Mutual Fund
Rainier International Discovery Series
An Underutilized and Misunderstood Asset Class
We believe that adding international small cap stocks to a broader portfolio may help dampen volatility and boost long-term performance.
See below for most recent performance.
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
$20.97
Daily $ Change
$0.06
Daily % Change
0.29%
as of 09/22/2023
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 | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
2.20%
1 Year
0.69%
3 Year
-1.35%
5 Year
2.18%
10 Year
7.20%
Inception
(11/30/2012)
9.00%
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 | 1.39% |
*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.
| VARUN BEVERAGES ltd | 4.01% |
| INDIAN HOTELS CO LIMITED | 2.78% |
| AKER SOLUTIONS ASA | 2.03% |
| TFI INTERNATIONAL INC | 1.98% |
| FUGRO NV-CVA | 1.97% |
| SAAB AB-B | 1.96% |
| CAE INC | 1.82% |
| RHEINMETALL AG | 1.80% |
| WORLEY LTD | 1.75% |
| SYDBANK A/S | 1.71% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 21.51% | |
| India | 13.21% | |
| United Kingdom | 9.36% | |
| Canada | 7.47% | |
| Sweden | 6.22% | |
| Australia | 5.39% | |
| Denmark | 5.28% | |
| France | 4.71% | |
| Netherlands | 4.16% | |
| Taiwan | 3.57% | |
| Mexico | 3.41% | |
| Norway | 2.64% | |
| Germany | 2.58% | |
| Thailand | 2.35% | |
| Italy | 2.31% | |
| Indonesia | 1.58% | |
| Belgium | 0.77% | |
| Greece | 0.74% | |
| Philippines | 0.68% | |
| Finland | 0.54% | |
| Hong Kong | 0.45% | |
| Switzerland | 0.43% | |
| Austria | 0.42% | |
| South Korea | 0.22% |
| Communication Services | 3.63% | |
| Consumer Discretionary | 15.58% | |
| Consumer Staples | 8.26% | |
| Energy | 3.12% | |
| Financials | 8.63% | |
| Health Care | 5.34% | |
| Industrials | 31.14% | |
| Information Technology | 14.95% | |
| Materials | 3.59% | |
| Real Estate | 4.51% | |
| Utilities | 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 | NL | AALB NA | 92,437 | $3,839,805.50 |
| AIXTRON AG | DE | AIXA GR | 87,432 | $3,319,129.94 |
| AKER SOLUTIONS ASA | NO | AKSO NO | 2,822,347 | $11,787,577.10 |
| ALS LTD | AU | ALQ AU | 680,017 | $5,185,675.85 |
| ALSEA SAB DE DV | MX | ALSEA* MM | 1,319,107 | $4,658,902.88 |
| ALTEN SA | FR | ATE FP | 60,381 | $8,578,053.71 |
| AMVIS HOLDINGS INC | JP | 7071 JP | 234,686 | $4,681,511.14 |
| APL APOLLO TUBES LTD | IN | APAT IN | 455,929 | $9,224,282.32 |
| ASAHI INTECC CO LTD | JP | 7747 JP | 389,200 | $7,895,119.39 |
| AUTO TRADER GROUP PLC | GB | AUTO LN | 582,327 | $4,465,553.40 |
| B&M EUROPEAN VALUE RETAIL SA | GB | BME LN | 549,727 | $4,017,456.15 |
| BABCOCK INTL GROUP PLC | GB | BAB LN | 707,393 | $3,459,519.19 |
| BARCO N.V. | BE | BAR BB | 207,485 | $4,453,609.04 |
| BE SEMICONDUCTOR | NL | BESI NA | 31,806 | $3,650,851.41 |
