0001752724-21-251088.txt : 20211123 0001752724-21-251088.hdr.sgml : 20211123 20211123102717 ACCESSION NUMBER: 0001752724-21-251088 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211123 PERIOD START: 20220630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS INC CENTRAL INDEX KEY: 0000877880 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06373 FILM NUMBER: 211435598 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING MUTUAL FUNDS INC DATE OF NAME CHANGE: 19920929 0000877880 S000003461 Sit International Growth Fund C000009595 Sit International Growth Fund SNGRX NPORT-P 1 primary_doc.xml NPORT-P false 0000877880 XXXXXXXX S000003461 C000009595 SIT MUTUAL FUNDS INC 811-06373 0000877880 254900G3NOOZ0B3T2Q46 80 S. Eighth Street Suite 3300 Minneapolis 55402 612-332-3223 Sit International Growth Fund S000003461 254900HEYR6MUMPY3L49 2022-06-30 2021-09-30 N 30782334.79 103277.66 30679057.13 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 160624.90000000 N Entain PLC 213800GNI3K45LQR8L28 Entain PLC 000000000 13925.00000000 NS 397720.45000000 1.296390721249 Long EC CORP GB N 2 N N N Garmin Ltd 2549001E0HIPIJQ0W046 Garmin Ltd 000000000 1750.00000000 NS USD 272055.00000000 0.886777578747 Long EC CORP CH N 1 N N N AstraZeneca PLC PY6ZZQWO2IZFZC3IOL08 AstraZeneca PLC 046353108 8300.00000000 NS USD 498498.00000000 1.624880444948 Long EC CORP GB N 1 N N N RELX PLC 549300WSX3VBUFFJOO66 RELX PLC 000000000 12275.00000000 NS 355331.56000000 1.158221905237 Long EC CORP GB N 2 N N N ENN Energy Holdings Ltd 549300V7BXPWT6WIPR03 ENN Energy Holdings Ltd 000000000 18400.00000000 NS 303480.09000000 0.989209312118 Long EC CORP CN N 2 N N N Alibaba Group Holding Ltd 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd 01609W102 2350.00000000 NS USD 347917.50000000 1.134055386792 Long EC CORP CN N 1 N N N Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 529900MUF4C20K50JS49 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 000000000 435.00000000 NS 118698.15000000 0.386902861769 Long EC CORP DE N 2 N N N iShares MSCI India ETF 549300282VMCFH7S5848 iShares MSCI India ETF 46429B598 8700.00000000 NS USD 423603.00000000 1.380756254030 Long EC RF US N 1 N N N CRH PLC 549300MIDJNNTH068E74 CRH PLC 12626K203 4800.00000000 NS USD 224352.00000000 0.731287141744 Long EC CORP IE N 1 N N N AXA SA F5WCUMTUM4RKZ1MAIE39 AXA SA 000000000 11750.00000000 NS 325630.66000000 1.061410259840 Long EC CORP FR N 2 N N N Euronet Worldwide Inc YG3575C4DSHJPA5KET68 Euronet Worldwide Inc 298736109 1775.00000000 NS USD 225922.00000000 0.736404639303 Long EC CORP US N 1 N N N Broadcom Inc 549300WV6GIDOZJTV909 Broadcom Inc 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490.00000000 NS 764713.31000000 2.492623247056 Long EC CORP CH N 2 N N N Mondelez International Inc 549300DV9GIB88LZ5P30 Mondelez International Inc 609207105 4800.00000000 NS USD 279264.00000000 0.910275693339 Long EC CORP US N 1 N N N Coca-Cola Europacific Partners 549300LTH67W4GWMRF57 Coca-Cola Europacific Partners PLC 000000000 5400.00000000 NS USD 298566.00000000 0.973191577351 Long EC CORP GB N 1 N N N Samsung Electronics Co Ltd 9884007ER46L6N7EI764 Samsung Electronics Co Ltd 796050888 185.00000000 NS USD 286994.29000000 0.935472980098 Long EC CORP KR N 2 N N N Logitech International SA 549300SN6PRK6IJJC215 Logitech International SA 000000000 6650.00000000 NS USD 586197.50000000 1.910741576952 Long EC CORP CH N 1 N N N Reckitt Benckiser Group PLC 5493003JFSMOJG48V108 Reckitt Benckiser Group PLC 000000000 3100.00000000 NS 243536.67000000 