Rainier International Discovery Series

Disciplined Value Series Equity Income Series Equity Series International Series Overseas Series Rainier International Discovery Series Real Estate Series
Class I Class S Class Z Class W

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.

 

Performance discussed within is as of 03/31/2017. See below for most recent performance.

Download the product spotlight to learn more about this underutilized, but opportunistic solution

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

$20.69

Daily $ Change

$0.07

Daily % Change

0.34%

as of 07/18/2019

Ticker

RAIWX

CUSIP

56382R381

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet ---
Applications & Forms

Performance

As of 06/30/2019

As of
Month-End Quarter-End

YTD

19.47%

1 Year

-4.44%

3 Year

9.82%

5 Year

7.18%

10 Year

---

Inception
(03/28/2012)

12.08%

Market Cycle

---

Inception performance is based on the Rainier International Discovery Series Class I inception of 03/28/2012. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio. 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.

Expense Ratio

Gross 1.05%
Net 0.11%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 06/30/2019

As of
Month-End Quarter-End
TECHTRONIC INDUSTRIES CO LTD 3.35%
ROYAL UNIBREW 3.14%
NEMETSCHEK SE 2.95%
TELEPERFORMANCE 2.85%
CAE INC 2.82%
KRUNGTHAI CARD PCL NVDR 2.54%
FINECOBANK SPA 2.52%
DECHRA PHARMACEUTICALS PLC 2.48%
CHR HANSEN HOLDING A/S 2.45%
KORIAN 2.43%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2019

As of
Month-End Quarter-End
Communication Services 2.36%
Consumer Discretionary 11.71%
Consumer Staples 6.36%
Energy 0.67%
Financials 13.12%
Health Care 22.89%
Industrials 22.51%
Information Technology 16.66%
Materials 2.45%
Other 0.01%
Real Estate 1.26%

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.

Country Allocation

As of 06/30/2019

As of
Month-End Quarter-End
Germany 12.53%
Japan 10.07%
United Kingdom 9.79%
Denmark 9.75%
France 7.69%
Italy 7.17%
Thailand 6.61%
India 4.66%
Indonesia 3.35%
Hong Kong 3.35%
Sweden 3.21%
Canada 2.82%
Australia 2.43%
Netherlands 2.36%
Philippines 1.73%
Taiwan 1.50%
Norway 1.40%
Switzerland 1.21%
Ireland 1.17%
China 1.15%
Israel 1.13%
Belgium 0.97%
Poland 0.83%
New Zealand 0.80%
Malaysia 0.69%
Austria 0.67%
South Korea 0.63%
Finland 0.33%