| BIOGAIA AB-B SHS | SE | BIOGB SS | 472,413 | $4,314,865.05 |
| BREMBO SPA | IT | BRE IM | 147,372 | $2,048,096.17 |
| BRUNELLO CUCINELLI SPA | IT | BC IM | 71,850 | $5,937,603.96 |
| BUYSELL TECHNOLOGIES CO LTD | JP | 7685 JP | 54,900 | $1,433,043.54 |
| CAE INC | CA | CAE CN | 438,491 | $10,576,096.57 |
| COM7 PCL-NVDR | TH | COM7-R TB | 5,937,500 | $5,460,502.78 |
| CORP INMOBILIARIA | MX | VESTA MM | 2,628,900 | $9,719,706.52 |
| CREDITACCESS GRAMEEN LTD | IN | CREDAG IN | 369,942 | $6,323,373.44 |
| DAIEI KANKYO CO LTD | JP | 9336 JP | 300,108 | $4,759,043.41 |
| DAIFUKU CO LTD | JP | 6383 JP | 297,700 | $5,494,226.68 |
| DESCARTES SYSTEMS GRP/THE | CA | DSG CN | 79,889 | $5,989,901.27 |
| DOMINO'S PIZZA GROUP PLC | GB | DOM LN | 926,728 | $4,637,217.17 |
| DREYFUS GVT CSH MANAGEMENT | US | 39,902,643.57 | $39,902,643.57 | |
| E INK HOLDINGS INC | TW | 8069 TT | 277,000 | $1,583,280.05 |
| ELEMENT FLEET MANAGEMENT COR | CA | EFN CN | 561,951 | $8,638,041.94 |
| EMEMORY TECHNOLOGY INC | TW | 3529 TT | 110,000 | $6,231,477.95 |
| ERG SPA | IT | ERG IM | 80,681 | $2,207,457.56 |
| EURONEXT NV | NL | ENX FP | 73,210 | $5,285,077.01 |
| FORTNOX AB | SE | FNOX SS | 807,516 | $4,194,410.03 |
| FUGRO NV-CVA | NL | FUR NA | 678,630 | $11,435,507.03 |
| FUKUOKA FINANCIAL GROUP INC | JP | 8354 JP | 226,100 | $5,339,418.52 |
| GAZTRANSPORT ET TECHNIGA SA | FR | GTT FP | 51,452 | $6,371,544.39 |
| GMO PAYMENT GATEWAY INC | JP | 3769 JP | 58,200 | $3,685,402.27 |
| GRUPO AEROPORT DEL SURESTE-B | MX | 200,589 | $5,460,448.92 | |
| HALMA PLC | GB | HLMA LN | 151,248 | $4,100,097.82 |
| HOWDEN JOINERY GROUP INC | GB | HWDN LN | 704,512 | $6,588,986.41 |
| HUSQVARNA AB-B SHS | SE | HUSQB SS | 568,808 | $4,897,189.95 |
| INDIAN HOTELS CO LIMITED | IN | IH IN | 3,187,881 | $16,193,336.44 |
| INTERNET INITIATIVE JAPAN | JP | 3774 JP | 528,700 | $9,188,932.44 |
| INTERPUMP GROUP SPA | IT | IP IM | 63,824 | $3,226,632.32 |
| ISS A/S | DK | ISS DC | 441,244 | $7,832,310.19 |
| JAPAN AIRPORT TERMINAL CO | JP | 9706 JP | 134,600 | $6,379,724.05 |
| JAPAN HOTEL REIT INVESTMENT | JP | 8985 JP | 17,631 | $8,935,219.76 |
| JUMBO SA | GR | 138,919 | $4,296,162.04 | |
| KALBE FARMA TBK PT | ID | KLBF IJ | 27,449,600 | $3,265,717.09 |
| KANEKA CORP | JP | 4118 JP | 159,600 | $4,479,655.32 |
| KPIT TECHNOLOGIES LTD | IN | KPITTECH IN | 345,011 | $4,894,490.39 |
| L'OCCITANE INTERNATIONAL SA | HK | 973 HK | 746,250 | $2,641,479.59 |
| MAX HEALTHCARE INSTITUTE LTD | IN | MAXHEALT IN | 599,134 | $4,268,792.59 |
| MEGAPORT LTD | AU | MP1 AU | 448,235 | $3,481,627.40 |
| MINOR INTERNATIONAL PCL-NVDR | TH | MINT-R TB | 3,622,500 | $3,437,125.66 |
| MIPS AB | SE | MIPS SS | 48,626 | $1,796,200.57 |
| MORINAGA & CO LTD | JP | 2201 JP | 111,400 | $4,048,548.36 |
| NEXTAGE CO LTD | JP | 3186 JP | 327,700 | $7,376,685.13 |
