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Rainier International Discovery Series
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 invests primarily in the common stock of small- to mid-capitalization companies traded outside the U.S. Investments made are either included in the MSCI ACWI ex USA Small Cap Index or have equity capitalizations within the range of $5 billion or smaller at the time of purchase. 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
$22.12
Daily $ Change
-$0.07
Daily % Change
-0.32%
as of 05/18/2018
Ticker
RAIIX
CUSIP
56382R688
Inception Date
03/28/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| XBRL-3/20/18 |
Annualized Performance
As of 04/30/2018
YTD
1.89%
1 Year
26.50%
3 Year
11.34%
5 Year
12.36%
10 Year
---
Inception
(03/28/2012)
15.30%
Market Cycle
---
For periods prior to 08/21/2017, performance for Class I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. 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.
Expense Ratio
| Gross | 1.26% |
| Net | 1.15%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2019) without the approval of the Fund's Board of Directors.
Top Ten Investments
As of 04/30/2018
| TELEPERFORMANCE | 3.07% |
| ROYAL UNIBREW | 2.94% |
| PIGEON CORP | 2.87% |
| TECHTRONIC INDUSTRIES CO LTD | 2.74% |
| CHR HANSEN HOLDING A/S | 2.59% |
| OC OERLIKON CORP AG-REG | 2.53% |
| ORPEA SA | 2.43% |
| DECHRA PHARMACEUTICALS PLC | 2.32% |
| FINECOBANK SPA | 2.26% |
| AMBU A/S-B | 2.19% |
Top Ten Investments list is unaudited and excludes cash.
Sector Allocation
As of 04/30/2018
| Consumer Discretionary | 9.87% |
| Consumer Staples | 11.09% |
| Energy | 3.37% |
| Financials | 10.59% |
| Health Care | 17.51% |
| Industrials | 29.05% |
| Information Technology | 12.88% |
| Materials | 5.64% |
Country Allocation
As of 04/30/2018
| Japan | 18.12% |
| Denmark | 10.91% |
| United Kingdom | 8.90% |
| Switzerland | 8.59% |
| France | 6.85% |
| Italy | 5.84% |
| Germany | 5.71% |
| India | 3.66% |
| Netherlands | 3.02% |
| Brazil | 2.88% |
| Malaysia | 2.78% |
| Hong Kong | 2.74% |
| Thailand | 2.60% |
| Indonesia | 2.52% |
| China | 2.42% |
| Israel | 2.34% |
| Ireland | 2.22% |
| Canada | 2.14% |
| Belgium | 1.44% |
| Luxembourg | 1.44% |
| Poland | 1.23% |
| Australia | 1.05% |
| Philippines | 0.44% |
| Austria | 0.16% |
April Fund Holdings
As of 04/30/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 0241854 | ELEMENTIS PLC | GB | ELM LN | 1,175,435 | $4,578,455.01 |
| 0405207 | HALMA PLC | GB | HLMA LN | 211,705 | $3,552,224.07 |
| 0766937 | ST JAMES'S PLACE PLC | GB | STJ LN | 175,035 | $2,726,586.83 |
| 0946580 | WEIR GROUP PLC/THE | GB | WEIR LN | 125,715 | $3,678,674.94 |
| 0963318 | DECHRA PHARMACEUTICALS PLC | GB | DPH LN | 234,965 | $8,825,450.96 |
| 2188283 | CANADIAN WESTERN BANK | CA | CWB CN | 159,778 | $4,239,757.36 |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 32,840,136.62 | $32,840,136.62 | |