June Fund Holdings

As of 06/30/2019

June May April March
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 887,790 $7,132,306.86
0405207 HALMA PLC GB HLMA LN 207,460 $5,328,135.19
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 329,835 $2,122,740.37
06684L103 BAOZUN INC-SPN ADR CN BZUN 102,285 $5,099,930.10
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 313,695 $10,948,738.31
2162760 CAE INC CA CAE CN 463,930 $12,473,731.66
262006208 DREYFUS GVT CSH MANAGEMENT US 26,673,532.08 $26,673,532.08
4018786 CELLAVISION AB SE CEVI SS 88,865 $3,047,926.48
4730875 TOMRA SYSTEMS ASA NO TOM NO 188,535 $6,205,553.57
4907732 ALTRAN TECHNOLOGIES SA FR ALT FP 442,855 $7,028,009.09
5161407 INTERPUMP GROUP SPA IT IP IM 189,845 $5,841,638.35
5633962 NEMETSCHEK SE DE NEM GR 216,780 $13,059,455.97
5802449 VARTA AG DE VAR1 GR 44,350 $2,753,499.43
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 17,970 $3,685,366.61
5910609 RATIONAL AG DE RAA GR 9,215 $6,350,933.40
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 107,885 $10,640,741.60
5999330 TELEPERFORMANCE FR TEP FP 62,835 $12,589,435.20
6036548 NET ONE SYSTEMS CO LTD JP 7518 JP 256,000 $7,079,459.74
6250025 DAIFUKU CO LTD JP 6383 JP 163,600 $9,240,655.48
6283979 INDOFOOD SUKSES MAKMUR TBK P ID INDF IJ 6,974,000 $3,467,970.70
6292782 PRO MEDICUS LTD AU PME AU 90,830 $1,618,171.08
6302410 TECHNOLOGY ONE LTD AU TNE AU 245,635 $1,362,105.91
6373632 PRESTIGE INTERNATIONAL INC JP 4290 JP 179,500 $2,672,921.37
6430139 LEENO INDUSTRIAL INC KR 53,910 $2,804,068.62
6455819 INTL CONTAINER TERM SVCS INC PH ICT PM 1,336,720 $3,819,572.71
6541826 POYA INTERNATIONAL CO LTD TW 5904 TT 315,000 $4,263,411.00
6561330 KRUNGTHAI CARD PCL NVDR TH KTC-R TB 7,945,700 $11,215,974.46
6688080 PIGEON CORP JP 7956 JP 121,900 $4,915,723.99
6869131 THK CO LTD JP 6481 JP 61,300 $1,474,478.95
7195824 REVENIO GROUP OYJ FI REG1V FH 63,235 $1,441,551.78
7571305 SCHOELLER-BLECKMANN OILFIELD AT SBO AV 34,775 $2,952,951.37
B018C06 MINOR INTERNATIONAL PCL TH MINT TB 1,504,246 $2,011,087.80
B018C28 MINOR INTERNATIONAL PCL-NVDR TH MINT-R TB 1,603,754 $2,144,124.10
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,931,500 $14,796,896.68
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 318,200 $7,865,623.02
B05L892 TOP GLOVE CORP BHD MY TOPG MK 2,566,400 $3,050,607.17
B0VL7C2 ALK-ABELLO A/S DK ALKB DC 21,145 $4,937,128.44
B14NJ71 AMPLIFON SPA IT AMP IM 196,754 $4,610,127.02
B1DN466 NIHON M&A CENTER INC JP 2127 JP 157,300 $3,789,039.66
B1HKRM0 KORIAN FR KORI FP 282,275 $10,737,201.38
B1JTY91 XING SE DE O1BC GR 19,487 $8,320,580.94
B1VN5T8 BIOTAGE AB SE BIOT SS 243,875 $2,863,315.49
B1WF979 NANOSONICS LTD AU NAN AU 923,285 $3,655,153.99
B1Y6V63 GRUPPO MUTUIONLINE SPA IT MOL IM 148,595 $2,646,029.47
B234WN9 DIASORIN SPA IT DIA IM 45,410 $5,275,407.34
B281L72 FAGRON BE FAGR BB 210,215 $4,274,797.31
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 206,400 $4,866,107.06
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 292,000 $890,654.14
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,913,082.86
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 72,900 $2,613,016.28
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 115,055 $10,827,266.03
B677469 ABCAM PLC GB ABC LN 569,680 $10,663,910.70
B6X51B1 TCI CO LTD TW 8436 TT 158,000 $2,171,266.78
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 46,286,100 $5,930,658.72
B86SZR5 ALS LTD AU ALQ AU 796,195 $4,113,180.04
B898BV8 XVIVO PERFUSION AB SE XVIVO SS 90,415 $1,935,627.00
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 243,815 $5,576,278.86
B8P4LP4 XERO LTD NZ XRO AU 83,710 $3,533,958.93
B96HCH8 VOLTRONIC POWER TECHNOLOGY TW 6409 TT 9,000 $196,171.86
BBCR9N1 SIMCORP A/S DK SIM DC 56,545 $5,473,674.55
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 223,090 $5,165,429.76
BD0F6Q3 V-GUARD INDUSTRIES LTD IN VGRD IN 1,073,925 $3,787,026.55
BD0YVN2 DINO POLSKA SA PL DNP PW 104,947 $3,677,214.26
BD3RVD8 L&T TECHNOLOGY SERVICES IN LTTS IN 271,720 $6,868,874.40
BD9Y9B7 BASIC-FIT NV NL BFIT NA 128,515 $4,523,063.23
BF0LBX7 BIOMERIEUX FR BIM FP 44,090 $3,653,234.84
BF17YL3 ARJO AB- B SHARES SE ARJOB SS 748,360 $3,388,818.09
BFNBJ41 BANK TABUNGAN PENSIUNAN NASI ID BTPS IJ 22,217,209 $5,425,477.68
BFT7KB7 FEDERAL BANK LTD IN FB IN 4,764,050 $7,481,385.16
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 197,610 $7,959,611.53
BFZCSN4 VITROLIFE AB SE VITR SS 152,515 $2,972,729.82
BGJVB13 JENOPTIK AG DE JEN GR 84,635 $2,736,880.02
BGLP232 MONCLER SPA IT MONC IM 50,865 $2,180,142.97
BJJN0R9 MINOR INTERNATIONAL TH 75,212.3 $13,611.42
BKF1B60 MINOR INTER WT EX 09/30/21 TH 118,707.7 $21,482.93
BNBNSG0 EURONEXT NV NL ENX FP 78,375 $5,929,787.37
BNGN9Z1 FINECOBANK SPA IT FBK IM 998,785 $11,141,930.89
BSNLDQ2 MUANGTHAI CAPITAL PCL-NVDR TH MTC-R TB 2,422,000 $4,465,828.17
BVFNZH2 ROTORK PLC GB ROR LN 1,249,835 $5,024,603.99
BX8ZX20 ROYAL UNIBREW DK RBREW DC 190,215 $13,905,804.33
BYMFG13 BATA INDIA LD IN BATA IN 118,270 $2,477,582.05
BYR4KP7 GRENKE AG DE GLJ GR 21,400 $2,300,754.41
BYXYHM7 WILCON DEPOT INC PH WLCON PM 11,628,628 $3,813,036.99
BYZN904 FUTURE PLC GB FUTR LN 170,480 $2,097,902.29
BYZWMR9 VAT GROUP AG CH VACN SW 43,465 $5,361,343.14
BZ2YN50 COM7 PCL-NVDR TH COM7-R TB 6,415,400 $4,568,714.53
M2682V108 CYBERARK SOFTWARE LTD/ISREAL IL CYBR 39,255 $5,018,359.20

