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

$23.76

Daily $ Change

$0.10

Daily % Change

0.42%

as of 10/09/2024

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

Performance

As of 09/30/2024

YTD

7.40%

1 Year

16.81%

3 Year

-6.05%

5 Year

6.94%

10 Year

7.09%

Inception
(03/28/2012)

9.15%

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.

Top Ten Investments

As of 09/30/2024

ELEMENT FLEET MGMT COM NPV 2.45%
FUGRO NV EUR0.05 2.22%
EURONEXT EUR1.60 1.93%
HOWDEN JOINERY GR ORD GBP0.10 1.90%
TFI INTERNATIONAL COM NPV 1.81%
DIPLOMA ORD GBP0.05 1.77%
ALK-ABELLO A/S SERBDKK0.50 1.73%
KAYNES TECHNOLOGY INR10 1.64%
FUKUOKA FINANCIAL GROUP 1.60%
TOROMONT INDUSTRIE COM STK NPV 1.49%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 09/30/2024

Japan
18.08%
India
12.77%
United Kingdom
12.35%
Canada
9.81%
Sweden
7.43%
Taiwan
5.57%
Australia
5.35%
Netherlands
5.07%
Denmark
4.89%
Germany
4.53%
South Korea
2.39%
France
2.17%
Finland
2.04%
Italy
1.51%
Switzerland
1.38%
Norway
1.35%
Mexico
1.08%
Greece
0.84%
China
0.83%
Austria
0.35%
Spain
0.21%

Sector Allocation

As of 09/30/2024

Industrials
33.87%
Information Technology
18.55%
Financials
12.64%
Health Care
7.67%
Communication Services
7.22%
Consumer Discretionary
7.04%
Real Estate
5.19%
Consumer Staples
3.23%
Energy
1.99%
Utilities
1.33%
Materials
1.25%