0.793820582451 Long EC CORP GB N 2 N N N Novartis AG 5493007HIVTX6SY6XD66 Novartis AG 000000000 4325.00000000 NS 354646.60000000 1.155989242098 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213800YOEO5OQ72G2R82 Rio Tinto PLC 767204100 4400.00000000 NS USD 294008.00000000 0.958334536665 Long EC CORP GB N 1 N N N Waste Connections Inc 549300HDLRTPBQU69P29 Waste Connections Inc 94106B101 2750.00000000 NS USD 346307.50000000 1.128807507129 Long EC CORP US N 1 N N N DBS Group Holdings Ltd 5493007FKT78NKPM5V55 DBS Group Holdings Ltd 000000000 15600.00000000 NS 345674.49000000 1.126744177747 Long EC CORP SG N 2 N N N TE Connectivity Ltd 894500ZRIX9K13RHXR17 TE Connectivity Ltd 000000000 1100.00000000 NS USD 150942.00000000 0.492003386415 Long EC CORP CH N 1 N N N Ericsson 549300W9JLPW15XIFM52 Telefonaktiebolaget LM Ericsson 294821608 32350.00000000 NS USD 362320.00000000 1.181001092910 Long EC CORP SE N 1 N N N Atlassian Corp PLC 549300AGBII4MWBVJY22 Atlassian Corp PLC 000000000 1825.00000000 NS USD 714341.50000000 2.328433683515 Long EC CORP AU N 1 N N N HomeServe PLC 213800EKBJTGNMXEDF11 HomeServe PLC 000000000 22975.00000000 NS 280001.68000000 0.912680200090 Long EC CORP GB N 1 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 Iberdrola SA 000000000 45900.00000000 NS 461773.93000000 1.505176407616 Long EC CORP ES N 2 N N N Schneider Electric SE 969500A1YF1XUYYXS284 Schneider Electric SE 000000000 5000.00000000 NS 832770.16000000 2.714458128459 Long EC CORP FR N 2 N N N PING AN 529900M9MC28JLN35U89 Ping An Insurance Group Co of China Ltd 000000000 33500.00000000 NS 229119.15000000 0.746825917853 Long EC CORP CN N 2 N N N Cellnex Telecom SA 5493008T4YG3AQUI7P67 Cellnex Telecom SA 000000000 9442.00000000 NS 582949.60000000 1.900154876109 Long EC CORP ES N 1 N N N Siemens AG W38RGI023J3WT1HWRP32 Siemens AG 000000000 3100.00000000 NS 507008.24000000 1.652620019747 Long EC CORP DE N 2 N N N Macquarie Group Ltd ACMHD8HWFMFUIQQ8Y590 Macquarie Group Ltd 000000000 2600.00000000 NS 335910.36000000 1.094917482556 Long EC CORP AU N 2 N N N Deutsche Post AG 8ER8GIG7CSMVD8VUFE78 Deutsche Post AG 000000000 4150.00000000 NS 260245.73000000 0.848284642181 Long EC CORP DE N 2 N N N BRP Inc 529900EPQGESIRCPY551 BRP Inc 05577W200 2925.00000000 NS 270746.09000000 0.882511117772 Long EC CORP CA N 1 N N N FIDELITY INVESTMENTS MONEY MARKET FUNDS - GOVERNMENT PORTFOLIO N/A FIDELITY GOVERNMENT PORT-I 316175108 526188.99000000 NS USD 526188.99000000 1.715140683008 Long STIV RF US N 1 N N N Linde PLC 8945002PAZHZLBGKGF02 Linde PLC 000000000 500.00000000 NS USD 146690.00000000 0.478143768820 Long EC CORP GB N 1 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA 000000000 3200.00000000 NS 404738.05000000 1.319264957475 Long EC CORP FR N 2 N N N Tencent Holdings Ltd 254900N4SLUMW4XUYY11 Tencent Holdings Ltd 000000000 8100.00000000 NS 483559.94000000 1.576189052847 Long EC CORP CN N 2 N N N Hexagon AB 549300WJFW6ILNI4TA80 Hexagon AB 000000000 26600.00000000 NS 411448.65000000 1.341138511058 Long EC CORP SE N 2 N N N Compass Group PLC 2138008M6MH9OZ6U2T68 Compass Group PLC 000000000 2950.00000000 NS 60330.96000000 0.196651936675 Long EC CORP GB N 2 N N N Faurecia SE 969500F0VMZLK2IULV85 Faurecia SE 000000000 6275.00000000 NS 295223.74000000 0.962297305125 Long EC CORP FR N 2 N N N China Tower Corp Ltd 300300T6BNNP0L7O7H91 China Tower Corp Ltd 000000000 1342000.00000000 NS 175374.79000000 0.571643350240 Long EC CORP CN N 2 N N N Zurich Insurance Group AG 529900QVNRBND50TXP03 Zurich Insurance Group AG 000000000 