| 316827104 | 51JOB INC - ADR | CN | JOBS | 44,710 | $3,690,363.40 |
| 4491235 | KINGSPAN GROUP | IE | 75,985 | $3,440,975.62 | |
| 4612757 | OC OERLIKON CORP AG-REG | CH | OERL SW | 596,315 | $9,627,053.78 |
| 4713490 | ROCKWOOL INTL A/S- B SHS | DK | ROCKB DC | 20,660 | $6,228,716.89 |
| 5633962 | NEMETSCHEK SE | DE | NEM GR | 47,935 | $5,744,375.58 |
| 5843329 | SARTORIUS AG-VORZUG | DE | SRT3 GR | 22,920 | $3,520,526.86 |
| 5922961 | CARL ZEISS MEDITEC AG - BR | DE | AFX GR | 102,655 | $6,981,783.38 |
| 5999330 | TELEPERFORMANCE | FR | TEP FP | 72,520 | $11,654,119.62 |
| 6049632 | ARIAKE JAPAN CO LTD | JP | 2815 JP | 74,600 | $6,399,042.72 |
| 6108179 | HARMONIC DRIVE SYSTEMS INC | JP | 6324 JP | 108,200 | $5,152,343.41 |
| 6188193 | MALAYSIA AIRPORTS HLDGS BHD | MY | MAHB MK | 2,462,500 | $5,641,554.55 |
| 6250025 | DAIFUKU CO LTD | JP | 6383 JP | 91,400 | $4,886,041.00 |
| 6321954 | TRAVELSKY TECHNOLOGY LTD-H | CN | 696 HK | 1,886,000 | $5,509,059.91 |
| 6352750 | EN-JAPAN INC | JP | 4849 JP | 107,100 | $5,006,718.61 |
| 6353418 | FRUTAROM | IL | FRUT IT | 73,615 | $7,037,045.41 |
| 6565031 | TAKEUCHI MFG CO LTD | JP | 6432 JP | 223,300 | $5,099,978.22 |
| 6595179 | MISUMI GROUP INC | JP | 9962 JP | 147,300 | $4,064,951.13 |
| 6644974 | NISSEI ASB MACHINE CO LTD | JP | 6284 JP | 87,900 | $5,437,778.48 |
| 6680718 | SERIA CO LTD | JP | 2782 JP | 169,300 | $8,296,452.08 |
| 6688080 | PIGEON CORP | JP | 7956 JP | 233,000 | $10,921,658.41 |
| 7123104 | VONTOBEL HOLDING AG-REG | CH | VONN SW | 46,675 | $3,078,099.92 |
| 7147892 | TEMENOS GROUP AG-REG | CH | TEMN SW | 9,785 | $1,231,226.65 |
| 7155884 | BACHEM HOLDING AG-REG B | CH | BANB SW | 30,625 | $3,927,182.81 |
| 7271166 | WESSANEN | NL | WES NA | 324,340 | $6,543,811.05 |
| 7339451 | ORPEA SA | FR | ORP FP | 72,030 | $9,230,351.06 |
| 7370063 | MELEXIS NV | BE | MELE BB | 57,400 | $5,462,105.37 |
| 7391763 | SIEGRIED HOLDING AG-REG | CH | SFZN SW | 8,960 | $3,113,428.46 |
| B00KT68 | PETRONET LNG LTD | IN | PLNG IN | 1,164,665 | $3,946,911.89 |
| B0166D1 | BUMRUNGRAD HOSPITAL PUB CO | TH | BH TB | 370,300 | $2,223,226.14 |
| B0166J7 | BUMRUNGRAD HOSPITAL PCL NVDR | TH | BH-R TB | 110,400 | $662,828.77 |
| B0190C7 | TECHTRONIC INDUSTRIES CO LTD | HK | 669 HK | 1,775,000 | $10,398,290.43 |
| B0704T9 | RAIFFEISEN BANK INTERNATIONAL AG | AT | RBI AV | 17,471 | $589,751.45 |
| B08K3S0 | LOCALIZA RENT A CAR | BR | RENT3 BZ | 786,070 | $6,237,938.46 |
| B18ZRK2 | LOGITECH INTERNATIONAL - REG | CH | LOGN SW | 154,870 | $5,721,389.13 |
| B1DN466 | NIHON M&A CENTER INC | JP | 2127 JP | 195,200 | $5,697,227.00 |
| B1JTY91 | XING SE | DE | O1BC GR | 17,577 | $5,448,333.37 |
| B1KL2D6 | MY EG SERVICES BHD | MY | MYEG MK | 7,424,400 | $4,923,046.12 |
| B234WN9 | DIASORIN SPA | IT | DIA IM | 58,540 | $5,515,967.68 |
| B291KM9 | EDELWEISS FINANCIAL SERVICES | IN | EDEL IN | 980,130 | $4,176,291.96 |
| B3CY709 | PERSOL HOLDINGS CO LTD | JP | 2181 JP | 331,200 | $7,872,681.50 |