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)
AALBERTS NV EUR0.25 NL 62,671 $2,548,758.25
AKER SOLUTIONS ASA NOK1.08 NO 1,053,800 $4,060,061.24
ALK-ABELLO A/S SERBDKK0.50 DK 296,183 $7,617,971.32
ALS LIMITED NPV AU 408,843 $4,090,014.27
AMADA CO LTD NPV JP 133,800 $1,363,349.41
ASAHI INTECC CO LT NPV JP 176,000 $3,101,901.57
ASHTEAD TECHNOLOGY ORD GBP0.05 GB 345,556 $2,632,745.55
ASPEED TECHNOLOGY TWD10 TW 31,000 $4,217,054.02
AUTO TRADER GROUP ORD GBP1.50 GB 521,826 $6,074,177.43
BABCOCK INTL GROUP ORD GBP0.60 GB 825,945 $5,235,847.15
BE SEMICONDUCTOR EUR0.01 NL 12,003 $1,521,109.91
BIOGAIA AB SERBNPV SE 270,730 $2,999,327.09
BLUE STAR INR2 IN 187,067 $4,603,386.79
BRUNELLO CUCINELLI NPV IT 43,440 $4,690,557.26
CARSALES.COM LTD NPV AU 158,946 $4,130,668.78
CELESTICA INC COM NPV CA 109,881 $5,623,577.73
CLASSYS INC KRW100 KR 105,143 $4,349,802.17
CMS INFO SYSTEMS L INR10.00 IN 602,895 $4,304,016.15
CORPORACION INMOBI COM NPV MX 876,400 $2,376,321.80
COSMAX INC KRW500 KR 37,093 $4,141,299.99
CTS EVENTIM NPV DE 60,701 $6,324,028.52
DAIEI KANKYO CO LT NPV JP 280,200 $6,092,156.04
DAIFUKU CO LTD NPV JP 93,700 $1,808,952.39
DESCARTES SYSTEMS COM NPV CA 57,779 $5,952,184.34
DIPLOMA ORD GBP0.05 GB 131,424 $7,816,502.72
E INK HOLDINGS INC TWD10 TW 510,000 $4,721,849.18
ECLAT TEXTILE CO TWD10 TW 170,000 $2,927,653.93
ELEMENT FLEET MGMT COM NPV CA 508,629 $10,828,061.76
EMEMORY TECHNOLOGY TWD10 TW 47,000 $3,905,961.16
ERG SPA EUR0.10 IT 71,478 $1,964,011.80
EURONEXT EUR1.60 FR 78,445 $8,531,605.44
FORTNOX AB NPV SE 276,890 $1,720,899.51
FUGRO NV EUR0.05 NL 429,266 $9,792,442.61
FUKUOKA FINANCIAL GROUP JP 275,300 $7,065,340.46
GERRESHEIMER AG NPV (BR) DE 32,792 $2,927,800.93
GRUMA SAB DE CV SER'B' NPV MX 129,185 $2,409,647.56
GTT EUR0.01 FR 33,532 $4,741,543.34
HALMA ORD GBP0.10 GB 139,931 $4,895,123.33
HAMMOND POWER SOLUTIONS INC CA4085491039 CA 31,288 $3,273,434.19
HOWDEN JOINERY GR ORD GBP0.10 GB 687,998 $8,370,214.28
HYGEIA HEALTHCARE USD0.00001 HK 754,400 $2,301,806.24
HYOSUNG HEAVY INDU KRW5000 KR 7,686 $2,048,306.95
INDIAN HOTELS INR1 (POST SUBDIVISION) IN 368,267 $3,009,153.54
INDRA SISTEMAS ES 49,869 $917,772.34
INTERMED CAP GRP ORD GBP0.2625 GB 217,147 $6,489,498.46
INTERNET INITIATIV NPV JP 239,200 $5,050,223.71
JAPAN ELEVATOR SER NPV JP 292,000 $6,348,713.65
JAPAN HOTEL REIT I REIT JP 10,583 $5,290,020.27
JAPAN STEEL WORKS JP 115,400 $4,053,199.11
JUMBO SA EUR0.88 GR 129,740 $3,721,265.60
KAYNES TECHNOLOGY INR10 IN 111,412 $7,217,475.46
Kfin Technologies Ltd. INR10 IN KFINTECH 388,874 $4,750,874.26
KINAXIS INC COM NPV CA 25,735 $3,060,692.44
KONECRANES OYJ NPV FI 74,121 $5,575,512.81
KPIT TECHNOLOGIES INR10 IN 171,609 $3,335,472.19
KRONES AG ORD NPV DE 20,315 $2,924,759.69
KYOTO FINANCIAL GR NPV JP 277,300 $4,273,684.63
LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 SE 265,397 $5,011,244.97
LANDT FINANCE HOLDIN INR10 IN 1,962,165 $4,351,586.23
MAX HEALTHCARE INS INR10 IN 343,059 $4,034,158.10
MITSUI MINING N SMELT JP 116,600 $3,977,964.21
MORINAGA AND CO NPV JP 177,300 $3,556,783.77
MUNTERS GROUP AB NPV SE 244,340 $5,587,476.27
NETCOMPANY GROUP DKK1 DK 80,438 $3,706,687.09
NHPC LTD INR10 IN 3,454,183 $3,912,896.19
NIFCO INC NPV JP 73,400 $1,865,788.59
NIKON CORP JP 536,100 $5,567,509.44
NKT A/S DKK20 DK 60,716 $5,749,362.98
NOMURA REAL ESTATE HOLDINGS JP 187,300 $5,016,403.10
NORDIC SEMICONDUCT NOK0.01 NO 187,918 $1,902,793.19
NORDNET AB NPV SE 257,042 $6,177,163.07
OXFORD INSTRUMENTS ORD GBP0.05 GB 111,972 $3,191,614.90
PHOENIX MILLS INR2 IN 269,936 $5,964,755.75
PRO MEDICUS NPV AU 52,814 $6,531,028.75
QT GROUP OYJ NPV FI 33,090 $3,441,884.81
RHEINMETALL AG NPV DE 7,338 $3,983,409.23
RIGHTMOVE ORD GBP0.001 GB 781,933 $6,475,574.15
RINGKJOBING LNDOBK DKK1 DK 28,646 $4,528,808.44
RINNAI CORP JP 149,912 $3,700,638.09
ROHTO PHARM NPV JP 166,500 $4,157,843.96
SAAB AB NPV B SE 304,755 $6,490,993.48
SCOUT24 AG NPV DE 44,349 $3,823,542.94
SINBON ELECTRONICS TWD10 TW 473,000 $4,491,381.35
SOBHA LIMITED INR10 IN 170,337 $3,946,047.76
SOBHA LIMITED INR5 (PPD 825.5 UPD 825.5) IN 23,181 $297,600.32
SOJITZ JP 279,100 $6,565,796.28
SOPRA STERIA GROUP EUR1.00 FR 22,937 $4,822,821.24
STEADFAST GROUP LI NPV AU 898,104 $3,532,748.22
SWISSQUOTE GP HLDG CHF0.20 (REGD) CH 16,852 $6,081,143.74
TECHNOLOGY ONE NPV AU 321,453 $5,320,971.33
TFI INTERNATIONAL COM NPV CA 58,195 $7,980,031.64
TOROMONT INDUSTRIE COM STK NPV CA 67,399 $6,586,488.01
TOYO TIRE AND RUBBER NPV JP 64,500 $941,075.92
TRAINLINE PLC ORD GBP1 (WI) GB 519,087 $2,293,537.59
TRELLEBORG AB SERBNPV SE 49,372 $1,900,534.14
TRIVENI TURBINE LT INR1 IN 480,936 $3,930,646.22
US DOLLARS US USD 18,333,326.02 $18,333,326.02
VOLTAMP TRANSFORME INR10 IN 17,088 $2,688,872.92
VOLTRONIC POWER TE TWD10 TW 67,498 $4,319,070.04
WHITBREAD ORD GBP0.76797385 GB 24,244 $1,019,167.07
WIENERBERGER AG NPV AT 46,757 $1,549,839.55
YADEA GROUP HOLDIN USD0.00001 HK 754,000 $1,341,523.01
YUBICO AB NPV (SPAC) SE 117,955 $2,909,136.20

