Percentages are based on Net Assets of $2,639,298.

ADR -

American Depositary Receipt

GDR -

Global Depositary Receipt

NVDR -

Non-Voting Depositary Receipt

(a)

Non-income producing security.

(b)

All or a portion of this security is out on loan as of July 31, 2022. Total value of securities out on loan is $165,480 or 6.3% of net assets.

(c)

Illiquid security. At July 31, 2022, the value of this security amounted to $0 or 0.0% of net assets.

(d)

Security exempt from registration under Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At July 31, 2022 the value of these securities amounted to $135,865 or 5.1% of net assets.

(e)

Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At July 31, 2022 the value of these securities amounted to $256,048 or 9.7% of net assets.

(f)

Seven-day yield as of July 31, 2022.

Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The following describes the levels of the fair value hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The valuation techniques used by the Funds to measure fair value for the period ended July 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended July 31, 2022, there have been no significant changes to the Fund's fair valuation methodologies.

Common stocks, preferred stock, and other equity securities listed on any national or foreign exchange (excluding Nasdaq) and the London Stock Exchange Alternative Investment Market (“AIM”) will be valued at the last price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies shall be valued at the investment company’s applicable NAV, with the exception of exchange-traded open-end and closed-end investment companies which are priced as equity securities. Exchange-traded options will be valued at the current mean price where such contracts are principally traded. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Fixed income securities will be valued using the mean price. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at the current market price. If there is no current market price available then the securities will be valued at cost and adjusted for amortization of premiums and accretions of discounts. Swaps will be valued by using the market close price of the underlying holdings. If there is no market price available, then the securities will be valued at the last price.

If no quotation is available from either a pricing service, or one or more brokers or if the pricing committee has reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith by the pricing committee, pursuant to procedures established under the general supervision and responsibility of the Fund’s Board of Trustees (the “Board”).

The following is a summary of the fair valuations according to the inputs used to value the Fund's investments as of July 31, 2022:

Category

Investments in Securities

Assets

Level 1

   Common Stocks

Argentina

          69,165

Brazil

           375,940

China

           741,686

Egypt

             57,343

Germany

             61,960

Hong Kong

           276,212

Indonesia

           147,275

Kazakhstan

             69,038

Puerto Rico

             85,973

Singapore

           167,643

South Africa

             94,867

South Korea

           181,856

Taiwan

             68,174

Thailand

             71,340

United Arab Emirates

             63,825

Urugay

           101,258

   Money Market Funds

United States

              5,434

   Investments Purchased with

   Proceeds from Securities Lending

United States

          178,018

Total Level 1

        2,817,007

Level 2

                    -

Total Level 2

                    -

Level 3

                    -

   Common Stocks

Cyprus

0

Russia

0

Total Level 3

0

Total

      2,817,007