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.

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.

 

Performance discussed within is as of 03/31/2017. See below for most recent performance.

Download the product spotlight to learn more about this underutilized, but opportunistic solution

Daily Price

$20.69

Daily $ Change

$0.07

Daily % Change

0.34%

as of 07/18/2019

Ticker

RAIWX

CUSIP

56382R381

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet ---
Applications & Forms

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 06/30/2019

As of
Month-End Quarter-End

YTD

19.47%

1 Year

-4.44%

3 Year

9.82%

5 Year

7.18%

10 Year

---

Inception
(03/28/2012)

12.08%

Market Cycle

---

Inception performance is based on the Rainier International Discovery Series Class I inception of 03/28/2012. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class I shares. Because the Class W shares invest in the same portfolio of securities as the Class I shares, performance will be different only to the extent that the Class I shares have a higher expense ratio. 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.

Expense Ratio

Gross 1.05%
Net 0.11%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 06/30/2019

As of
Month-End Quarter-End
TECHTRONIC INDUSTRIES CO LTD 3.35%
ROYAL UNIBREW 3.14%
NEMETSCHEK SE 2.95%
TELEPERFORMANCE 2.85%
CAE INC 2.82%
KRUNGTHAI CARD PCL NVDR 2.54%
FINECOBANK SPA 2.52%
DECHRA PHARMACEUTICALS PLC 2.48%
CHR HANSEN HOLDING A/S 2.45%
KORIAN 2.43%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2019

As of
Month-End Quarter-End
Communication Services
2.36%
Consumer Discretionary
11.71%
Consumer Staples
6.36%
Energy
0.67%
Financials
13.12%
Health Care
22.89%
Industrials
22.51%
Information Technology
16.66%
Materials
2.45%
Other
0.01%
Real Estate
1.26%

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.