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter

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

$23.76

Daily $ Change

$0.10

Daily % Change

0.42%

as of 10/09/2024

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

Performance

As of 09/30/2024

YTD

7.40%

1 Year

16.81%

3 Year

-6.05%

5 Year

6.94%

10 Year

7.09%

Inception
(03/28/2012)

9.15%

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.

Top Ten Investments

As of 09/30/2024

ELEMENT FLEET MGMT COM NPV 2.45%
FUGRO NV EUR0.05 2.22%
EURONEXT EUR1.60 1.93%
HOWDEN JOINERY GR ORD GBP0.10 1.90%
TFI INTERNATIONAL COM NPV 1.81%
DIPLOMA ORD GBP0.05 1.77%
ALK-ABELLO A/S SERBDKK0.50 1.73%
KAYNES TECHNOLOGY INR10 1.64%
FUKUOKA FINANCIAL GROUP 1.60%
TOROMONT INDUSTRIE COM STK NPV 1.49%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 09/30/2024

Japan
18.08%
India
12.77%
United Kingdom
12.35%
Canada
9.81%
Sweden
7.43%
Taiwan
5.57%
Australia
5.35%
Netherlands
5.07%
Denmark
4.89%
Germany
4.53%
South Korea
2.39%
France
2.17%
Finland
2.04%
Italy
1.51%
Switzerland
1.38%
Norway
1.35%
Mexico
1.08%
Greece
0.84%
China
0.83%
Austria
0.35%
Spain
0.21%

Sector Allocation

As of 09/30/2024

Industrials
33.87%
Information Technology
18.55%
Financials
12.64%
Health Care
7.67%
Communication Services
7.22%
Consumer Discretionary
7.04%
Real Estate
5.19%
Consumer Staples
3.23%
Energy
1.99%
Utilities
1.33%
Materials
1.25%