| NHPC LTD | IN | NHPC IN | 8,332,380 | $5,050,423.39 |
| NIFCO INC | JP | 7988 JP | 178,600 | $5,264,375.56 |
| NIKON CORP | JP | 7731 JP | 627,900 | $6,772,000.66 |
| NORDIC SEMICONDUCTOR ASA | NO | NOD NO | 294,008 | $3,570,772.94 |
| OXFORD INSTRUMENTS PLC | GB | OXIG LN | 176,003 | $4,938,577.30 |
| PARK24 CO LTD | JP | 4666 JP | 579,800 | $8,177,522.33 |
| PHOENIX MILLS LTD | IN | PHNX IN | 348,886 | $7,580,271.08 |
| PILBARA MINERALS LTD | AU | PLS AU | 1,162,007 | $3,483,719.41 |
| PRO MEDICUS LTD | AU | PME AU | 100,913 | $4,777,535.08 |
| QT GROUP OYJ | FI | QTCOM FH | 49,381 | $3,151,231.35 |
| RHEINMETALL AG | DE | RHM GR | 38,563 | $10,474,673.84 |
| RIGHTMOVE PLC | GB | RMV LN | 1,052,323 | $7,448,576.02 |
| RINGKJOEBING LANDBOBANK | DK | RILBA DC | 29,010 | $4,294,096.28 |
| ROHTO PHARMACEUTICAL CO LTD | JP | 4527 JP | 237,400 | $6,176,303.50 |
| ROYAL UNIBREW | DK | RBREW DC | 22,221 | $1,948,651.47 |
| RS GROUP PLC | GB | RS1 LN | 233,978 | $2,248,387.32 |
| S.O.I.T.E.C. | FR | SOI FP | 32,735 | $5,983,410.99 |
| SAAB AB-B | SE | SAABB SS | 216,187 | $11,396,117.67 |
| SIAM GLOBAL HOUSE PCL | TH | GLOBAL TB | 3,958,561.97 | $2,124,146.77 |
| SIAM GLOBAL HOUSE PCL FOREIG | TH | GLOBAL/F TB | 4,937,948.03 | $2,649,680.99 |
| SINBON ELECTRONICS CO LTD | TW | 3023 TT | 838,000 | $8,141,149.46 |
| SIXT SE | DE | SIX2 GR | 11,216 | $1,195,722.11 |
| SKC CO LTD | KR | 011790 KS | 18,144 | $1,253,838.77 |
| SOJITZ CORP | JP | 2768 JP | 352,400 | $7,571,174.84 |
| SOPRA STERIA GROUP | FR | SOP FP | 29,316 | $6,448,264.98 |
| SSP GROUP PLC | GB | SSPG LN | 1,364,483 | $4,062,038.60 |
| SUMBER ALFARIA TRIJAYA | ID | AMRT IJ | 31,170,784 | $5,935,342.98 |
| SYDBANK A/S | DK | SYDB DC | 212,212 | $9,967,514.77 |
| TAKEUCHI MFG CO LTD | JP | 6432 JP | 207,700 | $6,595,511.47 |
| TECHNOLOGY ONE LTD | AU | TNE AU | 427,704 | $4,254,503.55 |
| TECHNOPRO HOLDINGS INC | JP | 6028 JP | 320,400 | $7,857,979.83 |
| TFI INTERNATIONAL INC | CA | TFII CN | 84,546 | $11,520,581.35 |
| THK CO LTD | JP | 6481 JP | 170,900 | $3,121,018.56 |
| TOPDANMARK A/S | DK | TOP DC | 140,344 | $6,641,840.17 |
| TOROMONT INDUSTRIES LTD | CA | TIH CN | 81,832 | $6,712,743.40 |
| TRELLEBORG AB-B SHS | SE | TRELB SS | 304,395 | $7,727,640.46 |
| UNIVERSAL ROBINA CORP | PH | URC PM | 2,017,690 | $3,982,537.16 |
| VARUN BEVERAGES ltd | IN | VBL IN | 2,148,459 | $23,312,351.00 |
| VAT GROUP AG | CH | VACN SW | 6,212 | $2,482,607.49 |
| VOLTRONIC POWER TECHNOLOGY | TW | 6409 TT | 105,498 | $4,788,295.96 |
| WHITBREAD PLC | GB | WTB LN | 194,433 | $8,456,577.68 |
| WIENERBERGER AG | AT | WIE AV | 88,442 | $2,434,496.43 |
| WORLEY LTD | AU | WOR AU | 902,941 | $10,152,689.76 |
| XVIVO PERFUSION AB | SE | XVIVO SS | 68,658 | $1,832,075.13 |
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.
