Mutual Funds
Rainier International Discovery Series
Investment Objective
To provide investors with long-term capital appreciation by investing primarily in the common stock of small- to mid-capitalization companies located outside the U.S.
Investment Strategy
The Series is primarily invested in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives. To control risk, extreme overweighting or underweighting of the Series relative to the Index is normally avoided.
Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria.
May be Appropriate for Investors
- Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in foreign equity securities
- Seeking to diversify a portfolio by adding a foreign equity component
Daily Price
$22.74
Daily $ Change
$0.18
Daily % Change
0.79%
as of 11/19/2024
Ticker
RISAX
CUSIP
56382R670
Inception Date
11/30/2012
Investment Minimum
$2,000.00
Prior to 03/01/2019, the Class S shares were designated as the Class K shares. Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Proxy Voting Record | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
1.96%
1 Year
17.67%
3 Year
-9.29%
5 Year
5.28%
10 Year
6.45%
Inception
(03/28/2012)
8.63%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
For periods prior to 08/21/2017, performance for Class S is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class S on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class S Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund.
Expense Ratio
| Gross | 1.47% |
| Net | 1.41%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| ELEMENT FLEET MGMT COM NPV | 2.61% |
| FUGRO NV EUR0.05 | 2.46% |
| EURONEXT EUR1.60 | 2.34% |
| TFI INTERNATIONAL COM NPV | 1.95% |
| CELESTICA INC COM NPV | 1.88% |
| HOWDEN JOINERY GR ORD GBP0.10 | 1.87% |
| DIPLOMA ORD GBP0.05 | 1.80% |
| NIKON CORP | 1.79% |
| ALK-ABELLO A/S SERBDKK0.50 | 1.73% |
| PRO MEDICUS NPV | 1.69% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 19.54% | |
| United Kingdom | 12.56% | |
| Canada | 10.84% | |
| India | 8.78% | |
| Sweden | 6.17% | |
| Australia | 5.72% | |
| Taiwan | 5.57% | |
| Netherlands | 5.39% | |
| Denmark | 5.29% | |
| Germany | 4.67% | |
| South Korea | 2.88% | |
| France | 2.32% | |
| Finland | 1.91% | |
| China | 1.85% | |
| Norway | 1.72% | |
| Switzerland | 1.44% | |
| Italy | 1.15% | |
| Mexico | 1.00% | |
| Greece | 0.87% | |
| Austria | 0.35% |
| Industrials | 33.47% | |
| Information Technology | 19.35% | |
| Financials | 11.68% | |
| Health Care | 8.82% | |
| Communication Services | 8.33% | |
| Consumer Discretionary | 7.44% | |
| Consumer Staples | 3.35% | |
| Real Estate | 3.09% | |
| Energy | 2.47% | |
| Materials | 1.42% | |
| Utilities | 0.57% |
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AAC TECHNOLOGIES H USD0.01 | HK | 659,500 | $2,667,893.99 | |
| AALBERTS NV EUR0.25 | NL | 29,795 | $1,072,624.59 | |
| AKER SOLUTIONS ASA NOK1.08 | NO | 1,053,800 | $4,991,754.61 | |
| ALK-ABELLO A/S SERBDKK0.50 | DK | 296,183 | $6,915,298.25 | |
| ALS LIMITED NPV | AU | 408,843 | $3,775,869.53 | |