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)
AALBERTS NV EUR0.25 NL 62,671 $2,548,758.25
AKER SOLUTIONS ASA NOK1.08 NO 1,053,800 $4,060,061.24
ALK-ABELLO A/S SERBDKK0.50 DK 296,183 $7,617,971.32
ALS LIMITED NPV AU 408,843 $4,090,014.27
AMADA CO LTD NPV JP 133,800 $1,363,349.41
ASAHI INTECC CO LT NPV JP 176,000 $3,101,901.57
ASHTEAD TECHNOLOGY ORD GBP0.05 GB 345,556 $2,632,745.55
ASPEED TECHNOLOGY TWD10 TW 31,000 $4,217,054.02
AUTO TRADER GROUP ORD GBP1.50 GB 521,826 $6,074,177.43
BABCOCK INTL GROUP ORD GBP0.60 GB 825,945 $5,235,847.15
BE SEMICONDUCTOR EUR0.01 NL 12,003 $1,521,109.91
BIOGAIA AB SERBNPV SE 270,730 $2,999,327.09
BLUE STAR INR2 IN 187,067 $4,603,386.79
BRUNELLO CUCINELLI NPV IT 43,440 $4,690,557.26
CARSALES.COM LTD NPV AU 158,946 $4,130,668.78
CELESTICA INC COM NPV CA 109,881 $5,623,577.73
CLASSYS INC KRW100 KR 105,143 $4,349,802.17
CMS INFO SYSTEMS L INR10.00 IN 602,895 $4,304,016.15
CORPORACION INMOBI COM NPV MX 876,400 $2,376,321.80
COSMAX INC KRW500 KR 37,093 $4,141,299.99
CTS EVENTIM NPV DE 60,701 $6,324,028.52
DAIEI KANKYO CO LT NPV JP 280,200 $6,092,156.04
DAIFUKU CO LTD NPV JP 93,700 $1,808,952.39
DESCARTES SYSTEMS COM NPV CA 57,779 $5,952,184.34
DIPLOMA ORD GBP0.05 GB 131,424 $7,816,502.72
E INK HOLDINGS INC TWD10 TW 510,000 $4,721,849.18
ECLAT TEXTILE CO TWD10 TW 170,000 $2,927,653.93
ELEMENT FLEET MGMT COM NPV CA 508,629 $10,828,061.76
EMEMORY TECHNOLOGY TWD10 TW 47,000 $3,905,961.16
ERG SPA EUR0.10 IT 71,478 $1,964,011.80
EURONEXT EUR1.60 FR 78,445 $8,531,605.44
FORTNOX AB NPV SE 276,890 $1,720,899.51
FUGRO NV EUR0.05 NL 429,266 $9,792,442.61
FUKUOKA FINANCIAL GROUP JP 275,300 $7,065,340.46
GERRESHEIMER AG NPV (BR) DE 32,792 $2,927,800.93
GRUMA SAB DE CV SER'B' NPV MX 129,185 $2,409,647.56
GTT EUR0.01 FR 33,532 $4,741,543.34
HALMA ORD GBP0.10 GB 139,931 $4,895,123.33
HAMMOND POWER SOLUTIONS INC CA4085491039 CA 31,288 $3,273,434.19
HOWDEN JOINERY GR ORD GBP0.10 GB 687,998 $8,370,214.28
HYGEIA HEALTHCARE USD0.00001 HK 754,400 $2,301,806.24
HYOSUNG HEAVY INDU KRW5000 KR 7,686 $2,048,306.95
INDIAN HOTELS INR1 (POST SUBDIVISION) IN 368,267 $3,009,153.54
INDRA SISTEMAS ES 49,869 $917,772.34
INTERMED CAP GRP ORD GBP0.2625 GB 217,147 $6,489,498.46
INTERNET INITIATIV NPV JP 239,200 $5,050,223.71
JAPAN ELEVATOR SER NPV JP 292,000 $6,348,713.65
JAPAN HOTEL REIT I REIT JP 10,583 $5,290,020.27
JAPAN STEEL WORKS JP 115,400 $4,053,199.11
JUMBO SA EUR0.88 GR 129,740 $3,721,265.60
KAYNES TECHNOLOGY INR10 IN 111,412 $7,217,475.46
Kfin Technologies Ltd. INR10 IN KFINTECH 388,874 $4,750,874.26
