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
$23.40
Daily $ Change
-$0.25
Daily % Change
-1.07%
as of 07/25/2024
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 | |
| Applications & Forms | |
| N-Port Part F Reports |
YTD
3.57%
1 Year
6.75%
3 Year
-6.27%
5 Year
6.40%
10 Year
6.79%
Inception
(03/28/2012)
9.73%
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.
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.
Expense Ratio
| Gross | 1.07% |
| 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.
| FUGRO NV EUR0.05 | 2.49% |
| TFI INTERNATIONAL COM NPV | 1.97% |
| SOJITZ | 1.86% |
| ELEMENT FLEET MGMT COM NPV | 1.83% |
| HOWDEN JOINERY GR ORD GBP0.10 | 1.78% |
| FUKUOKA FINANCIAL GROUP | 1.72% |
| SAAB AB NPV B | 1.71% |
| BABCOCK INTL GROUP ORD GBP0.60 | 1.70% |
| EURONEXT EUR1.60 | 1.51% |
| PHOENIX MILLS INR2 | 1.47% |
Top Ten Investments list is unaudited and excludes cash
| Japan | 17.45% | |
| United Kingdom | 12.94% | |
| India | 11.93% | |
| Canada | 8.56% | |
| Taiwan | 7.18% | |
| Netherlands | 5.77% | |
| Australia | 5.68% | |
| Sweden | 5.56% | |
| Denmark | 4.43% | |
| Germany | 4.43% | |
| France | 3.28% | |
| Mexico | 2.67% | |
| South Korea | 1.97% | |
| Italy | 1.59% | |
| Finland | 1.37% | |
| China | 1.21% | |
| Norway | 1.13% | |
| Greece | 1.01% | |
| Spain | 0.86% | |
| Luxembourg | 0.50% | |
| Austria | 0.48% |
| Industrials | 31.37% | |
| Information Technology | 20.11% | |
| Financials | 10.91% | |
| Consumer Discretionary | 10.24% | |
| Health Care | 7.30% | |
| Communication Services | 6.36% | |
| Real Estate | 5.44% | |
| Consumer Staples | 3.70% | |
| Energy | 2.59% | |
| Utilities | 1.51% | |
| Materials | 0.48% |
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 | 78,308 | $3,182,496.63 | |
| AKER SOLUTIONS ASA NOK1.08 | NO | 1,242,858 | $5,159,363.57 | |
| ALK-ABELLO A/S SERBDKK0.50 | DK | 276,650 | $6,087,079.27 | |
| ALS LIMITED NPV | AU | 488,333 | $4,569,126.05 | |
| ALSEA SAB DE CV COM NPV | MX | 1,278,607 | $4,447,207.09 | |
| ALTEN SA NPV | FR | 24,963 | $2,742,294.76 | |
| AMADA CO LTD NPV | JP | 302,000 | $3,336,155.66 | |
| ASAHI INTECC CO LT NPV | JP | 255,300 | $3,579,691.35 | |
| ASHTEAD TECHNOLOGY ORD GBP0.05 | GB | 368,389 | $3,539,172.07 | |
| ASPEED TECHNOLOGY TWD10 | TW | 33,000 | $4,923,323.52 | |
| ATS CORP COM NPV | CA | 33,060 | $1,069,584.68 | |
| AURAS TECHNOLOGY TWD10 | TW | 129,000 | $3,208,945.33 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 548,750 | $5,557,723.10 | |
| B N M EUROPEAN VAL ORD GBP0.1 (DI) | LU | 411,097 | $2,271,987.26 | |
| BABCOCK INTL GROUP ORD GBP0.60 | GB | 1,179,505 | $7,783,084.05 | |
| BE SEMICONDUCTOR EUR0.01 | NL | 29,373 | $4,915,682.07 | |
| BIOGAIA AB SERBNPV | SE | 288,619 | $3,371,246.09 | |
| BLUE STAR INR2 | IN | 175,427 | $3,436,696.71 | |