An Underutilized and Misunderstood Asset Class
We believe that adding international small cap stocks to a broader portfolio may help dampen volatility and boost long-term performance.
See below for most recent performance.
Daily Price
$20.97
Daily $ Change
$0.06
Daily % Change
0.29%
as of 09/22/2023
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 | |
| 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
2.20%
1 Year
0.69%
3 Year
-1.35%
5 Year
2.18%
10 Year
7.20%
Inception
(11/30/2012)
9.00%
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 | 1.39% |
*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.
| VARUN BEVERAGES ltd | 4.01% |
| INDIAN HOTELS CO LIMITED | 2.78% |
| AKER SOLUTIONS ASA | 2.03% |
| TFI INTERNATIONAL INC | 1.98% |
| FUGRO NV-CVA | 1.97% |
| SAAB AB-B | 1.96% |
| CAE INC | 1.82% |
| RHEINMETALL AG | 1.80% |
| WORLEY LTD | 1.75% |
| SYDBANK A/S | 1.71% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 21.51% | |
| India | 13.21% | |
| United Kingdom | 9.36% | |
| Canada | 7.47% | |
| Sweden | 6.22% | |
| Australia | 5.39% | |
| Denmark | 5.28% | |
| France | 4.71% | |
| Netherlands | 4.16% | |
| Taiwan | 3.57% | |
| Mexico | 3.41% | |
| Norway | 2.64% | |
| Germany | 2.58% | |
| Thailand | 2.35% | |
| Italy | 2.31% | |
| Indonesia | 1.58% | |
| Belgium | 0.77% | |
| Greece | 0.74% | |
| Philippines | 0.68% | |
| Finland | 0.54% | |
| Hong Kong | 0.45% | |
| Switzerland | 0.43% | |
| Austria | 0.42% | |
| South Korea | 0.22% |
| Communication Services | 3.63% | |
| Consumer Discretionary | 15.58% | |
| Consumer Staples | 8.26% | |
| Energy | 3.12% | |
| Financials | 8.63% | |
| Health Care | 5.34% | |
| Industrials | 31.14% | |
| Information Technology | 14.95% | |
| Materials | 3.59% | |
| Real Estate | 4.51% | |
| Utilities | 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 | NL | AALB NA | 92,437 | $3,839,805.50 |
| AIXTRON AG | DE | AIXA GR | 87,432 | $3,319,129.94 |
| AKER SOLUTIONS ASA | NO | AKSO NO | 2,822,347 | $11,787,577.10 |
| ALS LTD | AU | ALQ AU | 680,017 | $5,185,675.85 |
| ALSEA SAB DE DV | MX | ALSEA* MM | 1,319,107 | $4,658,902.88 |
| ALTEN SA | FR | ATE FP | 60,381 | $8,578,053.71 |
| AMVIS HOLDINGS INC | JP | 7071 JP | 234,686 | $4,681,511.14 |
| APL APOLLO TUBES LTD | IN | APAT IN | 455,929 | $9,224,282.32 |
| ASAHI INTECC CO LTD | JP | 7747 JP | 389,200 | $7,895,119.39 |
| AUTO TRADER GROUP PLC | GB | AUTO LN | 582,327 | $4,465,553.40 |
| B&M EUROPEAN VALUE RETAIL SA | GB | BME LN | 549,727 | $4,017,456.15 |
| BABCOCK INTL GROUP PLC | GB | BAB LN | 707,393 | $3,459,519.19 |
| BARCO N.V. | BE | BAR BB | 207,485 | $4,453,609.04 |
| BE SEMICONDUCTOR | NL | BESI NA | 31,806 | $3,650,851.41 |
| BIOGAIA AB-B SHS | SE | BIOGB SS | 472,413 | $4,314,865.05 |