KINAXIS INC COM NPV CA 25,735 $3,060,692.44
KONECRANES OYJ NPV FI 74,121 $5,575,512.81
KPIT TECHNOLOGIES INR10 IN 171,609 $3,335,472.19
KRONES AG ORD NPV DE 20,315 $2,924,759.69
KYOTO FINANCIAL GR NPV JP 277,300 $4,273,684.63
LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 SE 265,397 $5,011,244.97
LANDT FINANCE HOLDIN INR10 IN 1,962,165 $4,351,586.23
MAX HEALTHCARE INS INR10 IN 343,059 $4,034,158.10
MITSUI MINING N SMELT JP 116,600 $3,977,964.21
MORINAGA AND CO NPV JP 177,300 $3,556,783.77
MUNTERS GROUP AB NPV SE 244,340 $5,587,476.27
NETCOMPANY GROUP DKK1 DK 80,438 $3,706,687.09
NHPC LTD INR10 IN 3,454,183 $3,912,896.19
NIFCO INC NPV JP 73,400 $1,865,788.59
NIKON CORP JP 536,100 $5,567,509.44
NKT A/S DKK20 DK 60,716 $5,749,362.98
NOMURA REAL ESTATE HOLDINGS JP 187,300 $5,016,403.10
NORDIC SEMICONDUCT NOK0.01 NO 187,918 $1,902,793.19
NORDNET AB NPV SE 257,042 $6,177,163.07
OXFORD INSTRUMENTS ORD GBP0.05 GB 111,972 $3,191,614.90
PHOENIX MILLS INR2 IN 269,936 $5,964,755.75
PRO MEDICUS NPV AU 52,814 $6,531,028.75
QT GROUP OYJ NPV FI 33,090 $3,441,884.81
RHEINMETALL AG NPV DE 7,338 $3,983,409.23
RIGHTMOVE ORD GBP0.001 GB 781,933 $6,475,574.15
RINGKJOBING LNDOBK DKK1 DK 28,646 $4,528,808.44
RINNAI CORP JP 149,912 $3,700,638.09
ROHTO PHARM NPV JP 166,500 $4,157,843.96
SAAB AB NPV B SE 304,755 $6,490,993.48
SCOUT24 AG NPV DE 44,349 $3,823,542.94
SINBON ELECTRONICS TWD10 TW 473,000 $4,491,381.35
SOBHA LIMITED INR10 IN 170,337 $3,946,047.76
SOBHA LIMITED INR5 (PPD 825.5 UPD 825.5) IN 23,181 $297,600.32
SOJITZ JP 279,100 $6,565,796.28
SOPRA STERIA GROUP EUR1.00 FR 22,937 $4,822,821.24
STEADFAST GROUP LI NPV AU 898,104 $3,532,748.22
SWISSQUOTE GP HLDG CHF0.20 (REGD) CH 16,852 $6,081,143.74
TECHNOLOGY ONE NPV AU 321,453 $5,320,971.33
TFI INTERNATIONAL COM NPV CA 58,195 $7,980,031.64
TOROMONT INDUSTRIE COM STK NPV CA 67,399 $6,586,488.01
TOYO TIRE AND RUBBER NPV JP 64,500 $941,075.92
TRAINLINE PLC ORD GBP1 (WI) GB 519,087 $2,293,537.59
TRELLEBORG AB SERBNPV SE 49,372 $1,900,534.14
TRIVENI TURBINE LT INR1 IN 480,936 $3,930,646.22
US DOLLARS US USD 18,333,326.02 $18,333,326.02
VOLTAMP TRANSFORME INR10 IN 17,088 $2,688,872.92
VOLTRONIC POWER TE TWD10 TW 67,498 $4,319,070.04
WHITBREAD ORD GBP0.76797385 GB 24,244 $1,019,167.07
WIENERBERGER AG NPV AT 46,757 $1,549,839.55
YADEA GROUP HOLDIN USD0.00001 HK 754,000 $1,341,523.01
YUBICO AB NPV (SPAC) SE 117,955 $2,909,136.20

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 Distributions
  • Tax Letter

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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