| BRUNELLO CUCINELLI NPV | IT | 48,362 | $4,846,289.52 | |
| CAE INC COM NPV | CA | 135,523 | $2,516,636.41 | |
| CARSALES.COM LTD NPV | AU | 185,247 | $4,361,031.62 | |
| CLASSYS INC KRW100 | KR | 112,091 | $4,136,740.14 | |
| CMS INFO SYSTEMS L INR10.00 | IN | 515,731 | $3,054,648.97 | |
| CORPORACION INMOBI COM NPV | MX | 1,608,300 | $4,813,773.70 | |
| COSMAX INC KRW500 | KR | 34,398 | $4,862,950.09 | |
| CREDITACCESS GRAME INR10 | IN | 186,353 | $2,955,165.82 | |
| CTS EVENTIM NPV | DE | 64,712 | $5,402,761.20 | |
| DAIEI KANKYO CO LT NPV | JP | 268,000 | $4,548,302.87 | |
| DAIFUKU CO LTD NPV | JP | 261,200 | $4,887,554.40 | |
| DESCARTES SYSTEMS COM NPV | CA | 61,597 | $5,966,808.46 | |
| DIPLOMA ORD GBP0.05 | GB | 115,035 | $6,031,845.04 | |
| DOMINOS PIZZA GRP ORD GBP0.00520833 | GB | 357,232 | $1,385,438.15 | |
| E INK HOLDINGS INC TWD10 | TW | 544,000 | $4,225,698.57 | |
| ECLAT TEXTILE CO TWD10 | TW | 154,000 | $2,511,166.25 | |
| ELEMENT FLEET MGMT COM NPV | CA | 460,068 | $8,368,540.59 | |
| EMEMORY TECHNOLOGY TWD10 | TW | 79,000 | $6,258,341.94 | |
| ERG SPA EUR0.10 | IT | 97,006 | $2,436,967.27 | |
| EURONEXT EUR1.60 | FR | 74,673 | $6,922,663.14 | |
| FORTNOX AB NPV | SE | 295,186 | $1,783,346.89 | |
| FUGRO NV EUR0.05 | NL | 470,226 | $11,369,443.98 | |
| FUKUOKA FINANCIAL GROUP | JP | 293,500 | $7,845,642.17 | |
| GERRESHEIMER AG NPV (BR) | DE | 34,959 | $3,757,971.02 | |
| GIGA-BYTE TECH TWD10 | TW | 386,000 | $3,634,942.90 | |
| GRUMA SAB DE CV SER'B' NPV | MX | 161,455 | $2,947,256.81 | |
| GTT EUR0.01 | FR | 51,235 | $6,693,664.46 | |
| HALMA ORD GBP0.10 | GB | 164,076 | $5,612,473.24 | |
| HAMMOND POWER SOLUTIONS INC CA4085491039 | CA | 27,990 | $2,280,560.60 | |
| HOWDEN JOINERY GR ORD GBP0.10 | GB | 733,459 | $8,145,149.12 | |
| HYGEIA HEALTHCARE USD0.00001 | HK | 804,200 | $2,899,586.29 | |
| INDIAN HOTELS INR1 (POST SUBDIVISION) | IN | 507,531 | $3,808,270.38 | |
| INDRA SISTEMAS | ES | 191,018 | $3,953,211.59 | |
| INTERMED CAP GRP ORD GBP0.2625 | GB | 231,303 | $6,379,952.47 | |
| INTERNET INITIATIV NPV | JP | 207,400 | $3,055,043.52 | |
| JAPAN HOTEL REIT I REIT | JP | 11,282 | $5,449,530.03 | |
| JUMBO SA EUR0.88 | GR | 159,725 | $4,601,460.02 | |
| KAYNES TECHNOLOGY INR10 | IN | 118,310 | $5,466,556.91 | |
| Kfin Technologies Ltd. INR10 | IN | 451,667 | $3,793,975.72 | |
| KINAXIS INC COM NPV | CA | 35,207 | $4,059,090.38 | |
| KONECRANES OYJ NPV | FI | 60,757 | $3,447,908.87 | |
| KPIT TECHNOLOGIES INR10 | IN | 144,736 | $2,837,962.49 | |
| KRONES AG ORD NPV | DE | 21,657 | $2,720,316.28 | |
| KYOTO FINANCIAL GR NPV | JP | 209,200 | $3,711,654.86 | |
| LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 | SE | 213,886 | $3,477,853.98 | |
| LANDT FINANCE HOLDIN INR10 | IN | 1,876,862 | $4,076,147.00 | |
| MAX HEALTHCARE INS INR10 | IN | 365,727 | $4,134,562.65 | |
