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

$21.19

Daily $ Change

$0.14

Daily % Change

0.66%

as of 11/15/2019

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 10/31/2019

As of
Month-End Quarter-End

YTD

17.48%

1 Year

9.56%

3 Year

9.32%

5 Year

8.05%

10 Year

---

Inception
(03/28/2012)

11.27%

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 10/31/2019

As of
Month-End Quarter-End
TECHTRONIC INDUSTRIES CO LTD 3.59%
TELEPERFORMANCE 3.39%
ROYAL UNIBREW 3.22%
KORIAN 2.83%
FINECOBANK SPA 2.58%
CAE INC 2.38%
KRUNGTHAI CARD PCL NVDR 2.30%
DECHRA PHARMACEUTICALS PLC 2.04%
EURONEXT NV 1.95%
NET ONE SYSTEMS CO LTD 1.85%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 10/31/2019

As of
Month-End Quarter-End
Communication Services 2.26%
Consumer Discretionary 8.43%
Consumer Staples 8.15%
Financials 12.90%
Health Care 19.82%
Industrials 24.77%
Information Technology 20.24%
Materials 1.25%
Other 0.00%
Real Estate 1.45%
Utilities 0.73%

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 10/31/2019

As of
Month-End Quarter-End
Japan 11.08%
United Kingdom 9.01%
Germany 8.91%
France 8.47%
Denmark 7.77%
Italy 6.21%
Sweden 5.14%
Thailand 4.69%
India 4.04%
Hong Kong 3.59%
Netherlands 3.55%
Indonesia 3.42%
Taiwan 3.26%
Australia 3.22%
Canada 3.21%
Philippines 1.58%
China 1.57%
Finland 1.35%
Belgium 1.22%
Switzerland 1.14%
Poland 1.07%
Malaysia 0.94%
Greece 0.84%
Iceland 0.79%
Spain 0.73%
New Zealand 0.70%
Singapore 0.70%
Israel 0.66%
Ireland 0.59%
South Africa 0.55%

