Calvert International Equity Fund (CWVGX) NPORT-P Calvert Emerging Markets Advancement Fund (Dec 2019 report)

Calvert

Emerging Markets Advancement Fund

December 31, 2019

Schedule of Investments (Unaudited)

Common Stocks — 82.9%

Security	Shares		Value
Brazil — 16.3%
Atacadao SA(1)		13,500	$	78,362
Azul SA, PFC Shares(1)		3,800		55,054
B2W Cia Digital(1)		4,100		64,068
B3 SA - Brasil Bolsa Balcao		31,500		336,479
Banco do Estado do Rio Grande do Sul SA, Class B, PFC Shares		4,100		22,066
Banco Santander Brasil SA		8,800		108,329
BB Seguridade Participacoes SA		16,100		150,886
BR Malls Participacoes SA		13,000		58,364
Bradespar SA, PFC Shares		4,300		40,919
CCR SA		16,700		78,794
Centrais Eletricas Brasileiras SA, Class B, PFC Shares		2,700		25,666
Cia Brasileira de Distribuicao, PFC Shares		5,200		113,302
Cia de Saneamento Basico do Estado de Sao Paulo		5,200		78,284
Cia de Saneamento de Minas Gerais – COPASA		800		13,521
Cia de Saneamento do Parana, PFC Shares		5,000		26,201
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		2,300		12,910
Cia Energetica de Minas Gerais, PFC Shares		11,600		39,765
Cia Energetica de Sao Paulo, Class B, PFC Shares		2,100		16,674
Cia Hering		1,600		13,539
Cia Paranaense de Energia, Class B, PFC Shares		1,100		18,887
Cielo SA		28,000		58,259
Cogna Educacao		21,900		62,226
Cosan Ltd, Class A(1)		1,100		25,124
Cosan SA		4,800		83,013
CVC Brasil Operadora e Agencia de Viagens SA		1,800		19,599
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,300		53,879
Duratex SA		3,400		14,132
EDP - Energias do Brasil SA		3,800		20,877
Eneva SA(1)		2,800		30,410
Engie Brasil Energia SA		3,200		40,411
Equatorial Energia SA		22,800		129,170
Fleury SA		2,100		15,938
Hapvida Participacoes e Investimentos SA(2)		2,600		41,301
Hypera SA		4,600		40,812
Iguatemi Empresa de Shopping Centers SA		1,100		14,465
IRB Brasil Resseguros SA		20,400		197,524
Itau Unibanco Holding SA, PFC Shares		63,900		589,328
JBS SA		22,200		142,382
Linx SA		2,200		19,371
Localiza Rent a Car SA		9,660		113,849
Lojas Americanas SA, PFC Shares		11,000		70,850
Lojas Renner SA		12,500		174,603
M Dias Branco SA(1)		3,200		30,348
Magazine Luiza SA		8,800		104,348