| MEGAPORT LTD NPV | AU | 407,943 | $3,056,829.90 | |
| MORINAGA AND CO NPV | JP | 208,200 | $3,221,495.71 | |
| NETCOMPANY GROUP DKK1 | DK | 80,609 | $3,461,522.98 | |
| NHPC LTD INR10 | IN | 3,682,427 | $4,446,954.27 | |
| NIFCO INC NPV | JP | 155,000 | $3,697,221.19 | |
| NIHON MNA CENTER I NPV | JP | 424,400 | $2,193,498.45 | |
| NIKON CORP | JP | 436,100 | $4,408,172.32 | |
| NKT A/S DKK20 | DK | 62,291 | $5,456,348.55 | |
| NOMURA REAL ESTATE HOLDINGS | JP | 144,700 | $3,626,045.63 | |
| NORDNET AB NPV | SE | 252,263 | $5,273,840.74 | |
| OXFORD INSTRUMENTS ORD GBP0.05 | GB | 119,371 | $3,727,152.96 | |
| PHOENIX MILLS INR2 | IN | 155,446 | $6,708,015.69 | |
| PRO MEDICUS NPV | AU | 56,304 | $5,386,952.26 | |
| QT GROUP OYJ NPV | FI | 34,089 | $2,833,280.39 | |
| RHEINMETALL AG NPV | DE | 7,822 | $3,987,901.80 | |
| RIGHTMOVE ORD GBP0.001 | GB | 931,278 | $6,321,717.15 | |
| RINGKJOBING LNDOBK DKK1 | DK | 31,434 | $5,267,460.55 | |
| RINNAI CORP | JP | 173,400 | $3,945,318.91 | |
| ROHTO PHARM NPV | JP | 196,600 | $4,119,971.40 | |
| SAAB AB NPV B | SE | 324,892 | $7,823,030.73 | |
| SCOUT24 AG NPV | DE | 57,408 | $4,380,724.11 | |
| SINBON ELECTRONICS TWD10 | TW | 385,000 | $3,465,314.49 | |
| SOBHA LIMITED INR10 | IN | 181,592 | $4,261,409.75 | |
| SOBHA LIMITED INR10 (SUBS RTS 04/07/2024) | IN | 23,181 | $80,978.87 | |
| SOCIONEXT INC NPV | JP | 77,000 | $1,823,281.11 | |
| SOJITZ | JP | 349,500 | $8,493,071.61 | |
| SOPRA STERIA GROUP EUR1.00 | FR | 28,574 | $5,546,039.81 | |
| STEADFAST GROUP LI NPV | AU | 882,299 | $3,641,524.13 | |
| TAKEUCHI MFG CO NPV | JP | 121,400 | $4,248,924.53 | |
| TECHNOLOGY ONE NPV | AU | 398,653 | $4,952,071.55 | |
| TFI INTERNATIONAL COM NPV | CA | 62,040 | $9,006,194.03 | |
| TOROMONT INDUSTRIE COM STK NPV | CA | 66,106 | $5,851,879.84 | |
| TOYO TIRE AND RUBBER NPV | JP | 225,400 | $3,599,029.59 | |
| TRAINLINE PLC ORD GBP1 (WI) | GB | 699,341 | $2,779,412.19 | |
| TRELLEBORG AB SERBNPV | SE | 94,224 | $3,669,239.26 | |
| TRIVENI TURBINE LT INR1 | IN | 512,715 | $3,812,736.58 | |
| US DOLLARS | US | 28,053,793.72 | $28,053,793.72 | |
| VARUN BEVERAGES INR5(POST SUBD) | IN | 90,288 | $1,764,615.42 | |
| VOLTRONIC POWER TE TWD10 | TW | 77,498 | $4,598,543.53 | |
| WHITBREAD ORD GBP0.76797385 | GB | 50,246 | $1,889,600.07 | |
| WIENERBERGER AG NPV | AT | 66,472 | $2,205,632.69 | |
| YADEA GROUP HOLDIN USD0.00001 | HK | 2,078,000 | $2,626,976.97 |
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
$23.40
Daily $ Change
-$0.25
Daily % Change
-1.07%
as of 07/25/2024
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 | |
| Applications & Forms | |
| 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
3.57%
1 Year
6.75%
3 Year
-6.27%
5 Year
6.40%
10 Year
6.79%
Inception
(03/28/2012)
9.73%
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.