| B3KFW10 | TISCO FINANCIAL GROUP-NVDR | TH | TISCO-R TB | 1,214,800 | $3,407,659.85 |
| B3L0Q89 | TISCO FINANCIAL GROUP PCL | TH | TISCO TB | 1,282,900 | $3,598,688.52 |
| B3R1D52 | CORPORATE TRAVEL MANAGEMENT | AU | CTD AU | 215,078 | $4,004,447.50 |
| B4X4D29 | FLEURY SA | BR | FLRY3 BZ | 305,600 | $2,277,693.54 |
| B548673 | BANK TABUNGAN NEGARA PERSERO | ID | BBTN IJ | 20,250,003 | $4,512,866.69 |
| B573M11 | CHR HANSEN HOLDING A/S | DK | CHR DC | 108,475 | $9,833,150.71 |
| B607XS1 | VERMILION ENERGY INC | CA | VET CN | 115,626 | $3,908,383.04 |
| B677469 | ABCAM PLC | GB | ABC LN | 404,955 | $6,788,902.74 |
| B7FQV64 | RAIA DROGASIL S.A. | BR | RADL3 BZ | 123,800 | $2,428,504.22 |
| B7JW351 | ACE HARDWARE INDONESIA | ID | ACES IJ | 54,284,452 | $5,072,401.62 |
| B7T1QT3 | VAKRANGEE LTD | IN | VKI IN | 316,102 | $471,619.25 |
| B98CG57 | INDIABULLS HOUSING FINANCE LTD | IN | IHFL IN | 134,385 | $2,618,872.33 |
| BBCR9N1 | SIMCORP A/S | DK | SIM DC | 81,360 | $5,898,550.88 |
| BBQ3850 | KEYWORDS STUDIOS PLC | IE | KWS LN | 199,775 | $5,000,081.91 |
| BD0YVN2 | DINO POLSKA SA | PL | DNP PW | 173,454 | $4,665,400.22 |
| BD9G333 | AMBU A/S-B | DK | AMBUB DC | 358,265 | $8,308,597.32 |
| BF0LBX7 | BIOMERIEUX | FR | BIM FP | 65,205 | $5,154,654.66 |
| BFT7KB7 | FEDERAL BANK LTD | IN | FB IN | 1,841,970 | $2,700,114.79 |
| BGLP232 | MONCLER SPA | IT | MONC IM | 179,570 | $8,093,550.10 |
| BMM1PP4 | STABILUS SA | LU | STM GR | 60,715 | $5,457,964.77 |
| BNGN9Z1 | FINECOBANK SPA | IT | FBK IM | 720,825 | $8,583,411.99 |
| BVFNZH2 | ROTORK PLC | GB | ROR LN | 816,425 | $3,681,955.70 |
| BX8ZX20 | ROYAL UNIBREW | DK | RBREW DC | 168,820 | $11,177,595.65 |
| BYXYHM7 | WILCON DEPOT INC | PH | WLCON PM | 8,004,132 | $1,660,855.50 |
| BYZWMR9 | VAT GROUP AG | CH | VACN SW | 40,380 | $5,955,302.13 |
| M3760D101 | ELBIT SYSTEMS LTD | IL | ESLT | 16,155 | $1,867,841.10 |
| N22717107 | CORE LABORATORIES N.V. | NL | CLB | 40,435 | $4,951,265.75 |
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
$22.12
Daily $ Change
-$0.07
Daily % Change
-0.32%
as of 05/18/2018
Ticker
RAIIX
CUSIP
56382R688
Inception Date
03/28/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| XBRL-3/20/18 |
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 invests primarily in the common stock of small- to mid-capitalization companies traded outside the U.S. Investments made are either included in the MSCI ACWI ex USA Small Cap Index or have equity capitalizations within the range of $5 billion or smaller at the time of purchase. 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
Annualized Performance
As of 04/30/2018
YTD
1.89%
1 Year
26.50%
3 Year
11.34%
5 Year
12.36%
10 Year
---
Inception
(03/28/2012)
15.30%
Market Cycle
---
For periods prior to 08/21/2017, performance for Class I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. 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.