Country Allocation

As of 06/30/2019

As of
Month-End Quarter-End
Germany
12.53%
Japan
10.07%
United Kingdom
9.79%
Denmark
9.75%
France
7.69%
Italy
7.17%
Thailand
6.61%
India
4.66%
Indonesia
3.35%
Hong Kong
3.35%
Sweden
3.21%
Canada
2.82%
Australia
2.43%
Netherlands
2.36%
Philippines
1.73%
Taiwan
1.50%
Norway
1.40%
Switzerland
1.21%
Ireland
1.17%
China
1.15%
Israel
1.13%
Belgium
0.97%
Poland
0.83%
New Zealand
0.80%
Malaysia
0.69%
Austria
0.67%
South Korea
0.63%
Finland
0.33%

June Fund Holdings

As of 06/30/2019

June May April March
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 887,790 $7,132,306.86
0405207 HALMA PLC GB HLMA LN 207,460 $5,328,135.19
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 329,835 $2,122,740.37
06684L103 BAOZUN INC-SPN ADR CN BZUN 102,285 $5,099,930.10
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 313,695 $10,948,738.31
2162760 CAE INC CA CAE CN 463,930 $12,473,731.66
262006208 DREYFUS GVT CSH MANAGEMENT US 26,673,532.08 $26,673,532.08
4018786 CELLAVISION AB SE CEVI SS 88,865 $3,047,926.48
4730875 TOMRA SYSTEMS ASA NO TOM NO 188,535 $6,205,553.57
4907732 ALTRAN TECHNOLOGIES SA FR ALT FP 442,855 $7,028,009.09
5161407 INTERPUMP GROUP SPA IT IP IM 189,845 $5,841,638.35
5633962 NEMETSCHEK SE DE NEM GR 216,780 $13,059,455.97
5802449 VARTA AG DE VAR1 GR 44,350 $2,753,499.43
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 17,970 $3,685,366.61
5910609 RATIONAL AG DE RAA GR 9,215 $6,350,933.40
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 107,885 $10,640,741.60
5999330 TELEPERFORMANCE FR TEP FP 62,835 $12,589,435.20
6036548 NET ONE SYSTEMS CO LTD JP 7518 JP 256,000 $7,079,459.74
6250025 DAIFUKU CO LTD JP 6383 JP 163,600 $9,240,655.48
6283979 INDOFOOD SUKSES MAKMUR TBK P ID INDF IJ 6,974,000 $3,467,970.70
6292782 PRO MEDICUS LTD AU PME AU 90,830 $1,618,171.08
6302410 TECHNOLOGY ONE LTD AU TNE AU 245,635 $1,362,105.91
6373632 PRESTIGE INTERNATIONAL INC JP 4290 JP 179,500 $2,672,921.37
6430139 LEENO INDUSTRIAL INC KR 53,910 $2,804,068.62
6455819 INTL CONTAINER TERM SVCS INC PH ICT PM 1,336,720 $3,819,572.71
6541826 POYA INTERNATIONAL CO LTD TW 5904 TT 315,000 $4,263,411.00
6561330 KRUNGTHAI CARD PCL NVDR TH KTC-R TB 7,945,700 $11,215,974.46
6688080 PIGEON CORP JP 7956 JP 121,900 $4,915,723.99
6869131 THK CO LTD JP 6481 JP 61,300 $1,474,478.95
7195824 REVENIO GROUP OYJ FI REG1V FH 63,235 $1,441,551.78
7571305 SCHOELLER-BLECKMANN OILFIELD AT SBO AV 34,775 $2,952,951.37
B018C06 MINOR INTERNATIONAL PCL TH MINT TB 1,504,246 $2,011,087.80
B018C28 MINOR INTERNATIONAL PCL-NVDR TH MINT-R TB 1,603,754 $2,144,124.10
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,931,500 $14,796,896.68
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 318,200 $7,865,623.02
B05L892 TOP GLOVE CORP BHD MY TOPG MK 2,566,400 $3,050,607.17
B0VL7C2 ALK-ABELLO A/S DK ALKB DC 21,145 $4,937,128.44
B14NJ71 AMPLIFON SPA IT AMP IM 196,754 $4,610,127.02
B1DN466 NIHON M&A CENTER INC JP 2127 JP 157,300 $3,789,039.66