1

Security	Shares		Value
Metalurgica Gerdau SA, PFC Shares		17,700	$	40,832
MRV Engenharia e Participacoes SA		4,000		21,428
Multiplan Empreendimentos Imobiliarios SA(1)		3,100		25,508
Natura & Co Holding SA		4,200		40,374
Notre Dame Intermedica Participacoes SA		5,100		86,528
Odontoprev SA		3,600		15,097
Oi SA, PFC Shares(1)		59,400		18,162
Pagseguro Digital, Ltd., Class A(1)(3)		3,100		105,896
Petrobras Distribuidora SA		11,700		87,458
Porto Seguro SA		1,700		26,514
Qualicorp Consultoria e Corretora de Seguros SA		2,700		24,901
Raia Drogasil SA		3,500		97,134
Rumo SA(1)		15,100		97,972
Sao Martinho SA		4,200		24,766
Sul America SA		3,200		47,666
Suzano SA		7,100		70,035
Telefonica Brasil SA, PFC Shares		7,800		112,423
TOTVS SA		2,200		35,302
Transmissora Alianca de Energia Eletrica SA		4,100		31,779
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, PFC Shares		14,500		34,279
WEG SA		22,100		190,416
YDUQS Part		3,100		36,605
			$	4,715,364
China — 22.8%
3SBio, Inc.(1)(2)		6,000	$	7,773
51job, Inc. ADR(1)		100		8,490
58.com, Inc. ADR(1)		600		38,838
AAC Technologies Holdings, Inc.		3,000		26,190
Agile Group Holdings, Ltd.		10,000		15,027
Agricultural Bank of China, Ltd., Class H		196,000		86,272
Alibaba Group Holding, Ltd. ADR(1)		6,600		1,399,860
Anhui Conch Cement Co., Ltd., Class H		11,500		83,790
ANTA Sports Products, Ltd.		5,000		44,766
Autohome, Inc. ADR(1)		700		56,007
Bank of China, Ltd., Class H		482,000		206,045
Bank of Communications Co., Ltd., Class H		141,000		100,192
Baozun, Inc. ADR(1)		300		9,936
Beijing Capital International Airport Co., Ltd., Class H		14,000		13,561
China Biologic Products Holdings, Inc.(1)(3)		100		11,638
China Conch Venture Holdings, Ltd.		8,000		34,895
China Construction Bank Corp., Class H		524,000		454,330
China Eastern Airlines Corp., Ltd., Class H		36,000		19,946
China Evergrande Group(3)		9,000		24,954
China Galaxy Securities Co., Ltd., Class H		21,500		12,666
China Hongqiao Group, Ltd.		18,500		11,157
China International Capital Corp., Ltd., Class H(2)		6,800		13,111
China Life Insurance Co., Ltd., Class H		46,000		127,956
China Longyuan Power Group Corp., Ltd., Class H		22,000		13,913
China Medical System Holdings, Ltd.		8,000		11,515
China Merchants Bank Co., Ltd., Class H		23,500		120,817
China Minsheng Banking Corp., Ltd., Class H		32,500		24,563
China National Building Material Co., Ltd., Class H		54,000		60,244
China Oilfield Services, Ltd., Class H		22,000		34,540
China Pacific Insurance (Group) Co., Ltd., Class H		16,800		66,192

2

Security	Shares		Value
China Railway Construction Corp., Ltd., Class H		9,500	$	10,405
China Railway Group, Ltd., Class H		20,000		12,342
China Telecom Corp., Ltd., Class H		66,000		27,191
CIFI Holdings Group Co., Ltd.		14,000		11,838
Country Garden Holdings Co., Ltd.		44,000		70,423
CRRC Corp., Ltd., Class H		24,000		17,497
ENN Energy Holdings, Ltd.		5,600		61,181
GDS Holdings, Ltd. ADR(1)		700		36,106
Genscript Biotech Corp.(1)		4,000		9,089
Great Wall Motor Co., Ltd., Class H(3)		15,000		11,099
Guangzhou Automobile Group Co., Ltd., Class H		12,000		14,940
Guangzhou R&F Properties Co., Ltd., Class H(3)		7,200		13,295
Haitong Securities Co., Ltd., Class H		12,000		14,176
Hengan International Group Co., Ltd.		3,000		21,369
Huaneng Power International, Inc., Class H		22,000		11,124
Huatai Securities Co., Ltd., Class H(2)		8,000		14,149
JD.com, Inc. ADR(1)		6,600		232,518
Jiangsu Expressway Co., Ltd., Class H		10,000		13,703
Jiangxi Copper Co., Ltd., Class H		13,000		17,880
JOYY, Inc. ADR(1)		300		15,837
Kingdee International Software Group Co., Ltd.		10,000		10,004
Li Ning Co., Ltd.		8,500		25,494
Logan Property Holdings Co., Ltd.		8,000		13,423
Longfor Group Holdings, Ltd.(2)		7,500		35,122
Minth Group, Ltd.		4,000		14,124
Momo, Inc. ADR		1,100		36,850
New China Life Insurance Co., Ltd., Class H		4,000		17,196
New Oriental Education & Technology Group, Inc. ADR(1)		1,100		133,375
People’s Insurance Co. Group of China, Ltd. (The), Class H		40,000		16,631
PICC Property & Casualty Co., Ltd., Class H		44,000		53,034
Ping An Healthcare and Technology Co., Ltd.(1)(2)		1,900		13,868
Ping An Insurance (Group) Company of China, Ltd., Class H		29,500		349,087
Postal Savings Bank of China Co., Ltd., Class H(2)		41,000		27,884
Seazen Group, Ltd.(1)		12,000		14,614
Semiconductor Manufacturing International Corp.(1)(3)		13,500		20,681
SINA Corp.(1)		300		11,979
Sinopharm Group Co., Ltd., Class H		7,200		26,272
Sunac China Holdings, Ltd.		14,000		83,580
Sunny Optical Technology Group Co., Ltd.		4,000		69,304
TAL Education Group ADR(1)		2,700		130,140
Tencent Holdings, Ltd.		27,700		1,334,479
Tingyi (Cayman Islands) Holding Corp.		10,000		17,067
TravelSky Technology, Ltd., Class H		5,000		12,206
Trip.com Group, Ltd. ADR(1)		2,400		80,496
Vipshop Holdings, Ltd. ADR(1)		1,800		25,506
Want Want China Holdings, Ltd.		25,000		23,352
Weibo Corp. ADR(1)(3)		500		23,175
Weichai Power Co., Ltd., Class H		11,000		23,218
Wuxi Biologics Cayman, Inc.(1)(2)		4,500		56,995
Xinyi Solar Holdings, Ltd.		22,000		15,631
Yihai International Holding, Ltd.(1)		2,000		11,740
Zhaojin Mining Industry Co., Ltd., Class H		13,500		14,810
ZTO Express Cayman, Inc. ADR		3,800		88,730
			$	6,605,413

