Templeton Global Investment Trust NPORT-P Templeton Emerging Markets Small Cap Fund (Jun 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

426-Q1PH

1

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

2

Notes

to

Statement

of

Investments

6

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited),

June

30,

2021

Templeton

Emerging

Markets

Small

Cap

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.7%

Brazil

4.8%

Arezzo

Industria

e

Comercio

SA

.....

Textiles,

Apparel

&

Luxury

Goods

236,100

$

4,483,722

Duratex

SA

.....................

Paper

&

Forest

Products

1,819,000

8,700,026

Grendene

SA

...................

Textiles,

Apparel

&

Luxury

Goods

1,544,611

3,113,372

Iguatemi

Empresa

de

Shopping

Centers

SA

..........................

Real

Estate

Management

&

Development

388,000

3,153,996

a

M

Dias

Branco

SA

................

Food

Products

512,400

3,358,953

b

Ser

Educacional

SA,

144A,

Reg

S

....

Diversified

Consumer

Services

902,500

3,398,816

26,208,885

Chile

0.3%

Aguas

Andinas

SA,

A

.............

Water

Utilities

9,000,000

1,850,541

China

18.6%

Asia

Cement

China

Holdings

Corp.

...

Construction

Materials

3,155,500

2,472,099

a

Baozun

,

Inc.,

ADR

................

Internet

&

Direct

Marketing

Retail

234,561

8,312,842

b,c

China

Education

Group

Holdings

Ltd.,

Reg

S

.......................

Diversified

Consumer

Services

3,784,000

8,440,202

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

1,636,308

1,277,571

a

Daqo

New

Energy

Corp.,

ADR

......

Semiconductors

&

Semiconductor

Equipment

132,117

8,590,247

Health

&

Happiness

H&H

International

Holdings

Ltd.

..................

Food

Products

3,387,800

14,202,463

Huaxin

Cement

Co.

Ltd.,

B

.........

Construction

Materials

2,466,374

4,610,017

b

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

3,229,000

5,739,077

Longshine

Technology

Group

Co.

Ltd.,

A

Software

1,980,000

5,154,031

a,b,c

Luye

Pharma

Group

Ltd.,

144A,

Reg

S

Pharmaceuticals

14,145,000

9,296,265

a,b

Mobvista

,

Inc.,

144A,

Reg

S

........

Media

1,970,000

2,530,361

a

Noah

Holdings

Ltd.,

ADR

..........

Capital

Markets

91,886

4,337,019

TravelSky

Technology

Ltd.,

H

.......

IT

Services

455,200

980,760

Uni

-President

China

Holdings

Ltd.

....

Food

Products

4,558,600

5,029,662

a,b,c

Weimob

,

Inc.,

144A,

Reg

S

.........

Software

1,436,400

3,169,740

Xinyi

Solar

Holdings

Ltd.

...........

Semiconductors

&

Semiconductor

Equipment

4,800,000

10,331,567

a,c

Zepp

Health

Corp.,

ADR

...........

Electronic

Equipment,

Instruments

&

Components

606,769

7,123,468

101,597,391

Egypt

0.4%

b

Integrated

Diagnostics

Holdings

plc,

144A,

Reg

S

..................

Health

Care

Providers

&

Services

2,011,196

2,393,323

Georgia

0.7%

a

Georgia

Capital

plc

...............

Capital

Markets

383,294

3,817,792

a

Hong

Kong

1.1%

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

1,659,800

5,729,610

Hungary

1.8%

Richter

Gedeon

Nyrt

.

.............

Pharmaceuticals

363,860

9,689,137

India

11.6%

Apollo

Hospitals

Enterprise

Ltd.

......

Health

Care

Providers

&

Services

17,901

871,928

a

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

335,898

16,340,790

a

Dalmia

Bharat

Ltd.

...............

Construction

Materials

314,776

8,020,457

b

Dilip

Buildcon

Ltd.,

144A,

Reg

S

.....

Construction

&

Engineering

616,416

4,759,237

EPL

Ltd.

.......................

Containers

&

Packaging

971,000

3,659,070

Federal

Bank

Ltd.

................

Banks

7,756,637

9,106,002

JK

Cement

Ltd.

..................

Construction

Materials

71,133

2,729,030

a

MakeMyTrip

Ltd.

.................

Hotels,

Restaurants

&

Leisure

149,000

4,477,450

a

Redington

India

Ltd.

..............

Electronic

Equipment,

Instruments

&

Components

2,214,058

7,972,585

Tata

Consumer

Products

Ltd.

.......

Food

Products

287,427

2,918,536

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

India

(continued)

a

Vardhman

Textiles

Ltd.

............

Textiles,

Apparel

&

Luxury

Goods

120,044

$

2,209,266

63,064,351

Kazakhstan

0.6%

b

Halyk

Savings

Bank

of

Kazakhstan

JSC,

GDR,

Reg

S

..................

Banks

206,000

3,193,000

Mexico

1.3%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,128,117

4,687,621

a,b

Nemak

SAB

de

CV,

144A,

Reg

S

....