October Fund Holdings

As of 10/31/2019

October September August July
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 871,635 $7,690,558.93
0405207 HALMA PLC GB HLMA LN 130,125 $3,157,548.30
06684L103 BAOZUN INC-SPN ADR CN BZUN 31,910 $1,388,723.20
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 250,980 $8,561,350.80
2162760 CAE INC CA CAE CN 398,435 $9,991,882.20
262006208 DREYFUS GVT CSH MANAGEMENT US 26,783,796.11 $26,783,796.11
2897103 TOROMONT INDUSTRIES LTD CA TIH CN 67,475 $3,484,150.60
4018786 CELLAVISION AB SE CEVI SS 50,861 $1,451,184.84
4196897 INGENICO GROUP FR ING FP 35,470 $3,792,846.16
5161407 INTERPUMP GROUP SPA IT IP IM 196,970 $5,399,598.35
5633962 NEMETSCHEK SE DE NEM GR 115,060 $5,870,638.33
5802449 VARTA AG DE VAR1 GR 33,435 $3,779,488.64
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 21,735 $4,223,587.88
5910609 RATIONAL AG DE RAA GR 8,925 $6,790,616.40
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 64,295 $7,008,421.61
5999330 TELEPERFORMANCE FR TEP FP 62,835 $14,256,218.43
6036548 NET ONE SYSTEMS CO LTD JP 7518 JP 289,000 $7,791,601.82
6044109 ANRITSU CORP JP 6754 JP 151,700 $2,892,960.15
6167697 ALTIUM LTD AU ALU AU 90,230 $1,997,442.74
6250025 DAIFUKU CO LTD JP 6383 JP 75,900 $4,027,386.60
6277927 CYBOZU INC JP 4776 JP 220,296 $2,257,793.96
6283979 INDOFOOD SUKSES MAKMUR TBK P ID INDF IJ 7,984,200 $4,375,368.83
6292782 PRO MEDICUS LTD AU PME AU 91,270 $1,674,891.95
6302410 TECHNOLOGY ONE LTD AU TNE AU 470,365 $2,389,466.78
6373632 PRESTIGE INTERNATIONAL INC JP 4290 JP 507,900 $4,203,760.48
6455819 INTL CONTAINER TERM SVCS INC PH ICT PM 1,233,380 $2,883,365.26
6541826 POYA INTERNATIONAL CO LTD TW 5904 TT 315,000 $4,326,936.22
6561330 KRUNGTHAI CARD PCL NVDR TH KTC-R TB 7,029,600 $9,664,850.26
7195824 REVENIO GROUP OYJ FI REG1V FH 95,530 $2,818,104.10
7243530 JUMBO SA GR 182,282 $3,551,290.74
7591239 RAYSEARCH LABORATORIES SE RAYB SS 107,585 $1,726,998.19
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,931,500 $15,094,701.03
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 237,700 $6,540,408.83
B01JCK9 LI NING CO LTD CN 2331 HK 1,533,500 $5,199,826.00
B06CMQ9 GMO PAYMENT GATEWAY INC JP 3769 JP 87,335 $6,436,513.23
B09FGC9 CARLSBERG BREWERY MALAYSIA B MY CAB MK 595,600 $3,953,374.00
B0VL7C2 ALK-ABELLO A/S DK ALKB DC 22,880 $4,914,957.90
B11WFP1 KONECRANES OYJ FI KCR FH 92,985 $2,871,598.46
B14NJ71 AMPLIFON SPA IT AMP IM 189,604 $4,768,224.25
B1DN466 NIHON M&A CENTER INC JP 2127 JP 194,400 $5,910,751.62
B1HKRM0 KORIAN FR KORI FP 280,615 $11,900,027.99
B1WF979 NANOSONICS LTD AU NAN AU 661,670 $3,095,752.07
B1YVKJ4 SOLARIA ENERGIA Y MEDIO AMBI ES SLR SM 398,771 $3,087,927.28
B234WN9 DIASORIN SPA IT DIA IM 45,210 $5,097,472.58
B281L72 FAGRON BE FAGR BB 270,620 $5,138,525.15
B2Q4CR0 TIS INC JP 3626 JP 58,600 $3,553,124.95
B3K7KL2 LOOMIS AB-B SE LOOMB SS 85,093 $3,294,754.07