| ASAHI INTECC CO LT NPV | JP | 232,000 | $3,758,148.70 | |
| ASHTEAD TECHNOLOGY ORD GBP0.05 | GB | 345,556 | $2,452,337.67 | |
| ASPEED TECHNOLOGY TWD10 | TW | 31,000 | $4,011,742.80 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 578,209 | $6,238,397.97 | |
| BABCOCK INTL GROUP ORD GBP0.60 | GB | 613,753 | $3,724,417.69 | |
| BAYCURRENT CONSULT NPV | JP | 60,000 | $1,959,231.91 | |
| BE SEMICONDUCTOR EUR0.01 | NL | 12,003 | $1,276,261.72 | |
| BIOGAIA AB SERBNPV | SE | 270,730 | $2,669,334.72 | |
| BLUE STAR INR2 | IN | 187,067 | $4,155,746.70 | |
| BRUNELLO CUCINELLI NPV | IT | 46,618 | $4,595,463.52 | |
| CARSALES.COM LTD NPV | AU | 192,944 | $4,774,572.93 | |
| CELESTICA INC COM NPV | CA | 109,881 | $7,510,643.62 | |
| CLASSYS INC KRW100 | KR | 105,143 | $3,862,862.39 | |
| CMS INFO SYSTEMS L INR10.00 | IN | 602,895 | $3,851,343.70 | |
| CORPORACION INMOBI COM NPV | MX | 675,400 | $1,762,660.51 | |
| COSMAX INC KRW500 | KR | 37,093 | $4,056,038.91 | |
| CTS EVENTIM NPV | DE | 60,701 | $6,356,058.92 | |
| DAIEI KANKYO CO LT NPV | JP | 280,200 | $5,812,781.88 | |
| DAIFUKU CO LTD NPV | JP | 93,700 | $1,802,952.24 | |
| DESCARTES SYSTEMS COM NPV | CA | 57,779 | $5,995,718.89 | |
| DIPLOMA ORD GBP0.05 | GB | 131,424 | $7,194,541.01 | |
| E INK HOLDINGS INC TWD10 | TW | 510,000 | $4,866,807.12 | |
| ECLAT TEXTILE CO TWD10 | TW | 170,000 | $2,862,574.30 | |
| ELEMENT FLEET MGMT COM NPV | CA | 508,629 | $10,395,523.66 | |
| EMEMORY TECHNOLOGY TWD10 | TW | 47,000 | $4,675,795.88 | |
| EURONEXT EUR1.60 | FR | 84,600 | $9,313,183.39 | |
| FORTNOX AB NPV | SE | 276,890 | $1,682,034.20 | |
| FUGRO NV EUR0.05 | NL | 429,266 | $9,814,647.25 | |
| FUKUOKA FINANCIAL GROUP | JP | 275,300 | $6,376,224.52 | |
| GERRESHEIMER AG NPV (BR) | DE | 27,695 | $2,330,198.45 | |
| GRUMA SAB DE CV SER'B' NPV | MX | 129,185 | $2,228,563.76 | |
| GTT EUR0.01 | FR | 33,532 | $4,856,295.71 | |
| HALMA ORD GBP0.10 | GB | 160,312 | $5,101,101.79 | |
| HAMMOND POWER SOLUTIONS INC CA4085491039 | CA | 31,288 | $2,708,506.73 | |
| HOWDEN JOINERY GR ORD GBP0.10 | GB | 687,998 | $7,447,697.37 | |
| HYGEIA HEALTHCARE USD0.00001 | HK | 986,200 | $2,232,599.30 | |
| HYOSUNG HEAVY INDU KRW5000 | KR | 12,301 | $3,574,421.01 | |
| INDIAN HOTELS INR1 (POST SUBDIVISION) | IN | 287,167 | $2,311,201.50 | |
| INTERMED CAP GRP ORD GBP0.2625 | GB | 217,147 | $5,756,589.34 | |
| INTERNET INITIATIV NPV | JP | 280,600 | $5,419,499.10 | |
| JAPAN ELEVATOR SER NPV | JP | 324,300 | $6,276,293.45 | |
| JAPAN HOTEL REIT I REIT | JP | 4,701 | $2,175,745.94 | |
| JAPAN STEEL WORKS | JP | 129,100 | $4,463,092.73 | |
| JMDC INC NPV | JP | 107,900 | $3,046,629.90 | |
| JUMBO SA EUR0.88 | GR | 129,740 | $3,450,879.66 | |
| KAYNES TECHNOLOGY INR10 | IN | 67,757 | $4,381,838.91 | |
| Kfin Technologies Ltd. INR10 | IN | KFINTECH | 238,102 | $2,830,932.22 |
| KINAXIS INC COM NPV | CA | 25,735 | $2,854,952.04 | |
| KONECRANES OYJ NPV | FI | 74,121 | $5,097,740.52 | |
| KPIT TECHNOLOGIES INR10 | IN | 121,401 | $2,011,096.02 | |