B1HKRM0 KORIAN FR KORI FP 282,275 $10,737,201.38
B1JTY91 XING SE DE O1BC GR 19,487 $8,320,580.94
B1VN5T8 BIOTAGE AB SE BIOT SS 243,875 $2,863,315.49
B1WF979 NANOSONICS LTD AU NAN AU 923,285 $3,655,153.99
B1Y6V63 GRUPPO MUTUIONLINE SPA IT MOL IM 148,595 $2,646,029.47
B234WN9 DIASORIN SPA IT DIA IM 45,410 $5,275,407.34
B281L72 FAGRON BE FAGR BB 210,215 $4,274,797.31
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 206,400 $4,866,107.06
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 292,000 $890,654.14
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,913,082.86
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 72,900 $2,613,016.28
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 115,055 $10,827,266.03
B677469 ABCAM PLC GB ABC LN 569,680 $10,663,910.70
B6X51B1 TCI CO LTD TW 8436 TT 158,000 $2,171,266.78
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 46,286,100 $5,930,658.72
B86SZR5 ALS LTD AU ALQ AU 796,195 $4,113,180.04
B898BV8 XVIVO PERFUSION AB SE XVIVO SS 90,415 $1,935,627.00
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 243,815 $5,576,278.86
B8P4LP4 XERO LTD NZ XRO AU 83,710 $3,533,958.93
B96HCH8 VOLTRONIC POWER TECHNOLOGY TW 6409 TT 9,000 $196,171.86
BBCR9N1 SIMCORP A/S DK SIM DC 56,545 $5,473,674.55
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 223,090 $5,165,429.76
BD0F6Q3 V-GUARD INDUSTRIES LTD IN VGRD IN 1,073,925 $3,787,026.55
BD0YVN2 DINO POLSKA SA PL DNP PW 104,947 $3,677,214.26
BD3RVD8 L&T TECHNOLOGY SERVICES IN LTTS IN 271,720 $6,868,874.40
BD9Y9B7 BASIC-FIT NV NL BFIT NA 128,515 $4,523,063.23
BF0LBX7 BIOMERIEUX FR BIM FP 44,090 $3,653,234.84
BF17YL3 ARJO AB- B SHARES SE ARJOB SS 748,360 $3,388,818.09
BFNBJ41 BANK TABUNGAN PENSIUNAN NASI ID BTPS IJ 22,217,209 $5,425,477.68
BFT7KB7 FEDERAL BANK LTD IN FB IN 4,764,050 $7,481,385.16
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 197,610 $7,959,611.53
BFZCSN4 VITROLIFE AB SE VITR SS 152,515 $2,972,729.82
BGJVB13 JENOPTIK AG DE JEN GR 84,635 $2,736,880.02
BGLP232 MONCLER SPA IT MONC IM 50,865 $2,180,142.97
BJJN0R9 MINOR INTERNATIONAL TH 75,212.3 $13,611.42
BKF1B60 MINOR INTER WT EX 09/30/21 TH 118,707.7 $21,482.93
BNBNSG0 EURONEXT NV NL ENX FP 78,375 $5,929,787.37
BNGN9Z1 FINECOBANK SPA IT FBK IM 998,785 $11,141,930.89
BSNLDQ2 MUANGTHAI CAPITAL PCL-NVDR TH MTC-R TB 2,422,000 $4,465,828.17
BVFNZH2 ROTORK PLC GB ROR LN 1,249,835 $5,024,603.99
BX8ZX20 ROYAL UNIBREW DK RBREW DC 190,215 $13,905,804.33
BYMFG13 BATA INDIA LD IN BATA IN 118,270 $2,477,582.05
BYR4KP7 GRENKE AG DE GLJ GR 21,400 $2,300,754.41
BYXYHM7 WILCON DEPOT INC PH WLCON PM 11,628,628 $3,813,036.99
BYZN904 FUTURE PLC GB FUTR LN 170,480 $2,097,902.29
BYZWMR9 VAT GROUP AG CH VACN SW 43,465 $5,361,343.14
BZ2YN50 COM7 PCL-NVDR TH COM7-R TB 6,415,400 $4,568,714.53
M2682V108 CYBERARK SOFTWARE LTD/ISREAL IL CYBR 39,255 $5,018,359.20

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.


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