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 192,800 $622,404.67
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 673,600 $2,174,542.47
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 80,800 $2,970,380.00
B3ZMYK9 OSSUR HF IS OSSR DC 459,780 $3,328,854.42
B56LHP5 WIN SEMICONDUCTORS CORP TW 3105 TT 457,000 $4,756,831.41
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 28,965 $2,223,809.45
B677469 ABCAM PLC GB ABC LN 196,375 $2,960,925.66
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 27,858,900 $3,352,902.70
B7WF5R3 TRANSACTION CAPITAL ZA TCP SJ 1,588,175 $2,317,544.67
B86SZR5 ALS LTD AU ALQ AU 787,680 $4,380,758.14
B898BV8 XVIVO PERFUSION AB SE XVIVO SS 84,180 $1,426,292.03
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 135,105 $3,162,992.46
B8P4LP4 XERO LTD NZ XRO AU 61,700 $2,926,693.76
B96HCH8 VOLTRONIC POWER TECHNOLOGY TW 6409 TT 207,900 $4,602,056.37
BBCR9N1 SIMCORP A/S DK SIM DC 51,125 $4,574,550.95
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 171,465 $2,470,825.11
BD0F6Q3 V-GUARD INDUSTRIES LTD IN VGRD IN 899,215 $3,162,730.26
BD0RYG5 VARUN BEVERAGES ltd IN VBL IN 417,432 $3,645,377.04
BD0YVN2 DINO POLSKA SA PL DNP PW 115,724 $4,509,764.05
BD3RVD8 L&T TECHNOLOGY SERVICES IN LTTS IN 117,815 $2,497,612.39
BD9Y9B7 BASIC-FIT NV NL BFIT NA 120,915 $3,698,184.24
BF17YL3 ARJO AB- B SHARES SE ARJOB SS 1,312,175 $5,411,839.57
BF2CVV6 MIPS AB SE MIPS SS 179,550 $2,751,223.67
BF2FPV3 AAK AB SE AAK SS 240,200 $4,260,921.40
BFNBJ41 BANK TABUNGAN PENSIUNAN NASI ID BTPS IJ 24,249,509 $6,631,869.20
BFRSRR7 CORBION NV NL CRBN NA 104,240 $3,011,103.92
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,174,960 $1,386,182.30
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 174,905 $7,455,591.87
BFZCSN4 VITROLIFE AB SE VITR SS 82,450 $1,286,430.73
BFZNLB6 AJ BELL PLC GB AJB LN 684,510 $3,285,158.55
BJ7WGS1 TEAMVIEWER AG DE TMV GR 137,105 $3,617,925.43
BJV2FV3 NEW WORK SE DE NWO GR 9,547 $3,007,993.91
BKF1B60 MINOR INTER WT EX 09/30/21 TH 193,920 $19,526.60
BNBNSG0 EURONEXT NV NL ENX FP 101,825 $8,214,440.07
BNGN9Z1 FINECOBANK SPA IT FBK IM 961,770 $10,842,355.80
BSNLDQ2 MUANGTHAI CAPITAL PCL-NVDR TH MTC-R TB 1,356,600 $2,787,006.18
BT9Q186 KEPPEL DC REIT SG KDCREIT SP 2,007,900 $2,949,172.58
BVFNZH2 ROTORK PLC GB ROR LN 684,810 $2,674,310.83
BX8ZX20 ROYAL UNIBREW DK RBREW DC 164,800 $13,520,069.17
BYMFG13 BATA INDIA LD IN BATA IN 115,940 $2,950,926.94
BYVKG53 CREDITACCESS GRAMEEN LTD IN CREDAG IN 372,995 $3,355,080.02
BYXYHM7 WILCON DEPOT INC PH WLCON PM 11,628,628 $3,780,486.78
BYZDVK8 SOFTCAT PLC GB SCT LN 249,405 $3,039,610.15
BYZN904 FUTURE PLC GB FUTR LN 331,090 $6,493,222.19
BYZWMR9 VAT GROUP AG CH VACN SW 32,465 $4,773,379.47
BZ2YN50 COM7 PCL-NVDR TH COM7-R TB 4,677,400 $4,457,267.72
BZ6T5C2 S.O.I.T.E.C. FR SOI FP 51,245 $5,652,378.25
M2682V108 CYBERARK SOFTWARE LTD/ISREAL IL CYBR 27,265 $2,769,578.70