3

Security	Shares		Value
Colombia — 2.9%
Banco Davivienda SA, PFC Shares		5,100	$	71,336
Bancolombia SA		14,200		190,069
Cementos Argos SA		65,800		146,123
Grupo de Inversiones Suramericana SA		13,400		138,597
Grupo Energia Bogota SA		134,400		90,766
Grupo Nutresa SA		10,600		81,905
Interconexion Electrica SA ESP		20,900		124,615
			$	843,411
Cyprus — 0.2%
Polymetal International PLC		3,800	$	59,279
Egypt — 5.7%
Commercial International Bank Egypt SAE		281,900	$	1,457,413
Egypt Kuwait Holding Co. SAE		153,600		198,139
			$	1,655,552
Greece — 4.1%
Alpha Bank AE(1)		116,526	$	251,717
Eurobank Ergasias SA(1)		199,495		206,299
Hellenic Telecommunications Organization SA		19,087		305,519
JUMBO SA		9,106		189,517
Motor Oil (Hellas) Corinth Refineries SA		5,500		127,297
Mytilineos SA		9,300		102,142
			$	1,182,491
Pakistan — 2.8%
MCB Bank, Ltd.		587,500	$	800,970
Philippines — 5.6%
Aboitiz Equity Ventures, Inc.		81,020	$	82,255
Aboitiz Power Corp.		32,900		22,219
Ayala Corp.		10,930		169,298
Ayala Land, Inc.		281,200		252,211
Bank of the Philippine Islands		48,950		84,896
BDO Unibank, Inc.		59,860		186,601
Globe Telecom, Inc.		600		23,927
GT Capital Holdings, Inc.		2,950		49,297
JG Summit Holdings, Inc.		69,140		110,192
Jollibee Foods Corp.		11,630		49,553
Manila Electric Co.		8,690		54,366
Metro Pacific Investments Corp.		327,000		22,448
PLDT, Inc.		2,100		41,190
Robinsons Land Corp.		72,800		39,585
Robinsons Retail Holdings, Inc.		9,900		15,671
San Miguel Corp.		17,640		57,119
San Miguel Food and Beverage, Inc.		11,900		19,973
Security Bank Corp.		8,870		34,126
SM Investments Corp.		11,975		246,424
Universal Robina Corp.		22,280		63,721
			$	1,625,072