Expense Ratio
| Gross | 1.26% |
| Net | 1.15%* |
*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (02/28/2019) without the approval of the Fund's Board of Directors.
Top Ten Investments
As of 04/30/2018
| TELEPERFORMANCE | 3.07% |
| ROYAL UNIBREW | 2.94% |
| PIGEON CORP | 2.87% |
| TECHTRONIC INDUSTRIES CO LTD | 2.74% |
| CHR HANSEN HOLDING A/S | 2.59% |
| OC OERLIKON CORP AG-REG | 2.53% |
| ORPEA SA | 2.43% |
| DECHRA PHARMACEUTICALS PLC | 2.32% |
| FINECOBANK SPA | 2.26% |
| AMBU A/S-B | 2.19% |
Top Ten Investments list is unaudited and excludes cash.
Sector Allocation
As of 04/30/2018
| Consumer Discretionary | 9.87% | |
| Consumer Staples | 11.09% | |
| Energy | 3.37% | |
| Financials | 10.59% | |
| Health Care | 17.51% | |
| Industrials | 29.05% | |
| Information Technology | 12.88% | |
| Materials | 5.64% |
Country Allocation
As of 04/30/2018
| Japan | 18.12% | |
| Denmark | 10.91% | |
| United Kingdom | 8.90% | |
| Switzerland | 8.59% | |
| France | 6.85% | |
| Italy | 5.84% | |
| Germany | 5.71% | |
| India | 3.66% | |
| Netherlands | 3.02% | |
| Brazil | 2.88% | |
| Malaysia | 2.78% | |
| Hong Kong | 2.74% | |
| Thailand | 2.60% | |
| Indonesia | 2.52% | |
| China | 2.42% | |
| Israel | 2.34% | |
| Ireland | 2.22% | |
| Canada | 2.14% | |
| Belgium | 1.44% | |
| Luxembourg | 1.44% | |
| Poland | 1.23% | |
| Australia | 1.05% | |
| Philippines | 0.44% | |
| Austria | 0.16% |
April Fund Holdings
As of 04/30/2018
| CUSIP | Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|---|
| 0241854 | ELEMENTIS PLC | GB | ELM LN | 1,175,435 | $4,578,455.01 |
| 0405207 | HALMA PLC | GB | HLMA LN | 211,705 | $3,552,224.07 |
| 0766937 | ST JAMES'S PLACE PLC | GB | STJ LN | 175,035 | $2,726,586.83 |
| 0946580 | WEIR GROUP PLC/THE | GB | WEIR LN | 125,715 | $3,678,674.94 |
| 0963318 | DECHRA PHARMACEUTICALS PLC | GB | DPH LN | 234,965 | $8,825,450.96 |
| 2188283 | CANADIAN WESTERN BANK | CA | CWB CN | 159,778 | $4,239,757.36 |
| 262006208 | DREYFUS GVT CSH MANAGEMENT | US | 32,840,136.62 | $32,840,136.62 | |
| 316827104 | 51JOB INC - ADR | CN | JOBS | 44,710 | $3,690,363.40 |
| 4491235 | KINGSPAN GROUP | IE | 75,985 | $3,440,975.62 | |
| 4612757 | OC OERLIKON CORP AG-REG | CH | OERL SW | 596,315 | $9,627,053.78 |
| 4713490 | ROCKWOOL INTL A/S- B SHS | DK | ROCKB DC | 20,660 | $6,228,716.89 |
| 5633962 | NEMETSCHEK SE | DE | NEM GR | 47,935 | $5,744,375.58 |