680.00000000 NS 278065.84000000 0.906370227812 Long EC CORP CH N 2 N N N Smith & Nephew PLC 213800ZTMDN8S67S1H61 Smith & Nephew PLC 000000000 18500.00000000 NS 318714.97000000 1.038868204617 Long EC CORP GB N 2 N N N Colliers International Group I D3O8K13PHLEXXD1DT480 Colliers International Group Inc 194693107 1600.00000000 NS USD 204336.00000000 0.666043937185 Long EC CORP CA N 1 N N N Recruit Holdings Co Ltd 353800R2LRSMVVC4I806 Recruit Holdings Co Ltd 000000000 11200.00000000 NS 684609.60000000 2.231520991988 Long EC CORP JP N 2 N N N Budweiser Brewing Co APAC Ltd 549300YF1MR4GTF18132 Budweiser Brewing Co APAC Ltd 000000000 21500.00000000 NS 54610.91000000 0.178007132906 Long EC CORP HK N 2 N N N BAE Systems PLC 8SVCSVKSGDWMW2QHOH83 BAE Systems PLC 000000000 52600.00000000 NS 398395.35000000 1.298590593289 Long EC CORP GB N 2 N N N Lynas Rare Earths Ltd 529900SGT9M1FJPXXI35 Lynas Rare Earths Ltd 000000000 35775.00000000 NS 169292.41000000 0.551817512782 Long EC CORP MY N 2 N N N Stellantis NV 549300LKT9PW7ZIBDF31 Stellantis NV 000000000 16375.00000000 NS USD 312762.50000000 1.019465815636 Long EC CORP NL N 1 N N N CSPC Pharmaceutical Group Ltd 529900M3XQCW234H8O91 CSPC Pharmaceutical Group Ltd 000000000 262960.00000000 NS 313804.93000000 1.022863671038 Long EC CORP CN N 2 N N N Sony Group Corp 529900R5WX9N2OI2N910 Sony Group Corp 835699307 6300.00000000 NS USD 696654.00000000 2.270780347153 Long EC CORP JP N 1 N N N Allianz SE 529900K9B0N5BT694847 Allianz SE 000000000 2250.00000000 NS 504102.86000000 1.643149780855 Long EC CORP DE N 2 N N N London Stock Exchange Group PL 213800QAUUUP6I445N30 London Stock Exchange Group PLC 000000000 5100.00000000 NS 511061.99000000 1.665833431041 Long EC CORP GB N 2 N N N Roche Holding AG 549300U41AUUVOAAOB37 Roche Holding AG 000000000 1320.00000000 NS 481760.37000000 1.570323259800 Long EC CORP CH N 2 N N N Terumo Corp 353800JX1R4582QVK932 Terumo Corp 000000000 13100.00000000 NS 618560.75000000 2.016231292177 Long EC CORP JP N 2 N N N Alimentation Couche-Tard Inc 549300OSW32RVX8CCZ87 Alimentation Couche-Tard Inc 01626P403 7400.00000000 NS 283123.32000000 0.922855349824 Long EC CORP CA N 1 N N N STERIS PLC N/A STERIS PLC 000000000 1450.00000000 NS USD 296206.00000000 0.965499033248 Long EC CORP US N 1 N N N adidas AG 549300JSX0Z4CW0V5023 adidas AG 000000000 1300.00000000 NS 408533.54000000 1.331636556719 Long EC CORP DE N 2 N N N Keyence Corp 529900M7PQBS7A89DZ11 Keyence Corp 000000000 1000.00000000 NS 596871.12000000 1.945532802624 Long EC CORP JP N 2 N N N ST Engineering 254900OEXGGWCR24DG90 Singapore Technologies Engineering Ltd 000000000 78400.00000000 NS 218849.29000000 0.713350769134 Long EC CORP SG N 2 N N N Lonza Group AG 549300EFW4H2TCZ71055 Lonza Group AG 000000000 655.00000000 NS 491321.93000000 1.601489667423 Long EC CORP CH N 2 N N N AIA Group Ltd ZP5ILWVSYE4LJGMMVD57 AIA Group Ltd 000000000 32200.00000000 NS 370441.91000000 1.207474885653 Long EC CORP HK N 2 N N N Barry Callebaut AG 213800Y5RWKLDPUTT265 Barry Callebaut AG 000000000 55.00000000 NS 124743.43000000 0.406607769826 Long EC CORP CH N 2 N N N Westpac Banking Corp EN5TNI6CI43VEPAMHL14 Westpac Banking Corp 961214301 4425.00000000 NS USD 81995.25000000 0.267267829166 Long EC CORP AU N 1 N N N Dassault Systemes SE 96950065LBWY0APQIM86 Dassault Systemes SE 000000000 13125.00000000 NS 690709.97000000 2.251405468796 Long EC CORP FR N 2 N N N 2021-11-17 SIT MUTUAL FUNDS INC Paul Rasmussen Paul Rasmussen VP, Treasurer & Chief Compliance Officer XXXX NPORT-EX 2 SI90SIT093021.htm HTML
    