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.
Expense Ratio
| Gross | 1.07% |
| 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.
| FUGRO NV EUR0.05 | 2.49% |
| TFI INTERNATIONAL COM NPV | 1.97% |
| SOJITZ | 1.86% |
| ELEMENT FLEET MGMT COM NPV | 1.83% |
| HOWDEN JOINERY GR ORD GBP0.10 | 1.78% |
| FUKUOKA FINANCIAL GROUP | 1.72% |
| SAAB AB NPV B | 1.71% |
| BABCOCK INTL GROUP ORD GBP0.60 | 1.70% |
| EURONEXT EUR1.60 | 1.51% |
| PHOENIX MILLS INR2 | 1.47% |
Top Ten Investments list is unaudited and excludes cash
| Japan | 17.45% | |
| United Kingdom | 12.94% | |
| India | 11.93% | |
| Canada | 8.56% | |
| Taiwan | 7.18% | |
| Netherlands | 5.77% | |
| Australia | 5.68% | |
| Sweden | 5.56% | |
| Denmark | 4.43% | |
| Germany | 4.43% | |
| France | 3.28% | |
| Mexico | 2.67% | |
| South Korea | 1.97% | |
| Italy | 1.59% | |
| Finland | 1.37% | |
| China | 1.21% | |
| Norway | 1.13% | |
| Greece | 1.01% | |
| Spain | 0.86% | |
| Luxembourg | 0.50% | |
| Austria | 0.48% |
| Industrials | 31.37% | |
| Information Technology | 20.11% | |
| Financials | 10.91% | |
| Consumer Discretionary | 10.24% | |
| Health Care | 7.30% | |
| Communication Services | 6.36% | |
| Real Estate | 5.44% | |
| Consumer Staples | 3.70% | |
| Energy | 2.59% | |
| Utilities | 1.51% | |
| Materials | 0.48% |
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 | 78,308 | $3,182,496.63 | |
| AKER SOLUTIONS ASA NOK1.08 | NO | 1,242,858 | $5,159,363.57 | |
| ALK-ABELLO A/S SERBDKK0.50 | DK | 276,650 | $6,087,079.27 | |
| ALS LIMITED NPV | AU | 488,333 | $4,569,126.05 | |
| ALSEA SAB DE CV COM NPV | MX | 1,278,607 | $4,447,207.09 | |
| ALTEN SA NPV | FR | 24,963 | $2,742,294.76 | |
| AMADA CO LTD NPV | JP | 302,000 | $3,336,155.66 | |
| ASAHI INTECC CO LT NPV | JP | 255,300 | $3,579,691.35 | |
| ASHTEAD TECHNOLOGY ORD GBP0.05 | GB | 368,389 | $3,539,172.07 | |
| ASPEED TECHNOLOGY TWD10 | TW | 33,000 | $4,923,323.52 | |
| ATS CORP COM NPV | CA | 33,060 | $1,069,584.68 | |
| AURAS TECHNOLOGY TWD10 | TW | 129,000 | $3,208,945.33 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 548,750 | $5,557,723.10 | |
| B N M EUROPEAN VAL ORD GBP0.1 (DI) | LU | 411,097 | $2,271,987.26 | |
| BABCOCK INTL GROUP ORD GBP0.60 | GB | 1,179,505 | $7,783,084.05 | |
| BE SEMICONDUCTOR EUR0.01 | NL | 29,373 | $4,915,682.07 | |
| BIOGAIA AB SERBNPV | SE | 288,619 | $3,371,246.09 | |
| BLUE STAR INR2 | IN | 175,427 | $3,436,696.71 | |
| BRUNELLO CUCINELLI NPV | IT | 48,362 | $4,846,289.52 | |
| CAE INC COM NPV | CA | 135,523 | $2,516,636.41 | |
| CARSALES.COM LTD NPV | AU | 185,247 | $4,361,031.62 | |