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

$21.19

Daily $ Change

$0.14

Daily % Change

0.66%

as of 11/15/2019

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 10/31/2019

As of
Month-End Quarter-End

YTD

17.48%

1 Year

9.56%

3 Year

9.32%

5 Year

8.05%

10 Year

---

Inception
(03/28/2012)

11.27%

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 10/31/2019

As of
Month-End Quarter-End
TECHTRONIC INDUSTRIES CO LTD 3.59%
TELEPERFORMANCE 3.39%
ROYAL UNIBREW 3.22%
KORIAN 2.83%
FINECOBANK SPA 2.58%
CAE INC 2.38%
KRUNGTHAI CARD PCL NVDR 2.30%
DECHRA PHARMACEUTICALS PLC 2.04%
EURONEXT NV 1.95%
NET ONE SYSTEMS CO LTD 1.85%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 10/31/2019

As of
Month-End Quarter-End
Communication Services
2.26%
Consumer Discretionary
8.43%
Consumer Staples
8.15%
Financials
12.90%
Health Care
19.82%
Industrials
24.77%
Information Technology
20.24%
Materials
1.25%
Other
0.00%
Real Estate
1.45%
Utilities
0.73%

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 10/31/2019

As of
Month-End Quarter-End
Japan
11.08%
United Kingdom
9.01%
Germany
8.91%
France
8.47%
Denmark
7.77%
Italy
6.21%
Sweden
5.14%
Thailand
4.69%
India
4.04%
Hong Kong
3.59%
Netherlands
3.55%
Indonesia
3.42%
Taiwan
3.26%
Australia
3.22%
Canada
3.21%
Philippines
1.58%
China
1.57%
Finland
1.35%
Belgium
1.22%
Switzerland
1.14%
Poland
1.07%
Malaysia
0.94%
Greece
0.84%
Iceland
0.79%
Spain
0.73%
New Zealand
0.70%
Singapore
0.70%
Israel
0.66%
Ireland
0.59%
South Africa
0.55%