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

 

Sit International Growth Fund

Investments are grouped by geographic region.

 

 

  
Name of Issuer        Quantity            Fair Value ($)  

Common Stocks - 96.4%

      

Asia - 30.3%

     

Australia - 5.9%

     

Atlassian Corp., PLC *

     1,825        714,342  

BHP Group, Ltd., ADR

      4,200        224,784  

Lynas Rare Earths, Ltd. *

     35,775        169,293  

Macquarie Group, Ltd.

      2,600        335,910  

Rio Tinto, PLC, ADR

      4,400        294,008  

Westpac Banking Corp., ADR

      4,425        81,995  
     

 

 

  
        1,820,332  
     

 

 

  

China/Hong Kong - 8.5%

     

AIA Group, Ltd.

      32,200        370,442  

Alibaba Group Holding, Ltd., ADR *

     2,350        347,917  

Baidu, Inc., ADR *

     2,175        334,406  

Budweiser Brewing Co. APAC, Ltd.

      21,500        54,611  

China Tower Corp., Ltd.

      1,342,000        175,375  

CSPC Pharmaceutical Group, Ltd.

      262,960        313,805  

ENN Energy Holdings, Ltd.

      18,400        303,480  

Ping An Insurance Group Co. of China, Ltd.

      33,500        229,119  

Tencent Holdings, Ltd.

      8,100        483,560  
     

 

 

  
        2,612,715  
     

 

 

  

Japan - 10.3%

     

Astellas Pharma, Inc.

      17,700        291,325  

Keyence Corp.

      1,000        596,871  

Recruit Holdings Co., Ltd.