| CLASSYS INC KRW100 | KR | 112,091 | $4,136,740.14 | |
| CMS INFO SYSTEMS L INR10.00 | IN | 515,731 | $3,054,648.97 | |
| CORPORACION INMOBI COM NPV | MX | 1,608,300 | $4,813,773.70 | |
| COSMAX INC KRW500 | KR | 34,398 | $4,862,950.09 | |
| CREDITACCESS GRAME INR10 | IN | 186,353 | $2,955,165.82 | |
| CTS EVENTIM NPV | DE | 64,712 | $5,402,761.20 | |
| DAIEI KANKYO CO LT NPV | JP | 268,000 | $4,548,302.87 | |
| DAIFUKU CO LTD NPV | JP | 261,200 | $4,887,554.40 | |
| DESCARTES SYSTEMS COM NPV | CA | 61,597 | $5,966,808.46 | |
| DIPLOMA ORD GBP0.05 | GB | 115,035 | $6,031,845.04 | |
| DOMINOS PIZZA GRP ORD GBP0.00520833 | GB | 357,232 | $1,385,438.15 | |
| E INK HOLDINGS INC TWD10 | TW | 544,000 | $4,225,698.57 | |
| ECLAT TEXTILE CO TWD10 | TW | 154,000 | $2,511,166.25 | |
| ELEMENT FLEET MGMT COM NPV | CA | 460,068 | $8,368,540.59 | |
| EMEMORY TECHNOLOGY TWD10 | TW | 79,000 | $6,258,341.94 | |
| ERG SPA EUR0.10 | IT | 97,006 | $2,436,967.27 | |
| EURONEXT EUR1.60 | FR | 74,673 | $6,922,663.14 | |
| FORTNOX AB NPV | SE | 295,186 | $1,783,346.89 | |
| FUGRO NV EUR0.05 | NL | 470,226 | $11,369,443.98 | |
| FUKUOKA FINANCIAL GROUP | JP | 293,500 | $7,845,642.17 | |
| GERRESHEIMER AG NPV (BR) | DE | 34,959 | $3,757,971.02 | |
| GIGA-BYTE TECH TWD10 | TW | 386,000 | $3,634,942.90 | |
| GRUMA SAB DE CV SER'B' NPV | MX | 161,455 | $2,947,256.81 | |
| GTT EUR0.01 | FR | 51,235 | $6,693,664.46 | |
| HALMA ORD GBP0.10 | GB | 164,076 | $5,612,473.24 | |
| HAMMOND POWER SOLUTIONS INC CA4085491039 | CA | 27,990 | $2,280,560.60 | |
| HOWDEN JOINERY GR ORD GBP0.10 | GB | 733,459 | $8,145,149.12 | |
| HYGEIA HEALTHCARE USD0.00001 | HK | 804,200 | $2,899,586.29 | |
| INDIAN HOTELS INR1 (POST SUBDIVISION) | IN | 507,531 | $3,808,270.38 | |
| INDRA SISTEMAS | ES | 191,018 | $3,953,211.59 | |
| INTERMED CAP GRP ORD GBP0.2625 | GB | 231,303 | $6,379,952.47 | |
| INTERNET INITIATIV NPV | JP | 207,400 | $3,055,043.52 | |
| JAPAN HOTEL REIT I REIT | JP | 11,282 | $5,449,530.03 | |
| JUMBO SA EUR0.88 | GR | 159,725 | $4,601,460.02 | |
| KAYNES TECHNOLOGY INR10 | IN | 118,310 | $5,466,556.91 | |
| Kfin Technologies Ltd. INR10 | IN | 451,667 | $3,793,975.72 | |
| KINAXIS INC COM NPV | CA | 35,207 | $4,059,090.38 | |
| KONECRANES OYJ NPV | FI | 60,757 | $3,447,908.87 | |
| KPIT TECHNOLOGIES INR10 | IN | 144,736 | $2,837,962.49 | |
| KRONES AG ORD NPV | DE | 21,657 | $2,720,316.28 | |
| KYOTO FINANCIAL GR NPV | JP | 209,200 | $3,711,654.86 | |
| LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 | SE | 213,886 | $3,477,853.98 | |