4

Security	Shares		Value
Russia — 3.4%
Aeroflot PJSC		6,200	$	10,355
Lenta, Ltd. GDR(1)(4)		5,700		17,647
Magnit PJSC		900		49,745
MMC Norilsk Nickel PJSC		600		184,840
Mobile TeleSystems PJSC		11,400		58,745
Moscow ExchangeMICEX-RTS PJSC		25,900		44,942
Novatek PJSC		7,700		156,710
PhosAgro PJSC		400		15,563
Polyus PJSC		600		68,658
Rostelecom PJSC		13,000		16,451
Surgutneftegas PJSC		144,500		117,573
Tatneft PJSC		15,000		183,684
VTB Bank PJSC		104,556,200		77,456
			$	1,002,369
South Korea — 5.6%
Amorepacific Corp.		78	$	13,433
Celltrion, Inc.(1)		222		34,607
E-MART, Inc.		90		9,902
GS Holdings Corp.		220		9,815
Hana Financial Group, Inc.		692		22,011
Hyundai Engineering & Construction Co., Ltd.		330		12,038
Hyundai Mobis Co., Ltd.		144		31,859
Hyundai Motor Co.		342		35,622
Hyundai Steel Co.		670		18,165
Kakao Corp.		115		15,231
KB Financial Group, Inc.		806		33,206
Kia Motors Corp.		636		24,289
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1)		180		19,587
Korea Zinc Co., Ltd.		34		12,494
LG Chem, Ltd.		123		33,709
LG Corp.		241		15,356
LG Electronics, Inc.		251		15,591
LG Household & Health Care, Ltd.		23		24,984
NAVER Corp.		445		71,598
NCSoft Corp.		38		17,731
S-Oil Corp.		174		14,291
Samsung Biologics Co., Ltd.(1)(2)		32		11,942
Samsung C&T Corp.		195		18,257
Samsung Electro-Mechanics Co., Ltd.		129		13,875
Samsung Electronics Co., Ltd.		16,112		776,386
Samsung Engineering Co., Ltd.(1)		787		13,006
Samsung Fire & Marine Insurance Co., Ltd.		74		15,557
Samsung Life Insurance Co., Ltd.		150		9,643
Samsung SDI Co., Ltd.		126		25,668
Samsung SDS Co., Ltd.		75		12,587
Shinhan Financial Group Co., Ltd.		909		34,081
SK Hynix, Inc.		1,651		134,289
SK Innovation Co., Ltd.		231		29,895
SK Telecom Co., Ltd.		113		23,284
Woongjin Coway Co., Ltd.		136		10,934
Woori Financial Group, Inc.		1,013		10,142
			$	1,625,065

5

Security	Shares		Value
Taiwan — 9.8%
Accton Technology Corp.		2,000	$	11,227
Advantech Co., Ltd.		1,000		10,084
Airtac International Group		1,000		15,631
ASE Technology Holding Co., Ltd.		10,000		27,871
Asia Cement Corp.		8,000		12,806
Asustek Computer, Inc.		4,000		30,871
AU Optronics Corp.		35,000		11,721
Catcher Technology Co., Ltd.		8,000		60,595
Cathay Financial Holding Co., Ltd.		40,000		56,795
Chailease Holding Co., Ltd.		5,000		23,049
Chang Hwa Commercial Bank, Ltd.		17,000		12,882
Cheng Shin Rubber Industry Co., Ltd.		7,000		9,764
China Development Financial Holding Corp.		46,000		14,941
China Life Insurance Co., Ltd.		12,000		10,245
China Steel Corp.		38,000		30,320
Chroma ATE, Inc.		4,000		19,454
Chunghwa Telecom Co., Ltd.		20,000		73,368
Compal Electronics, Inc.		17,000		10,708
CTBC Financial Holding Co., Ltd.		92,000		68,829
Delta Electronics, Inc.		8,000		40,483
E.Sun Financial Holding Co., Ltd.		36,000		33,549
Far Eastern New Century Corp.		11,000		10,956
Far EasTone Telecommunications Co., Ltd.		6,000		14,431
First Financial Holding Co., Ltd.		32,000		25,321
Formosa Petrochemical Corp.		4,000		13,010
Fubon Financial Holding Co., Ltd.		34,000		52,654
Globalwafers Co., Ltd.		1,000		12,806
Hiwin Technologies Corp.		3,000		28,149
Hotai Motor Co., Ltd.		2,000		45,574
Hua Nan Financial Holdings Co., Ltd.		29,000		21,300
Innolux Corp.		54,000		15,037
Largan Precision Co., Ltd.		1,000		167,038
Lite-On Technology Corp.		8,000		13,172
MediaTek, Inc.		7,000		103,719
Mega Financial Holding Co., Ltd.		36,000		36,760
Nanya Technology Corp.		5,000		13,993
Novatek Microelectronics Corp.		2,000		14,654
Pegatron Corp.		7,000		16,008
Pou Chen Corp.		8,000		10,465
President Chain Store Corp.		2,000		20,309
Quanta Computer, Inc.		11,000		23,629
Realtek Semiconductor Corp.		2,000		15,716
Shanghai Commercial & Savings Bank, Ltd. (The)		13,000		22,595
Shin Kong Financial Holding Co., Ltd.		38,000		13,133
SinoPac Financial Holdings Co., Ltd.		31,000		13,448
Taishin Financial Holding Co., Ltd.		36,000		17,424
Taiwan Cement Corp.		16,000		23,339
Taiwan Cooperative Financial Holding Co., Ltd.		34,000		23,533
Taiwan Fertilizer Co., Ltd.		7,000		11,576
Taiwan High Speed Rail Corp.		8,000		10,257
Taiwan Mobile Co., Ltd.		7,000		26,155