| BREMBO SPA | IT | BRE IM | 147,372 | $2,048,096.17 |
| BRUNELLO CUCINELLI SPA | IT | BC IM | 71,850 | $5,937,603.96 |
| BUYSELL TECHNOLOGIES CO LTD | JP | 7685 JP | 54,900 | $1,433,043.54 |
| CAE INC | CA | CAE CN | 438,491 | $10,576,096.57 |
| COM7 PCL-NVDR | TH | COM7-R TB | 5,937,500 | $5,460,502.78 |
| CORP INMOBILIARIA | MX | VESTA MM | 2,628,900 | $9,719,706.52 |
| CREDITACCESS GRAMEEN LTD | IN | CREDAG IN | 369,942 | $6,323,373.44 |
| DAIEI KANKYO CO LTD | JP | 9336 JP | 300,108 | $4,759,043.41 |
| DAIFUKU CO LTD | JP | 6383 JP | 297,700 | $5,494,226.68 |
| DESCARTES SYSTEMS GRP/THE | CA | DSG CN | 79,889 | $5,989,901.27 |
| DOMINO'S PIZZA GROUP PLC | GB | DOM LN | 926,728 | $4,637,217.17 |
| DREYFUS GVT CSH MANAGEMENT | US | 39,902,643.57 | $39,902,643.57 | |
| E INK HOLDINGS INC | TW | 8069 TT | 277,000 | $1,583,280.05 |
| ELEMENT FLEET MANAGEMENT COR | CA | EFN CN | 561,951 | $8,638,041.94 |
| EMEMORY TECHNOLOGY INC | TW | 3529 TT | 110,000 | $6,231,477.95 |
| ERG SPA | IT | ERG IM | 80,681 | $2,207,457.56 |
| EURONEXT NV | NL | ENX FP | 73,210 | $5,285,077.01 |
| FORTNOX AB | SE | FNOX SS | 807,516 | $4,194,410.03 |
| FUGRO NV-CVA | NL | FUR NA | 678,630 | $11,435,507.03 |
| FUKUOKA FINANCIAL GROUP INC | JP | 8354 JP | 226,100 | $5,339,418.52 |
| GAZTRANSPORT ET TECHNIGA SA | FR | GTT FP | 51,452 | $6,371,544.39 |
| GMO PAYMENT GATEWAY INC | JP | 3769 JP | 58,200 | $3,685,402.27 |
| GRUPO AEROPORT DEL SURESTE-B | MX | 200,589 | $5,460,448.92 | |
| HALMA PLC | GB | HLMA LN | 151,248 | $4,100,097.82 |
| HOWDEN JOINERY GROUP INC | GB | HWDN LN | 704,512 | $6,588,986.41 |
| HUSQVARNA AB-B SHS | SE | HUSQB SS | 568,808 | $4,897,189.95 |
| INDIAN HOTELS CO LIMITED | IN | IH IN | 3,187,881 | $16,193,336.44 |
| INTERNET INITIATIVE JAPAN | JP | 3774 JP | 528,700 | $9,188,932.44 |
| INTERPUMP GROUP SPA | IT | IP IM | 63,824 | $3,226,632.32 |
| ISS A/S | DK | ISS DC | 441,244 | $7,832,310.19 |
| JAPAN AIRPORT TERMINAL CO | JP | 9706 JP | 134,600 | $6,379,724.05 |
| JAPAN HOTEL REIT INVESTMENT | JP | 8985 JP | 17,631 | $8,935,219.76 |
| JUMBO SA | GR | 138,919 | $4,296,162.04 | |
| KALBE FARMA TBK PT | ID | KLBF IJ | 27,449,600 | $3,265,717.09 |
| KANEKA CORP | JP | 4118 JP | 159,600 | $4,479,655.32 |
| KPIT TECHNOLOGIES LTD | IN | KPITTECH IN | 345,011 | $4,894,490.39 |
| L'OCCITANE INTERNATIONAL SA | HK | 973 HK | 746,250 | $2,641,479.59 |
| MAX HEALTHCARE INSTITUTE LTD | IN | MAXHEALT IN | 599,134 | $4,268,792.59 |
| MEGAPORT LTD | AU | MP1 AU | 448,235 | $3,481,627.40 |
| MINOR INTERNATIONAL PCL-NVDR | TH | MINT-R TB | 3,622,500 | $3,437,125.66 |
| MIPS AB | SE | MIPS SS | 48,626 | $1,796,200.57 |
| MORINAGA & CO LTD | JP | 2201 JP | 111,400 | $4,048,548.36 |
| NEXTAGE CO LTD | JP | 3186 JP | 327,700 | $7,376,685.13 |
| NHPC LTD | IN | NHPC IN | 8,332,380 | $5,050,423.39 |