| LANDT FINANCE HOLDIN INR10 | IN | 1,876,862 | $4,076,147.00 | |
| MAX HEALTHCARE INS INR10 | IN | 365,727 | $4,134,562.65 | |
| MEGAPORT LTD NPV | AU | 407,943 | $3,056,829.90 | |
| MORINAGA AND CO NPV | JP | 208,200 | $3,221,495.71 | |
| NETCOMPANY GROUP DKK1 | DK | 80,609 | $3,461,522.98 | |
| NHPC LTD INR10 | IN | 3,682,427 | $4,446,954.27 | |
| NIFCO INC NPV | JP | 155,000 | $3,697,221.19 | |
| NIHON MNA CENTER I NPV | JP | 424,400 | $2,193,498.45 | |
| NIKON CORP | JP | 436,100 | $4,408,172.32 | |
| NKT A/S DKK20 | DK | 62,291 | $5,456,348.55 | |
| NOMURA REAL ESTATE HOLDINGS | JP | 144,700 | $3,626,045.63 | |
| NORDNET AB NPV | SE | 252,263 | $5,273,840.74 | |
| OXFORD INSTRUMENTS ORD GBP0.05 | GB | 119,371 | $3,727,152.96 | |
| PHOENIX MILLS INR2 | IN | 155,446 | $6,708,015.69 | |
| PRO MEDICUS NPV | AU | 56,304 | $5,386,952.26 | |
| QT GROUP OYJ NPV | FI | 34,089 | $2,833,280.39 | |
| RHEINMETALL AG NPV | DE | 7,822 | $3,987,901.80 | |
| RIGHTMOVE ORD GBP0.001 | GB | 931,278 | $6,321,717.15 | |
| RINGKJOBING LNDOBK DKK1 | DK | 31,434 | $5,267,460.55 | |
| RINNAI CORP | JP | 173,400 | $3,945,318.91 | |
| ROHTO PHARM NPV | JP | 196,600 | $4,119,971.40 | |
| SAAB AB NPV B | SE | 324,892 | $7,823,030.73 | |
| SCOUT24 AG NPV | DE | 57,408 | $4,380,724.11 | |
| SINBON ELECTRONICS TWD10 | TW | 385,000 | $3,465,314.49 | |
| SOBHA LIMITED INR10 | IN | 181,592 | $4,261,409.75 | |
| SOBHA LIMITED INR10 (SUBS RTS 04/07/2024) | IN | 23,181 | $80,978.87 | |
| SOCIONEXT INC NPV | JP | 77,000 | $1,823,281.11 | |
| SOJITZ | JP | 349,500 | $8,493,071.61 | |
| SOPRA STERIA GROUP EUR1.00 | FR | 28,574 | $5,546,039.81 | |
| STEADFAST GROUP LI NPV | AU | 882,299 | $3,641,524.13 | |
| TAKEUCHI MFG CO NPV | JP | 121,400 | $4,248,924.53 | |
| TECHNOLOGY ONE NPV | AU | 398,653 | $4,952,071.55 | |
| TFI INTERNATIONAL COM NPV | CA | 62,040 | $9,006,194.03 | |
| TOROMONT INDUSTRIE COM STK NPV | CA | 66,106 | $5,851,879.84 | |
| TOYO TIRE AND RUBBER NPV | JP | 225,400 | $3,599,029.59 | |
| TRAINLINE PLC ORD GBP1 (WI) | GB | 699,341 | $2,779,412.19 | |
| TRELLEBORG AB SERBNPV | SE | 94,224 | $3,669,239.26 | |
| TRIVENI TURBINE LT INR1 | IN | 512,715 | $3,812,736.58 | |
| US DOLLARS | US | 28,053,793.72 | $28,053,793.72 | |
| VARUN BEVERAGES INR5(POST SUBD) | IN | 90,288 | $1,764,615.42 | |
| VOLTRONIC POWER TE TWD10 | TW | 77,498 | $4,598,543.53 | |
| WHITBREAD ORD GBP0.76797385 | GB | 50,246 | $1,889,600.07 | |
| WIENERBERGER AG NPV | AT | 66,472 | $2,205,632.69 | |
| YADEA GROUP HOLDIN USD0.00001 | HK | 2,078,000 | $2,626,976.97 |
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.