001,565		$	0	$	2,864,274,432



(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.


By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		February 27, 2017


		6		See Notes to Financial Statements.


		7		See Notes to Financial Statements.


		8		See Notes to Financial Statements.


		9		See Notes to Financial Statements.


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		February 27, 2017