| KRONES AG ORD NPV | DE | 20,315 | $2,637,775.58 | |
| KYOTO FINANCIAL GR NPV | JP | 277,300 | $4,127,869.69 | |
| LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 | SE | 265,397 | $5,154,134.48 | |
| MAX HEALTHCARE INS INR10 | IN | 299,386 | $3,619,744.93 | |
| MITSUI MINING N SMELT | JP | 131,900 | $4,269,810.60 | |
| MORINAGA AND CO NPV | JP | 177,300 | $3,321,355.98 | |
| MUNTERS GROUP AB NPV | SE | 186,261 | $2,995,828.81 | |
| NETCOMPANY GROUP DKK1 | DK | 80,438 | $3,817,027.49 | |
| NHPC LTD INR10 | IN | 2,322,255 | $2,280,379.91 | |
| NIKON CORP | JP | 570,400 | $7,146,616.77 | |
| NKT A/S DKK20 | DK | 60,716 | $5,656,262.42 | |
| NOMURA REAL ESTATE HOLDINGS | JP | 187,300 | $4,679,887.08 | |
| NORDIC SEMICONDUCT NOK0.01 | NO | 187,918 | $1,851,853.66 | |
| NORDNET AB NPV | SE | 257,042 | $5,318,582.51 | |
| OXFORD INSTRUMENTS ORD GBP0.05 | GB | 111,972 | $3,095,071.24 | |
| PHOENIX MILLS INR2 | IN | 158,991 | $2,877,337.90 | |
| PRO MEDICUS NPV | AU | 52,814 | $6,739,787.31 | |
| QT GROUP OYJ NPV | FI | 33,090 | $2,507,506.26 | |
| RHEINMETALL AG NPV | DE | 5,451 | $2,800,339.94 | |
| RIGHTMOVE ORD GBP0.001 | GB | 781,933 | $5,919,160.24 | |
| RINGKJOBING LNDOBK DKK1 | DK | 28,646 | $4,707,652.02 | |
| RINNAI CORP | JP | 168,012 | $3,708,231.37 | |
| ROHTO PHARM NPV | JP | 166,500 | $3,763,397.34 | |
| SAAB AB NPV B | SE | 191,516 | $3,921,585.00 | |
| SCOUT24 AG NPV | DE | 52,196 | $4,485,160.39 | |
| SINBON ELECTRONICS TWD10 | TW | 155,911 | $1,290,742.60 | |
| SOBHA LIMITED INR10 | IN | 33,533 | $633,203.38 | |
| SOBHA LIMITED INR5 (PPD 825.5 UPD 825.5) | IN | 22,128 | $196,816.14 | |
| SOJITZ | JP | 279,100 | $5,784,465.45 | |
| SOPRA STERIA GROUP EUR1.00 | FR | 22,937 | $4,377,693.20 | |
| STEADFAST GROUP LI NPV | AU | 661,402 | $2,382,700.70 | |
| SWISSQUOTE GP HLDG CHF0.20 (REGD) | CH | 16,852 | $5,733,616.75 | |
| TECHNOLOGY ONE NPV | AU | 321,453 | $5,143,778.40 | |
| TFI INTERNATIONAL COM NPV | CA | 58,195 | $7,778,955.02 | |
| TOROMONT INDUSTRIE COM STK NPV | CA | 67,399 | $5,947,183.90 | |
| TRAINLINE PLC ORD GBP1 (WI) | GB | 625,940 | $3,132,047.15 | |
| TRIVENI TURBINE LT INR1 | IN | 395,479 | $3,255,357.32 | |
| US DOLLARS | US | USD | 20,233,580.87 | $20,233,580.87 |
| VOLTAMP TRANSFORME INR10 | IN | 18,636 | $2,576,665.46 | |
| VOLTRONIC POWER TE TWD10 | TW | 67,498 | $4,477,198.99 | |
| WIENERBERGER AG NPV | AT | 46,757 | $1,406,100.12 | |
| YADEA GROUP HOLDIN USD0.00001 | HK | 1,418,000 | $2,458,664.33 | |
| YUBICO AB NPV (SPAC) | SE | 117,955 | $2,844,135.31 |
Investments will change over time.
A Word About Risk
All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Funds whose investments are concentrated in foreign and emerging market countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets. Additionally, the Series is subject to portfolio turnover risk as it may buy and sell investments frequently, which may result in higher expenses and an increase in realized capital gains and potential tax implications for shareholders.