6

Security	Shares		Value
Taiwan Semiconductor Manufacturing Co., Ltd.		110,000	$	1,217,461
Teco Electric and Machinery Co., Ltd.		17,000		14,868
Uni-President Enterprises Corp.		17,000		42,157
United Microelectronics Corp.		45,000		24,658
Voltronic Power Technology Corp.		1,000		23,872
Walsin Lihwa Corp.		23,000		11,818
Walsin Technology Corp.		2,000		15,964
Win Semiconductors Corp.		1,000		9,853
Wistron Corp.		11,000		10,414
Yageo Corp.		1,000		14,569
Yuanta Financial Holding Co., Ltd.		36,000		24,269
Zhen Ding Technology Holding, Ltd.		2,000		9,596
			$	2,840,853
United Arab Emirates — 3.7%
Abu Dhabi Commercial Bank PJSC		64,600	$	139,474
Abu Dhabi Islamic Bank PJSC		40,000		58,727
Abu Dhabi National Oil Co. for Distribution PJSC		21,100		17,001
Aldar Properties PJSC		85,600		50,384
Aramex PJSC		12,700		12,344
Dana Gas PJSC		53,000		13,851
Dubai Investments PJSC		31,100		11,020
Dubai Islamic Bank PJSC		34,700		52,082
Emaar Development PJSC		14,300		15,249
Emaar Malls PJSC		32,600		16,272
Emaar Properties PJSC		77,000		84,362
Emirates NBD Bank PJSC		49,385		174,777
Emirates Telecommunications Group Co. PJSC		39,800		177,242
First Abu Dhabi Bank PJSC		60,100		248,510
			$	1,071,295
Total Common Stocks (identified cost $22,498,961)			$	24,027,134
Rights — 0.0%(5)
Security	Shares		Value
Lojas Americanas SA, Exp. 1/8/20(1)		83	$	194
Total Rights (identified cost $0)			$	194
Warrants — 0.0%
Security	Shares		Value
Thailand — 0.0%
BTS Group Holdings PCL, Exp. 12/16/20(1)		2,400	$	0
Total Warrants (identified cost $0)			$	0

7

	Value
Total Investments (identified cost $22,498,961) — 82.9%	$	24,027,328
Other Assets, Less Liabilities — 17.1%	$	4,941,981
Net Assets — 100.0%	$	28,969,309

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

(1) Non-income producing security.

(2) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $222,145, which represents 0.8% of the net assets of the Fund as of December 31, 2019.

(3) All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $194,889 and the total market value of the collateral received by the Fund was $198,930, comprised of U.S. government and/or agencies securities.

(4) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2019., the aggregate value of these securities is $17,647 or 0.1% of the Fund’s net assets.

(5) Amount is less than 0.05%.

Currency	Percentage of Net Assets			Value
Brazilian Real		15.9	%	$	4,584,538
Hong Kong Dollar		14.7			4,265,932
New Taiwan Dollar		9.8			2,840,853
United States Dollar		9.2			2,668,640
Philippine Peso		5.6			1,625,072
South Korean Won		5.6			1,625,065
Egyptian Pound		5.0			1,457,413
Euro		4.1			1,182,491
United Arab Emirates Dirham		3.7			1,071,295
Russian Ruble		3.6			1,061,648
Colombian Peso		2.9			843,411
Pakistani Rupee		2.8			800,970
Total Investments		82.9	%	$	24,027,328