Auto

Components

6,481,529

2,272,732

6,960,353

Peru

1.6%

Intercorp

Financial

Services,

Inc.

.....

Banks

244,750

6,184,832

Intercorp

Financial

Services,

Inc.

.....

Banks

90,000

2,260,800

8,445,632

Philippines

3.1%

Century

Pacific

Food,

Inc.

..........

Food

Products

11,750,000

5,627,302

International

Container

Terminal

Services,

Inc.

..................

Transportation

Infrastructure

3,149,320

10,551,447

Robinsons

Retail

Holdings,

Inc.

......

Food

&

Staples

Retailing

900,000

989,153

17,167,902

Russia

0.9%

a,b,c

Mail.Ru

Group

Ltd.,

GDR,

Reg

S

.....

Interactive

Media

&

Services

226,126

5,140,470

a

Saudi

Arabia

0.6%

Mouwasat

Medical

Services

Co.

.....

Health

Care

Providers

&

Services

63,874

3,070,870

South

Africa

1.7%

a

Massmart

Holdings

Ltd.

............

Food

&

Staples

Retailing

801,259

3,533,197

a

Netcare

Ltd.

....................

Health

Care

Providers

&

Services

5,900,000

5,880,529

9,413,726

South

Korea

15.5%

Fila

Holdings

Corp.

...............

Textiles,

Apparel

&

Luxury

Goods

294,533

15,167,364

a

Hugel

,

Inc.

.....................

Biotechnology

23,000

4,887,225

i

-SENS,

Inc.

....................

Health

Care

Equipment

&

Supplies

158,283

4,262,331

LEENO

Industrial,

Inc.

.............

Semiconductors

&

Semiconductor

Equipment

24,000

3,724,945

a

Lock&Lock

Co.

Ltd.

...............

Household

Durables

220,000

2,668,756

NeoPharm

Co.

Ltd.

...............

Personal

Products

64,000

1,981,607

a

Pearl

Abyss

Corp.

................

Entertainment

89,500

5,986,264

RFHIC

Corp.

....................

Semiconductors

&

Semiconductor

Equipment

120,000

4,222,263

Silicon

Works

Co.

Ltd.

.............

Semiconductors

&

Semiconductor

Equipment

209,270

22,490,932

Soulbrain

Co.

Ltd.

................

Chemicals

7,100

2,064,591

Vieworks

Co.

Ltd.

................

Health

Care

Equipment

&

Supplies

151,355

5,005,656

Zinus

,

Inc.

......................

Household

Durables

130,451

11,894,474

84,356,408

Sri

Lanka

0.2%

Hemas

Holdings

plc

..............

Industrial

Conglomerates

3,019,274

1,234,951

Taiwan

19.3%

Eclat

Textile

Co.

Ltd.

..............

Textiles,

Apparel

&

Luxury

Goods

195,000

4,582,618

Kinsus

Interconnect

Technology

Corp.

.

Semiconductors

&

Semiconductor

Equipment

1,085,000

5,240,844

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,470,400

16,478,059

a

momo.com,

Inc.

.................

Internet

&

Direct

Marketing

Retail

192,000

12,937,299

Novatek

Microelectronics

Corp.

......

Semiconductors

&

Semiconductor

Equipment

921,800

16,444,118

PChome

Online,

Inc.

..............

Internet

&

Direct

Marketing

Retail

1,648,635

6,466,857

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments

4

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

(continued)

a

PharmaEssentia

Corp.

............

Biotechnology

2,752,074

$

8,548,482

a

Poya

International

Co.

Ltd.

.........

Multiline

Retail

290,000

5,636,859

Primax

Electronics

Ltd.

............

Technology

Hardware,

Storage

&

Peripherals

2,642,100

5,393,263

Shin

Zu

Shing

Co.

Ltd.

............

Machinery

1,892,402

7,926,303

Synnex

Technology

International

Corp.

Electronic

Equipment,

Instruments

&

Components

4,078,000

7,433,847

Visual

Photonics

Epitaxy

Co.

Ltd.

....

Semiconductors

&

Semiconductor

Equipment

1,780,000

8,536,380

105,624,929

Thailand

1.5%

Dynasty

Ceramic

PCL

.............

Building

Products

23,444,540

2,226,428

a

Major

Cineplex

Group

PCL

.........

Entertainment

4,998,000

3,712,622

Tisco

Financial

Group

PCL

.........

Banks

753,600

2,083,736

8,022,786

Turkey

0.6%

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

..

Industrial

Conglomerates

3,940,776

3,459,681

United

Arab

Emirates

1.8%

Aramex

PJSC

...................

Air

Freight

&

Logistics

9,319,018

9,894,551

United

Kingdom

0.9%

Stock

Spirits

Group

plc

............

Beverages

1,423,284

5,148,859

Vietnam

5.8%

FPT

Corp.

......................

IT

Services

3,225,516

12,329,386

Hoa

Phat

Group

JSC

.............