      11,200        684,610  

Shiseido Co., Ltd.

      4,100        275,559  

Sony Group Corp., ADR

      6,300        696,654  

Terumo Corp.

      13,100        618,561  
     

 

 

  
        3,163,580  
     

 

 

  

Singapore - 2.6%

     

DBS Group Holdings, Ltd.

      15,600        345,675  

Sea, Ltd., ADR *

     675        215,143  

Singapore Technologies Engineering, Ltd.

      78,400        218,849  
     

 

 

  
        779,667  
     

 

 

  

South Korea - 3.0%

     

LG Chem, Ltd.

      975        632,356  

Samsung Electronics Co., Ltd., GDR

      185        286,994  
     

 

 

  
        919,350  
     

 

 

  

Europe - 57.2%

     

France - 8.3%

     

AXA SA

      11,750        325,631  

Dassault Systemes SE

      13,125        690,710  

Faurecia SE

      6,275        295,224  

Safran SA

      3,200        404,738  

Schneider Electric SE

      5,000        832,770  
     

 

 

  
        2,549,073  
     

 

 

  

Germany - 5.9%

     

adidas AG

      1,300        408,533  

Allianz SE

      2,250        504,103  

Deutsche Post AG

      4,150        260,246  

Muenchener Rueckversicherungs AG

      435        118,698  

    

    

 

 

  
Name of Issuer        Quantity            Fair Value ($)  

Siemens AG

      3,100        507,008  
     

 

 

  
        1,798,588  
     

 

 

  

Ireland - 2.2%

     

CRH, PLC, ADR

      4,800        224,352  

Linde, PLC

      500        146,690  

STERIS, PLC

      1,450        296,206  
     

 

 

  
        667,248  
     

 

 

  

Netherlands - 4.0%

     

ASML Holding NV

      1,225        912,760  

Stellantis NV

      16,375        312,762  
     

 

 

  
        1,225,522  
     

 

 

  

Spain - 3.4%

     

Cellnex Telecom SA

      9,442        582,949  

Iberdrola SA

      45,900        461,774  
     

 

 

  
        1,044,723  
     

 

 

  

Sweden - 2.5%

     

Hexagon AB

      26,600        411,449  

Telefonaktiebolaget LM Ericsson, ADR

      32,350        362,320  
     

 

 

  
        773,769  
     

 

 

  

Switzerland - 14.8%

     

Barry Callebaut AG

      55        124,743  

Garmin, Ltd.

      1,750        272,055  

Interroll Holding AG

      120        508,611  

Logitech International SA

      6,650        586,198  

Lonza Group AG

      655        491,322  

Nestle SA

      4,450        536,181  

Novartis AG

      4,325        354,647  

Partners Group Holding AG

      490        764,713  

Roche Holding AG

      1,320        481,760  

TE Connectivity, Ltd.

      1,100        150,942  

Zurich Insurance Group AG

      680        278,066  
     

 

 

  
        4,549,238  
     

 

 

  

United Kingdom - 16.1%

     

Ashtead Group, PLC

      8,175        617,976  

AstraZeneca, PLC, ADR

      8,300        498,498  

BAE Systems, PLC

      52,600        398,395  

Coca-Cola Europacific Partners, PLC

      5,400        298,566  

Compass Group, PLC *

     2,950        60,331  

Dechra Pharmaceuticals, PLC

      6,300        411,698  

Diageo, PLC, ADR

      2,775        535,575  

Entain, PLC *

     13,925        397,720  

HomeServe, PLC

      22,975        280,002  

London Stock Exchange Group, PLC

      5,100        511,062  

Reckitt Benckiser Group, PLC

      3,100        243,537  

RELX, PLC

      12,275        355,332  

Smith & Nephew, PLC

      18,500        318,715  
     

 

 

  
        4,927,407  
     

 

 

  

Latin America - 2.0%

     

Argentina - 2.0%

     

Globant SA *

     2,225        625,247  
     

 

 

  
 

 

   
SEPTEMBER 30, 2021    1

    

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit International Growth Fund (Continued)

 

 

  
Name of Issuer        Quantity            Fair Value ($)  

North America - 6.9%

     

Canada - 3.6%

     

Alimentation Couche-Tard, Inc.