| 5843329 | SARTORIUS AG-VORZUG | DE | SRT3 GR | 22,920 | $3,520,526.86 |
| 5922961 | CARL ZEISS MEDITEC AG - BR | DE | AFX GR | 102,655 | $6,981,783.38 |
| 5999330 | TELEPERFORMANCE | FR | TEP FP | 72,520 | $11,654,119.62 |
| 6049632 | ARIAKE JAPAN CO LTD | JP | 2815 JP | 74,600 | $6,399,042.72 |
| 6108179 | HARMONIC DRIVE SYSTEMS INC | JP | 6324 JP | 108,200 | $5,152,343.41 |
| 6188193 | MALAYSIA AIRPORTS HLDGS BHD | MY | MAHB MK | 2,462,500 | $5,641,554.55 |
| 6250025 | DAIFUKU CO LTD | JP | 6383 JP | 91,400 | $4,886,041.00 |
| 6321954 | TRAVELSKY TECHNOLOGY LTD-H | CN | 696 HK | 1,886,000 | $5,509,059.91 |
| 6352750 | EN-JAPAN INC | JP | 4849 JP | 107,100 | $5,006,718.61 |
| 6353418 | FRUTAROM | IL | FRUT IT | 73,615 | $7,037,045.41 |
| 6565031 | TAKEUCHI MFG CO LTD | JP | 6432 JP | 223,300 | $5,099,978.22 |
| 6595179 | MISUMI GROUP INC | JP | 9962 JP | 147,300 | $4,064,951.13 |
| 6644974 | NISSEI ASB MACHINE CO LTD | JP | 6284 JP | 87,900 | $5,437,778.48 |
| 6680718 | SERIA CO LTD | JP | 2782 JP | 169,300 | $8,296,452.08 |
| 6688080 | PIGEON CORP | JP | 7956 JP | 233,000 | $10,921,658.41 |
| 7123104 | VONTOBEL HOLDING AG-REG | CH | VONN SW | 46,675 | $3,078,099.92 |
| 7147892 | TEMENOS GROUP AG-REG | CH | TEMN SW | 9,785 | $1,231,226.65 |
| 7155884 | BACHEM HOLDING AG-REG B | CH | BANB SW | 30,625 | $3,927,182.81 |
| 7271166 | WESSANEN | NL | WES NA | 324,340 | $6,543,811.05 |
| 7339451 | ORPEA SA | FR | ORP FP | 72,030 | $9,230,351.06 |
| 7370063 | MELEXIS NV | BE | MELE BB | 57,400 | $5,462,105.37 |
| 7391763 | SIEGRIED HOLDING AG-REG | CH | SFZN SW | 8,960 | $3,113,428.46 |
| B00KT68 | PETRONET LNG LTD | IN | PLNG IN | 1,164,665 | $3,946,911.89 |
| B0166D1 | BUMRUNGRAD HOSPITAL PUB CO | TH | BH TB | 370,300 | $2,223,226.14 |
| B0166J7 | BUMRUNGRAD HOSPITAL PCL NVDR | TH | BH-R TB | 110,400 | $662,828.77 |
| B0190C7 | TECHTRONIC INDUSTRIES CO LTD | HK | 669 HK | 1,775,000 | $10,398,290.43 |
| B0704T9 | RAIFFEISEN BANK INTERNATIONAL AG | AT | RBI AV | 17,471 | $589,751.45 |
| B08K3S0 | LOCALIZA RENT A CAR | BR | RENT3 BZ | 786,070 | $6,237,938.46 |
| B18ZRK2 | LOGITECH INTERNATIONAL - REG | CH | LOGN SW | 154,870 | $5,721,389.13 |
| B1DN466 | NIHON M&A CENTER INC | JP | 2127 JP | 195,200 | $5,697,227.00 |
| B1JTY91 | XING SE | DE | O1BC GR | 17,577 | $5,448,333.37 |
