Fair Value Measurements
Under generally accepted accounting
principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is
summarized in the three broad levels listed below.
| •
|
Level 1 – quoted prices in active markets for identical investments
|
| •
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
|
| •
| Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
|
In cases where the inputs used to
measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs
or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At October 31, 2024, the hierarchy
of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
| Asset Description
| Level 1
| Level 2
| Level 3*
| Total
|
| Common Stocks:
|
|
|
|
|
| Asia
| $ 121,140
| $ 58,280,319
| $0
| $ 58,401,459
|
| Australasia/Pacific
| —
| 25,813,641
| —
| 25,813,641
|
| Developed Europe
| 2,353,474
| 176,973,421
| 0
| 179,326,895
|
| Developed Middle East
| 823,157
| 5,066,806
| —
| 5,889,963
|
| Total Common Stocks
| $ 3,297,771
| $266,134,187**
| $0
| $269,431,958
|
| Rights
| $ 0
| $ —
| $ —
| $ —
|
| Warrants
| —
| —
| 0
| —
|
| Short-Term Investments:
|
|
|
|
|
| Affiliated Fund
| 907
| —
| —
| 907
|
| Securities Lending Collateral
| 18,759,921
| —
| —
| 18,759,921
|
| Total Investments
| $22,058,599
| $266,134,187
| $0
| $288,192,786
|
| *
| None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
|
| **
| Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred
after the close of trading in their applicable foreign markets.
|
Level 3 investments at the beginning
and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended October 31,
2024 is not presented.
For information on the Fund's policy
regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements included in its semi-annual or annual report to shareholders.