Daily Price
$22.74
Daily $ Change
$0.18
Daily % Change
0.79%
as of 11/19/2024
Ticker
RISAX
CUSIP
56382R670
Inception Date
11/30/2012
Investment Minimum
$2,000.00
Prior to 03/01/2019, the Class S shares were designated as the Class K shares. Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Proxy Voting Record | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
Investment Objective
To provide investors with long-term capital appreciation by investing primarily in the common stock of small- to mid-capitalization companies located outside the U.S.
Investment Strategy
The Series is primarily invested in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives. To control risk, extreme overweighting or underweighting of the Series relative to the Index is normally avoided.
Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria.
May be Appropriate for Investors
- Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in foreign equity securities
- Seeking to diversify a portfolio by adding a foreign equity component
YTD
1.96%
1 Year
17.67%
3 Year
-9.29%
5 Year
5.28%
10 Year
6.45%
Inception
(03/28/2012)
8.63%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
For periods prior to 08/21/2017, performance for Class S is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class S on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class S Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund.
Expense Ratio
| Gross | 1.47% |
| Net | 1.41%* |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| ELEMENT FLEET MGMT COM NPV | 2.61% |
| FUGRO NV EUR0.05 | 2.46% |
| EURONEXT EUR1.60 | 2.34% |
| TFI INTERNATIONAL COM NPV | 1.95% |
| CELESTICA INC COM NPV | 1.88% |
| HOWDEN JOINERY GR ORD GBP0.10 | 1.87% |
| DIPLOMA ORD GBP0.05 | 1.80% |
| NIKON CORP | 1.79% |
| ALK-ABELLO A/S SERBDKK0.50 | 1.73% |
| PRO MEDICUS NPV | 1.69% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 19.54% | |
| United Kingdom | 12.56% | |
| Canada | 10.84% | |
| India | 8.78% | |
| Sweden | 6.17% | |
| Australia | 5.72% | |
| Taiwan | 5.57% | |
| Netherlands | 5.39% | |
| Denmark | 5.29% | |
| Germany | 4.67% | |
| South Korea | 2.88% | |
| France | 2.32% | |
| Finland | 1.91% | |
| China | 1.85% | |
| Norway | 1.72% | |
| Switzerland | 1.44% | |
| Italy | 1.15% | |
| Mexico | 1.00% | |
| Greece | 0.87% | |
| Austria | 0.35% |
| Industrials | 33.47% | |
| Information Technology | 19.35% | |
| Financials | 11.68% | |
| Health Care | 8.82% | |
| Communication Services | 8.33% | |
| Consumer Discretionary | 7.44% | |
| Consumer Staples | 3.35% | |
| Real Estate | 3.09% | |
| Energy | 2.47% | |
| Materials | 1.42% | |
| Utilities | 0.57% |
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AAC TECHNOLOGIES H USD0.01 | HK | 659,500 | $2,667,893.99 | |
| AALBERTS NV EUR0.25 | NL | 29,795 | $1,072,624.59 | |
| AKER SOLUTIONS ASA NOK1.08 | NO | 1,053,800 | $4,991,754.61 | |
| ALK-ABELLO A/S SERBDKK0.50 | DK | 296,183 | $6,915,298.25 | |
| ALS LIMITED NPV | AU | 408,843 | $3,775,869.53 | |
