7. Fair
Value
Measurements
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
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
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
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
March
31,
2021,
in
valuing
the
Funds’
assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Foreign
Smaller
Companies
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Bahamas
............................
$
9,249,578
$
—
$
—
$
9,249,578
Belgium
.............................
—
20,539,291
—
20,539,291
Brazil
...............................
11,623,590
—
—
11,623,590
Canada
.............................
29,131,216
—
—
29,131,216
China
...............................
3,979,187
21,580,479
—
25,559,666
Denmark
............................
—
3,976,869
—
3,976,869
Finland
..............................
—
15,932,853
—
15,932,853
France
..............................
—
19,568,953
—
19,568,953
Germany
............................
2,430,252
34,645,070
—
37,075,322
Greece
..............................
—
6,130,436
—
6,130,436
Hong
Kong
...........................
—
24,541,830
—
24,541,830
Indonesia
............................
—
3,950,641
—
3,950,641
Israel
...............................
—
5,867,917
—
5,867,917
Italy
................................
—
46,656,779
—
46,656,779
Japan
...............................
—
143,172,454
—
143,172,454
Netherlands
..........................
10,547,227
22,370,960
—
32,918,187
Norway
..............................
—
7,973,279
—
7,973,279
South
Korea
..........................
—
12,349,873
—
12,349,873
Spain
...............................
—
5,669,006
—
5,669,006
Sweden
.............................
—
37,311,615
—
37,311,615
Switzerland
...........................
7,827,050
37,870,801
—
45,697,851
Taiwan
..............................
—
75,627,608
—
75,627,608
Thailand
.............................
—
9,920,100
—
9,920,100
United
Kingdom
.......................
8,087,636
48,357,039
—
56,444,675
United
States
.........................
9,322,074
—
—
9,322,074
Preferred
Stocks
........................
2,628,998
—
—
2,628,998
Warrants
..............................
977,556
—
—
977,556
Short
Term
Investments
...................
22,110,581
—
—
22,110,581
Total
Investments
in
Securities
...........
$117,914,945
$604,013,853
a
$—
$721,928,798
International
Equity
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
.............................
—
5,988,747
—
5,988,747
Brazil
...............................
6,652,361
7,503,023
—
14,155,384