Metals

&

Mining

6,179,552

13,849,657

Mobile

World

Investment

Corp.

......

Specialty

Retail

60,000

396,162

a

Vincom

Retail

JSC

...............

Real

Estate

Management

&

Development

3,589,152

4,952,125

31,527,330

Total

Common

Stocks

(Cost

$371,050,956)

.....................................

517,012,478

a

Preferred

Stocks

0.6%

Chile

0.6%

d

Embotelladora

Andina

SA,

A,

7.3%

...

Beverages

1,250,500

2,426,486

d

Embotelladora

Andina

SA,

B,

6.73%

..

Beverages

430,000

995,573

3,422,059

Total

Preferred

Stocks

(Cost

$5,263,209)

.......................................

3,422,059

Rights

a

a

Rights

0.0%

†

South

Korea

0.0%

†

a,e

RFHIC

Corp.

,

7/08/21

.............

Semiconductors

&

Semiconductor

Equipment

14,182

111,081

Total

Rights

(Cost

$–)

........................................................

111,081

Total

Long

Term

Investments

(Cost

$376,314,165)

...............................

520,545,618

Templeton

Global

Investment

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Small

Cap

Fund

(continued)

See

Notes

to

Statement

of

Investments

Quarterly

Statement

of

Investments

5

See

Abbreviations

on

page

8

.

Short

Term

Investments

4.8%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.8%

United

States

3.8%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

20,642,107

$

20,642,107

Total

Money

Market

Funds

(Cost

$20,642,107)

..................................

20,642,107

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.0%

Money

Market

Funds

1.0%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

5,706,136

5,706,136

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$5,706,136)

.................................................................

5,706,136

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$26,348,243

)

................................

26,348,243

a

a

a

a

Total

Investments

(Cost

$402,662,408)

100.1%

..................................

$546,893,861

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(726,538)

Net

Assets

100.0%

...........................................................

$546,167,323

a

a

a

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2021,

the

aggregate

value

of

these

securities

was

$50,333,223,

representing

9.2%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

June

30,

2021.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

f

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Global

Investment

Trust

Notes

to

Statement

of

Investments

(unaudited)

6

Quarterly

Statement

of

Investments

1.

Organization

Templeton

Global

Investment

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-

end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m

Eastern

time.

At

June

30,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

Templeton

Global

Investment

Trust

Notes

to

Statement

of

Investments

(unaudited)

7

Quarterly

Statement

of

Investments

3.

Concentration

of

Risk 

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

5.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

June

30,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

6. Fair

Value

Measurements 

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Emerging

Markets

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$6,393,164

$41,648,481

$(27,399,538)

$—

$—

$20,642,107

20,642,107

$256

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$946,465

$12,314,933

$(7,555,262)

$

—

$

—

$5,706,136

5,706,136

$81

Total

Affiliated

Securities

....

$7,339,629

$53,963,414

$(34,954,800)

$—

$—

$26,348,243

$337

Templeton

Global

Investment

Trust

Notes

to

Statement

of

Investments

(unaudited)

8

Quarterly

Statement

of

Investments

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2021,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

7.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

...............................

$

26,208,885

$

—

$

—

$

26,208,885

Chile

................................

1,850,541

—

—

1,850,541

China

...............................

48,305,116

53,292,275

—

101,597,391

Egypt

...............................

2,393,323

—

—

2,393,323

Georgia

.............................

3,817,792

—

—

3,817,792

Hong

Kong

...........................

—

5,729,610

—

5,729,610

Hungary

.............................

—

9,689,137

—

9,689,137

India

................................

4,477,450

58,586,901

—

63,064,351

Kazakhstan

..........................

3,193,000

—

—

3,193,000

Mexico

..............................

6,960,353

—

—

6,960,353

Peru

................................

8,445,632

—

—

8,445,632

Philippines

...........................

17,167,902

—

—

17,167,902

Russia

..............................

—

5,140,470

—

5,140,470

Saudi

Arabia

..........................

—

3,070,870

—

3,070,870

South

Africa

..........................

9,413,726

—

—

9,413,726

South

Korea

..........................

—

84,356,408

—

84,356,408

Sri

Lanka

............................

1,234,951

—

—

1,234,951

Taiwan

..............................

6,466,857

99,158,072

—

105,624,929

Thailand

.............................

3,712,622

4,310,164

—

8,022,786

Turkey

..............................

3,459,681

—

—

3,459,681

United

Arab

Emirates

...................

9,894,551

—

—

9,894,551

United

Kingdom

.......................

5,148,859

—

—

5,148,859

Vietnam

.............................

—

31,527,330

—

31,527,330

Preferred

Stocks

........................

3,422,059

—

—

3,422,059

Rights

................................

—

—

111,081

111,081

Short

Term

Investments

...................

26,348,243

—

—

26,348,243

Total

Investments

in

Securities

...........

$191,921,543

$354,861,237

a

$111,081

$546,893,861

a

Includes

foreign

securities

valued

at

$354,861,237,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

6. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.