| ASAHI INTECC CO LT NPV | JP | 232,000 | $3,758,148.70 | |
| ASHTEAD TECHNOLOGY ORD GBP0.05 | GB | 345,556 | $2,452,337.67 | |
| ASPEED TECHNOLOGY TWD10 | TW | 31,000 | $4,011,742.80 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 578,209 | $6,238,397.97 | |
| BABCOCK INTL GROUP ORD GBP0.60 | GB | 613,753 | $3,724,417.69 | |
| BAYCURRENT CONSULT NPV | JP | 60,000 | $1,959,231.91 | |
| BE SEMICONDUCTOR EUR0.01 | NL | 12,003 | $1,276,261.72 | |
| BIOGAIA AB SERBNPV | SE | 270,730 | $2,669,334.72 | |
| BLUE STAR INR2 | IN | 187,067 | $4,155,746.70 | |
| BRUNELLO CUCINELLI NPV | IT | 46,618 | $4,595,463.52 | |
| CARSALES.COM LTD NPV | AU | 192,944 | $4,774,572.93 | |
| CELESTICA INC COM NPV | CA | 109,881 | $7,510,643.62 | |
| CLASSYS INC KRW100 | KR | 105,143 | $3,862,862.39 | |
| CMS INFO SYSTEMS L INR10.00 | IN | 602,895 | $3,851,343.70 | |
| CORPORACION INMOBI COM NPV | MX | 675,400 | $1,762,660.51 | |
| COSMAX INC KRW500 | KR | 37,093 | $4,056,038.91 | |
| CTS EVENTIM NPV | DE | 60,701 | $6,356,058.92 | |
| DAIEI KANKYO CO LT NPV | JP | 280,200 | $5,812,781.88 | |
| DAIFUKU CO LTD NPV | JP | 93,700 | $1,802,952.24 | |
| DESCARTES SYSTEMS COM NPV | CA | 57,779 | $5,995,718.89 | |
| DIPLOMA ORD GBP0.05 | GB | 131,424 | $7,194,541.01 | |
| E INK HOLDINGS INC TWD10 | TW | 510,000 | $4,866,807.12 | |
| ECLAT TEXTILE CO TWD10 | TW | 170,000 | $2,862,574.30 | |
| ELEMENT FLEET MGMT COM NPV | CA | 508,629 | $10,395,523.66 | |
| EMEMORY TECHNOLOGY TWD10 | TW | 47,000 | $4,675,795.88 | |
| EURONEXT EUR1.60 | FR | 84,600 | $9,313,183.39 | |
| FORTNOX AB NPV | SE | 276,890 | $1,682,034.20 | |
| FUGRO NV EUR0.05 | NL | 429,266 | $9,814,647.25 | |
| FUKUOKA FINANCIAL GROUP | JP | 275,300 | $6,376,224.52 | |
| GERRESHEIMER AG NPV (BR) | DE | 27,695 | $2,330,198.45 | |
| GRUMA SAB DE CV SER'B' NPV | MX | 129,185 | $2,228,563.76 | |
| GTT EUR0.01 | FR | 33,532 | $4,856,295.71 | |
| HALMA ORD GBP0.10 | GB | 160,312 | $5,101,101.79 | |
| HAMMOND POWER SOLUTIONS INC CA4085491039 | CA | 31,288 | $2,708,506.73 | |
| HOWDEN JOINERY GR ORD GBP0.10 | GB | 687,998 | $7,447,697.37 | |
| HYGEIA HEALTHCARE USD0.00001 | HK | 986,200 | $2,232,599.30 | |
| HYOSUNG HEAVY INDU KRW5000 | KR | 12,301 | $3,574,421.01 | |
| INDIAN HOTELS INR1 (POST SUBDIVISION) | IN | 287,167 | $2,311,201.50 | |
| INTERMED CAP GRP ORD GBP0.2625 | GB | 217,147 | $5,756,589.34 | |
| INTERNET INITIATIV NPV | JP | 280,600 | $5,419,499.10 | |
| JAPAN ELEVATOR SER NPV | JP | 324,300 | $6,276,293.45 | |
| JAPAN HOTEL REIT I REIT | JP | 4,701 | $2,175,745.94 | |
| JAPAN STEEL WORKS | JP | 129,100 | $4,463,092.73 | |
| JMDC INC NPV | JP | 107,900 | $3,046,629.90 | |
| JUMBO SA EUR0.88 | GR | 129,740 | $3,450,879.66 | |
| KAYNES TECHNOLOGY INR10 | IN | 67,757 | $4,381,838.91 | |
| Kfin Technologies Ltd. INR10 | IN | KFINTECH | 238,102 | $2,830,932.22 |
| KINAXIS INC COM NPV | CA | 25,735 | $2,854,952.04 | |
| KONECRANES OYJ NPV | FI | 74,121 | $5,097,740.52 | |
| KPIT TECHNOLOGIES INR10 | IN | 121,401 | $2,011,096.02 | |