8

Sector Allocation	(% of net assets)
Financials		27.7	%
Information Technology		11.4
Consumer Discretionary		11.3
Communication Services		8.7
Industrials		6.3
Materials		4.1
Consumer Staples		3.3
Utilities		3.0
Real Estate		2.9
Energy		2.8
Health Care		1.4
Total		82.9	%

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	89,210	EUR	80,000	Standard Chartered Bank		1/06/20	$	—	$	(543	)
USD	372,354	EUR	332,670	Standard Chartered Bank		1/06/20		—		(872	)
USD	262,533	EUR	236,560	Standard Chartered Bank		1/06/20		—		(2,866	)
USD	413,103	EUR	373,975	Standard Chartered Bank		1/06/20		—		(6,463	)
USD	2,548,464	CNH	17,949,600	Standard Chartered Bank		1/23/20		—		(29,071	)
USD	2,343,706	CNH	16,600,000	Standard Chartered Bank		1/23/20		—		(40,029	)
USD	1,640,607	CNY	11,500,000	Standard Chartered Bank		1/23/20		—		(10,396	)
KRW	697,277,780	USD	586,490	Standard Chartered Bank		2/20/20		17,346		—
USD	599,664	KRW	697,277,780	Standard Chartered Bank		2/20/20		—		(4,171	)
TWD	28,700,000	USD	936,226	Standard Chartered Bank		4/07/20		30,103		—
USD	332,421	TWD	9,982,600	Standard Chartered Bank		4/07/20		—		(3,693	)
USD	623,705	TWD	18,717,400	Standard Chartered Bank		4/07/20		—		(6,510	)
							$	47,449	$	(104,614	)

Futures Contracts

Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
MSCI Emerging Markets Index		40		Long		3/20/20	$	2,240,400	$	23,279
SGX NIFTY 50 Index		153		Long		1/30/20		3,749,478		(24,956	)
									$	(1,677	)

Abbreviations:

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipts
PCL	-	Public Company Limited
PFC Shares	-	Preference Shares

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Currency Abbreviations:

CNH	-	Yuan Renminbi Offshore
CNY	-	Yuan Renminbi
EUR	-	Euro

KRW	-	South Korean Won
TWD	-	Taiwanese Dollar
USD	-	United States Dollar

Calvert Emerging Markets Advancement Fund (the Fund) is a diversified series of Calvert World Values Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The investment objective of the Fund is total return. The Fund commenced operations on October 1, 2019.

The Fund’s investment adviser is Calvert Research and Management.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

Investment Valuation

Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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.

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity Securities.Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.

Derivatives.Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts, and are categorized as Level 1 or Level 2 in the hierarchy. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service and are categorized as Level 2 in the hierarchy.

Fair Valuation.If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a

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consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, 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, and the differences could be material.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	4,715,364	$	—		$	—	$	4,715,364
China		2,339,481		4,265,932			—		6,605,413
Colombia		843,411		—			—		843,411
Other Countries(1)		—		11,862,946			—		11,862,946
Total Common Stocks	$	7,898,256	$	16,128,878	(2)	$	—	$	24,027,134
Rights		194		—			—		194
Warrants		—		0			—		0
Total Investments	$	7,898,450	$	16,128,878		$	—	$	24,027,328
Forward Foreign Currency Exchange Contracts		—		47,449			—		47,449
Futures Contracts		23,279		—			—		23,279
Total	$	7,921,729	$	16,176,372		$	—	$	24,098,056
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(104,614	)	$	—	$	(104,614	)
Futures Contracts		—		(24,956	)		—		(24,956	)
Total	$	—	$	(129,570	)	$	—	$	(129,570	)

(1) For further breakdown of equity securities by country, please refer to the Schedule of Investments.

(2) 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.

Investment Transactions. Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis.

Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms.Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold orre-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

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Risks Associated with Foreign Investments

Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

The risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalization of emerging market issuers.

At December 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Equity Price Risk: During the fiscal year to date ended December 31, 2019, the Fund entered into equity futures contracts to enhance total return, to manage certain investment risks and/or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk: During the fiscal year to date ended December 31, 2019, the Fund entered into forward foreign currency exchange contracts to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at December 31, 2019 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Equity Price	Financial Futures Contracts	$	23,279	$	(24,956	)
Total		$	23,279	$	(24,956	)
Foreign Exchange	Forward Foreign Currency Exchange Contracts	$	47,449	$	(104,614	)
Total		$	47,449	$	(104,614	)

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