| B1KL2D6 | MY EG SERVICES BHD | MY | MYEG MK | 7,424,400 | $4,923,046.12 |
| B234WN9 | DIASORIN SPA | IT | DIA IM | 58,540 | $5,515,967.68 |
| B291KM9 | EDELWEISS FINANCIAL SERVICES | IN | EDEL IN | 980,130 | $4,176,291.96 |
| B3CY709 | PERSOL HOLDINGS CO LTD | JP | 2181 JP | 331,200 | $7,872,681.50 |
| B3KFW10 | TISCO FINANCIAL GROUP-NVDR | TH | TISCO-R TB | 1,214,800 | $3,407,659.85 |
| B3L0Q89 | TISCO FINANCIAL GROUP PCL | TH | TISCO TB | 1,282,900 | $3,598,688.52 |
| B3R1D52 | CORPORATE TRAVEL MANAGEMENT | AU | CTD AU | 215,078 | $4,004,447.50 |
| B4X4D29 | FLEURY SA | BR | FLRY3 BZ | 305,600 | $2,277,693.54 |
| B548673 | BANK TABUNGAN NEGARA PERSERO | ID | BBTN IJ | 20,250,003 | $4,512,866.69 |
| B573M11 | CHR HANSEN HOLDING A/S | DK | CHR DC | 108,475 | $9,833,150.71 |
| B607XS1 | VERMILION ENERGY INC | CA | VET CN | 115,626 | $3,908,383.04 |
| B677469 | ABCAM PLC | GB | ABC LN | 404,955 | $6,788,902.74 |
| B7FQV64 | RAIA DROGASIL S.A. | BR | RADL3 BZ | 123,800 | $2,428,504.22 |
| B7JW351 | ACE HARDWARE INDONESIA | ID | ACES IJ | 54,284,452 | $5,072,401.62 |
| B7T1QT3 | VAKRANGEE LTD | IN | VKI IN | 316,102 | $471,619.25 |
| B98CG57 | INDIABULLS HOUSING FINANCE LTD | IN | IHFL IN | 134,385 | $2,618,872.33 |
| BBCR9N1 | SIMCORP A/S | DK | SIM DC | 81,360 | $5,898,550.88 |
| BBQ3850 | KEYWORDS STUDIOS PLC | IE | KWS LN | 199,775 | $5,000,081.91 |
| BD0YVN2 | DINO POLSKA SA | PL | DNP PW | 173,454 | $4,665,400.22 |
| BD9G333 | AMBU A/S-B | DK | AMBUB DC | 358,265 | $8,308,597.32 |
| BF0LBX7 | BIOMERIEUX | FR | BIM FP | 65,205 | $5,154,654.66 |
| BFT7KB7 | FEDERAL BANK LTD | IN | FB IN | 1,841,970 | $2,700,114.79 |
| BGLP232 | MONCLER SPA | IT | MONC IM | 179,570 | $8,093,550.10 |
| BMM1PP4 | STABILUS SA | LU | STM GR | 60,715 | $5,457,964.77 |
| BNGN9Z1 | FINECOBANK SPA | IT | FBK IM | 720,825 | $8,583,411.99 |
| BVFNZH2 | ROTORK PLC | GB | ROR LN | 816,425 | $3,681,955.70 |
| BX8ZX20 | ROYAL UNIBREW | DK | RBREW DC | 168,820 | $11,177,595.65 |
| BYXYHM7 | WILCON DEPOT INC | PH | WLCON PM | 8,004,132 | $1,660,855.50 |
| BYZWMR9 | VAT GROUP AG | CH | VACN SW | 40,380 | $5,955,302.13 |
| M3760D101 | ELBIT SYSTEMS LTD | IL | ESLT | 16,155 | $1,867,841.10 |
| N22717107 | CORE LABORATORIES N.V. | NL | CLB | 40,435 | $4,951,265.75 |
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.
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