| KRONES AG ORD NPV | DE | 20,315 | $2,637,775.58 | |
| KYOTO FINANCIAL GR NPV | JP | 277,300 | $4,127,869.69 | |
| LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 | SE | 265,397 | $5,154,134.48 | |
| MAX HEALTHCARE INS INR10 | IN | 299,386 | $3,619,744.93 | |
| MITSUI MINING N SMELT | JP | 131,900 | $4,269,810.60 | |
| MORINAGA AND CO NPV | JP | 177,300 | $3,321,355.98 | |
| MUNTERS GROUP AB NPV | SE | 186,261 | $2,995,828.81 | |
| NETCOMPANY GROUP DKK1 | DK | 80,438 | $3,817,027.49 | |
| NHPC LTD INR10 | IN | 2,322,255 | $2,280,379.91 | |
| NIKON CORP | JP | 570,400 | $7,146,616.77 | |
| NKT A/S DKK20 | DK | 60,716 | $5,656,262.42 | |
| NOMURA REAL ESTATE HOLDINGS | JP | 187,300 | $4,679,887.08 | |
| NORDIC SEMICONDUCT NOK0.01 | NO | 187,918 | $1,851,853.66 | |
| NORDNET AB NPV | SE | 257,042 | $5,318,582.51 | |
| OXFORD INSTRUMENTS ORD GBP0.05 | GB | 111,972 | $3,095,071.24 | |
| PHOENIX MILLS INR2 | IN | 158,991 | $2,877,337.90 | |
| PRO MEDICUS NPV | AU | 52,814 | $6,739,787.31 | |
| QT GROUP OYJ NPV | FI | 33,090 | $2,507,506.26 | |
| RHEINMETALL AG NPV | DE | 5,451 | $2,800,339.94 | |
| RIGHTMOVE ORD GBP0.001 | GB | 781,933 | $5,919,160.24 | |
| RINGKJOBING LNDOBK DKK1 | DK | 28,646 | $4,707,652.02 | |
| RINNAI CORP | JP | 168,012 | $3,708,231.37 | |
| ROHTO PHARM NPV | JP | 166,500 | $3,763,397.34 | |
| SAAB AB NPV B | SE | 191,516 | $3,921,585.00 | |
| SCOUT24 AG NPV | DE | 52,196 | $4,485,160.39 | |
| SINBON ELECTRONICS TWD10 | TW | 155,911 | $1,290,742.60 | |
| SOBHA LIMITED INR10 | IN | 33,533 | $633,203.38 | |
| SOBHA LIMITED INR5 (PPD 825.5 UPD 825.5) | IN | 22,128 | $196,816.14 | |
| SOJITZ | JP | 279,100 | $5,784,465.45 | |
| SOPRA STERIA GROUP EUR1.00 | FR | 22,937 | $4,377,693.20 | |
| STEADFAST GROUP LI NPV | AU | 661,402 | $2,382,700.70 | |
| SWISSQUOTE GP HLDG CHF0.20 (REGD) | CH | 16,852 | $5,733,616.75 | |
| TECHNOLOGY ONE NPV | AU | 321,453 | $5,143,778.40 | |
| TFI INTERNATIONAL COM NPV | CA | 58,195 | $7,778,955.02 | |
| TOROMONT INDUSTRIE COM STK NPV | CA | 67,399 | $5,947,183.90 | |
| TRAINLINE PLC ORD GBP1 (WI) | GB | 625,940 | $3,132,047.15 | |
| TRIVENI TURBINE LT INR1 | IN | 395,479 | $3,255,357.32 | |
| US DOLLARS | US | USD | 20,233,580.87 | $20,233,580.87 |
| VOLTAMP TRANSFORME INR10 | IN | 18,636 | $2,576,665.46 | |
| VOLTRONIC POWER TE TWD10 | TW | 67,498 | $4,477,198.99 | |
| WIENERBERGER AG NPV | AT | 46,757 | $1,406,100.12 | |
| YADEA GROUP HOLDIN USD0.00001 | HK | 1,418,000 | $2,458,664.33 | |
| YUBICO AB NPV (SPAC) | SE | 117,955 | $2,844,135.31 |
Investments will change over time.
Distributions
A Word About Risk
All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Funds whose investments are concentrated in foreign and emerging market countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets. Additionally, the Series is subject to portfolio turnover risk as it may buy and sell investments frequently, which may result in higher expenses and an increase in realized capital gains and potential tax implications for shareholders.