| NIFCO INC | JP | 7988 JP | 178,600 | $5,264,375.56 |
| NIKON CORP | JP | 7731 JP | 627,900 | $6,772,000.66 |
| NORDIC SEMICONDUCTOR ASA | NO | NOD NO | 294,008 | $3,570,772.94 |
| OXFORD INSTRUMENTS PLC | GB | OXIG LN | 176,003 | $4,938,577.30 |
| PARK24 CO LTD | JP | 4666 JP | 579,800 | $8,177,522.33 |
| PHOENIX MILLS LTD | IN | PHNX IN | 348,886 | $7,580,271.08 |
| PILBARA MINERALS LTD | AU | PLS AU | 1,162,007 | $3,483,719.41 |
| PRO MEDICUS LTD | AU | PME AU | 100,913 | $4,777,535.08 |
| QT GROUP OYJ | FI | QTCOM FH | 49,381 | $3,151,231.35 |
| RHEINMETALL AG | DE | RHM GR | 38,563 | $10,474,673.84 |
| RIGHTMOVE PLC | GB | RMV LN | 1,052,323 | $7,448,576.02 |
| RINGKJOEBING LANDBOBANK | DK | RILBA DC | 29,010 | $4,294,096.28 |
| ROHTO PHARMACEUTICAL CO LTD | JP | 4527 JP | 237,400 | $6,176,303.50 |
| ROYAL UNIBREW | DK | RBREW DC | 22,221 | $1,948,651.47 |
| RS GROUP PLC | GB | RS1 LN | 233,978 | $2,248,387.32 |
| S.O.I.T.E.C. | FR | SOI FP | 32,735 | $5,983,410.99 |
| SAAB AB-B | SE | SAABB SS | 216,187 | $11,396,117.67 |
| SIAM GLOBAL HOUSE PCL | TH | GLOBAL TB | 3,958,561.97 | $2,124,146.77 |
| SIAM GLOBAL HOUSE PCL FOREIG | TH | GLOBAL/F TB | 4,937,948.03 | $2,649,680.99 |
| SINBON ELECTRONICS CO LTD | TW | 3023 TT | 838,000 | $8,141,149.46 |
| SIXT SE | DE | SIX2 GR | 11,216 | $1,195,722.11 |
| SKC CO LTD | KR | 011790 KS | 18,144 | $1,253,838.77 |
| SOJITZ CORP | JP | 2768 JP | 352,400 | $7,571,174.84 |
| SOPRA STERIA GROUP | FR | SOP FP | 29,316 | $6,448,264.98 |
| SSP GROUP PLC | GB | SSPG LN | 1,364,483 | $4,062,038.60 |
| SUMBER ALFARIA TRIJAYA | ID | AMRT IJ | 31,170,784 | $5,935,342.98 |
| SYDBANK A/S | DK | SYDB DC | 212,212 | $9,967,514.77 |
| TAKEUCHI MFG CO LTD | JP | 6432 JP | 207,700 | $6,595,511.47 |
| TECHNOLOGY ONE LTD | AU | TNE AU | 427,704 | $4,254,503.55 |
| TECHNOPRO HOLDINGS INC | JP | 6028 JP | 320,400 | $7,857,979.83 |
| TFI INTERNATIONAL INC | CA | TFII CN | 84,546 | $11,520,581.35 |
| THK CO LTD | JP | 6481 JP | 170,900 | $3,121,018.56 |
| TOPDANMARK A/S | DK | TOP DC | 140,344 | $6,641,840.17 |
| TOROMONT INDUSTRIES LTD | CA | TIH CN | 81,832 | $6,712,743.40 |
| TRELLEBORG AB-B SHS | SE | TRELB SS | 304,395 | $7,727,640.46 |
| UNIVERSAL ROBINA CORP | PH | URC PM | 2,017,690 | $3,982,537.16 |
| VARUN BEVERAGES ltd | IN | VBL IN | 2,148,459 | $23,312,351.00 |
| VAT GROUP AG | CH | VACN SW | 6,212 | $2,482,607.49 |
| VOLTRONIC POWER TECHNOLOGY | TW | 6409 TT | 105,498 | $4,788,295.96 |
| WHITBREAD PLC | GB | WTB LN | 194,433 | $8,456,577.68 |
| WIENERBERGER AG | AT | WIE AV | 88,442 | $2,434,496.43 |
| WORLEY LTD | AU | WOR AU | 902,941 | $10,152,689.76 |
| XVIVO PERFUSION AB | SE | XVIVO SS | 68,658 | $1,832,075.13 |
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.