      7,400        283,123  

BRP, Inc.

      2,925        270,746  

Colliers International Group, Inc.

      1,600        204,336  

Waste Connections, Inc.

      2,750        346,308  
     

 

 

  
        1,104,513  
     

 

 

  

United States - 3.3%

     

Broadcom, Inc.

      1,025        497,053  

Euronet Worldwide, Inc. *

     1,775        225,922  

Mondelez International, Inc.

      4,800        279,264  
     

 

 

  
        1,002,239  
     

 

 

  

Total Common Stocks
(cost: $18,006,122)

         29,563,211  
     

 

 

  

Investment Companies 1.4%

      

iShares MSCI India ETF
(cost $258,116)

      8,700        423,603  
     

 

 

  

Short-Term Securities - 2.2%

     

Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%
(cost $683,994)

      683,994        683,994  
     

 

 

  

Total Investments in Securities - 100.0%
(cost $18,948,232)

         30,670,808  

Other Assets and Liabilities, net - 0.0%

         8,688  
     

 

 

  

Total Net Assets - 100.0%

         $30,679,496  
     

 

 

  

 

 

*

Non-income producing security.

 

 

ADR — American Depositary Receipt

 

GDR — Global Depositary Receipt

 

PLC — Public Limited Company

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

Portfolio Structure - By Sector    (% of Total Net Assets)

Finance

      14.6%

Health Technology

      13.3

Technology Services

      13.0

Electronic Technology

      11.9

Producer Manufacturing

      11.7

Consumer Non-Durables

        9.0

Consumer Durables

        4.2

Non-Energy Minerals

        3.0

Consumer Services

        2.6

Process Industries

        2.5

Utilities

        2.5

Communications

        2.5

Retail Trade

        2.1

Commercial Services

        1.6

Industrial Services

        1.1

Transportation

        0.8

Investment Companies

        1.4

Short-Term Securities

        2.2
  

 

   100.0

Other Assets and Liabilities, net

        0.0
  

 

     100.0%
  

 

 

 

   
2   

    

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit International Growth Fund (Continued)

 

A summary of the levels for the Fund’s investments as of September 30, 2021 is as follows:

 

     Investment in Securities  
    

Level 1

Quoted
        Prices ($)        

      Level 2
Other significant
  observable inputs ($)  		     

Level 3

Significant
    unobservable inputs ($)    

              Total ($)          
  

 

 

  

Common Stocks

            

Argentina

      625,247        —                  —                  625,247    

Australia

      1,315,129        505,203                  —                  1,820,332    

Canada

      1,104,513        —                  —                  1,104,513    

China/Hong Kong

      682,323        1,930,392                  —                  2,612,715    

France

      —        2,549,073                  —                  2,549,073    

Germany

      —        1,798,588                  —                  1,798,588    

Ireland

      667,248        —                  —                  667,248    

Japan

      696,654        2,466,926                  —                  3,163,580    

Netherlands

      1,225,522        —                  —                  1,225,522    

Singapore

      215,143        564,524                  —                  779,667    

South Korea

      —        919,350                  —                  919,350    

Spain

      582,949        461,774                  —                  1,044,723    

Sweden

      362,320        411,449                  —                  773,769    

Switzerland

      1,517,806        3,031,432                  —                  4,549,238    

United Kingdom

      2,024,339        2,903,068                  —                  4,927,407    

United States

      1,002,239        —                  —                  1,002,239    

Investment Companies

      423,603        —                  —                  423,603    

Short-Term Securities

      683,994        —                  —                  683,994    
  

 

 

  

Total:

      13,129,029        17,541,779        —                  30,670,808    
  

 

 

  

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs). There were no transfers into or out of level 3 during the reporting period.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual report.

 

   
SEPTEMBER 30, 2021    3