Affiliated Investments
At June 30, 2024, the value of the
Fund’s investment in issuers and funds that may be deemed to be affiliated was $14,938,303, which represents 1.5% of the Fund’s net assets. Transactions in such investments by the Fund for the fiscal year
to date ended June 30, 2024 were as follows:
| Name
| Value,
beginning
of period
| Purchases
| Sales
proceeds
| Net
realized
gain
(loss)
| Change in
unrealized
appreciation
(depreciation)
| Value,
end of
period
| Dividend
income
| Shares,
end of
period
|
| Common Stocks
|
|
|
|
|
|
|
| Mitsubishi UFJ Financial Group, Inc.
| $4,473,142
| $ 963,387
| $ (228,753)
| $24,612
| $1,340,572
| $ 6,572,960
| $ 68,474
| 609,057
|
| Short-Term Investments
|
|
|
|
|
|
|
| Liquidity Fund, Institutional Class(1)
| 5,693,673
| 75,175,853
| (72,504,183)
| —
| —
| 8,365,343
| 68,103
| 8,365,343
|
| Total
|
|
|
| $24,612
| $1,340,572
| $14,938,303
| $136,577
|
|
| (1)
| Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
|
Fair Value Measurements
U.S. generally accepted accounting
principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad
levels listed below:
Level 1 - quoted prices in active
markets for identical securities
Level 2 - other significant
observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable
inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used for
valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the
market value of the Fund's holdings as of June 30, 2024, based on the inputs used to value them:
| Asset Description
| Level 1
| Level 2
| Level 3
| Total
|
| Common Stocks:
|
|
|
|
|
| Australia
| $ —
| $56,300,001
| $ —
| $56,300,001
|
| Austria
| —
| 2,762,751
| —
| 2,762,751
|
| Belgium
| 397,508
| 6,870,036
| —
| 7,267,544
|
| Canada
| 94,064,430
| —
| —
| 94,064,430
|
| Denmark
| —
| 31,795,572
| —
| 31,795,572
|
| Finland
| —
| 8,834,628
| —
| 8,834,628
|
| France
| —
| 86,733,265
| —
| 86,733,265
|
| Germany
| 701,135
| 67,087,646
| —
| 67,788,781
|
| Hong Kong
| —
| 13,404,887
| —
| 13,404,887
|
| Ireland
| 1,495,565
| 10,438,322
| —
| 11,933,887
|
| Israel
| 3,370,033
| 2,607,363
| —
| 5,977,396
|
| Italy
| —
| 19,719,809
| —
| 19,719,809
|
| Japan
| —
| 173,248,899
| —
| 173,248,899
|
| Netherlands
| 4,710,825
| 45,907,590
| —
| 50,618,415
|
| New Zealand
| —
| 1,678,873
| —
| 1,678,873
|
| Norway
| —
| 5,790,464
| —
| 5,790,464
|
| Portugal
| —
| 1,248,843
| —
| 1,248,843
|
| Singapore
| 2,313,434
| 8,369,674
| —
| 10,683,108
|
| South Korea
| —
| 39,330,476
| —
| 39,330,476
|
| Spain
| —
| 20,016,914
| —
| 20,016,914
|