October Fund Holdings

As of 10/31/2019

October September August July
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 871,635 $7,690,558.93
0405207 HALMA PLC GB HLMA LN 130,125 $3,157,548.30
06684L103 BAOZUN INC-SPN ADR CN BZUN 31,910 $1,388,723.20
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 250,980 $8,561,350.80
2162760 CAE INC CA CAE CN 398,435 $9,991,882.20
262006208 DREYFUS GVT CSH MANAGEMENT US 26,783,796.11 $26,783,796.11
2897103 TOROMONT INDUSTRIES LTD CA TIH CN 67,475 $3,484,150.60
4018786 CELLAVISION AB SE CEVI SS 50,861 $1,451,184.84
4196897 INGENICO GROUP FR ING FP 35,470 $3,792,846.16
5161407 INTERPUMP GROUP SPA IT IP IM 196,970 $5,399,598.35
5633962 NEMETSCHEK SE DE NEM GR 115,060 $5,870,638.33
5802449 VARTA AG DE VAR1 GR 33,435 $3,779,488.64
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 21,735 $4,223,587.88
5910609 RATIONAL AG DE RAA GR 8,925 $6,790,616.40
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 64,295 $7,008,421.61
5999330 TELEPERFORMANCE FR TEP FP 62,835 $14,256,218.43
6036548 NET ONE SYSTEMS CO LTD JP 7518 JP 289,000 $7,791,601.82
6044109 ANRITSU CORP JP 6754 JP 151,700 $2,892,960.15
6167697 ALTIUM LTD AU ALU AU 90,230 $1,997,442.74
6250025 DAIFUKU CO LTD JP 6383 JP 75,900 $4,027,386.60
6277927 CYBOZU INC JP 4776 JP 220,296 $2,257,793.96
6283979 INDOFOOD SUKSES MAKMUR TBK P ID INDF IJ 7,984,200 $4,375,368.83
6292782 PRO MEDICUS LTD AU PME AU 91,270 $1,674,891.95
6302410 TECHNOLOGY ONE LTD AU TNE AU 470,365 $2,389,466.78
6373632 PRESTIGE INTERNATIONAL INC JP 4290 JP 507,900 $4,203,760.48
6455819 INTL CONTAINER TERM SVCS INC PH ICT PM 1,233,380 $2,883,365.26
6541826 POYA INTERNATIONAL CO LTD TW 5904 TT 315,000 $4,326,936.22
6561330 KRUNGTHAI CARD PCL NVDR TH KTC-R TB 7,029,600 $9,664,850.26
7195824 REVENIO GROUP OYJ FI REG1V FH 95,530 $2,818,104.10
7243530 JUMBO SA GR 182,282 $3,551,290.74
7591239 RAYSEARCH LABORATORIES SE RAYB SS 107,585 $1,726,998.19
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,931,500 $15,094,701.03
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 237,700 $6,540,408.83
B01JCK9 LI NING CO LTD CN 2331 HK 1,533,500 $5,199,826.00
B06CMQ9 GMO PAYMENT GATEWAY INC JP 3769 JP 87,335 $6,436,513.23
B09FGC9 CARLSBERG BREWERY MALAYSIA B MY CAB MK 595,600 $3,953,374.00
B0VL7C2 ALK-ABELLO A/S DK ALKB DC 22,880 $4,914,957.90
B11WFP1 KONECRANES OYJ FI KCR FH 92,985 $2,871,598.46
B14NJ71 AMPLIFON SPA IT AMP IM 189,604 $4,768,224.25
B1DN466 NIHON M&A CENTER INC JP 2127 JP 194,400 $5,910,751.62
B1HKRM0 KORIAN FR KORI FP 280,615 $11,900,027.99
B1WF979 NANOSONICS LTD AU NAN AU 661,670 $3,095,752.07
B1YVKJ4 SOLARIA ENERGIA Y MEDIO AMBI ES SLR SM 398,771 $3,087,927.28
B234WN9 DIASORIN SPA IT DIA IM 45,210 $5,097,472.58
B281L72 FAGRON BE FAGR BB 270,620 $5,138,525.15
B2Q4CR0 TIS INC JP 3626 JP 58,600 $3,553,124.95
B3K7KL2 LOOMIS AB-B SE LOOMB SS 85,093 $3,294,754.07
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 192,800 $622,404.67
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 673,600 $2,174,542.47
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 80,800 $2,970,380.00
B3ZMYK9 OSSUR HF IS OSSR DC 459,780 $3,328,854.42
B56LHP5 WIN SEMICONDUCTORS CORP TW 3105 TT 457,000 $4,756,831.41
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 28,965 $2,223,809.45
B677469 ABCAM PLC GB ABC LN 196,375 $2,960,925.66
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 27,858,900 $3,352,902.70
B7WF5R3 TRANSACTION CAPITAL ZA TCP SJ 1,588,175 $2,317,544.67
B86SZR5 ALS LTD AU ALQ AU 787,680 $4,380,758.14
B898BV8 XVIVO PERFUSION AB SE XVIVO SS 84,180 $1,426,292.03
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 135,105 $3,162,992.46
B8P4LP4 XERO LTD NZ XRO AU 61,700 $2,926,693.76
B96HCH8 VOLTRONIC POWER TECHNOLOGY TW 6409 TT 207,900 $4,602,056.37
BBCR9N1 SIMCORP A/S DK SIM DC 51,125 $4,574,550.95
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 171,465 $2,470,825.11
BD0F6Q3 V-GUARD INDUSTRIES LTD IN VGRD IN 899,215 $3,162,730.26
BD0RYG5 VARUN BEVERAGES ltd IN VBL IN 417,432 $3,645,377.04
BD0YVN2 DINO POLSKA SA PL DNP PW 115,724 $4,509,764.05
BD3RVD8 L&T TECHNOLOGY SERVICES IN LTTS IN 117,815 $2,497,612.39
BD9Y9B7 BASIC-FIT NV NL BFIT NA 120,915 $3,698,184.24
BF17YL3 ARJO AB- B SHARES SE ARJOB SS 1,312,175 $5,411,839.57
BF2CVV6 MIPS AB SE MIPS SS 179,550 $2,751,223.67
BF2FPV3 AAK AB SE AAK SS 240,200 $4,260,921.40
BFNBJ41 BANK TABUNGAN PENSIUNAN NASI ID BTPS IJ 24,249,509 $6,631,869.20
BFRSRR7 CORBION NV NL CRBN NA 104,240 $3,011,103.92
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,174,960 $1,386,182.30
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 174,905 $7,455,591.87
BFZCSN4 VITROLIFE AB SE VITR SS 82,450 $1,286,430.73
BFZNLB6 AJ BELL PLC GB AJB LN 684,510 $3,285,158.55
BJ7WGS1 TEAMVIEWER AG DE TMV GR 137,105 $3,617,925.43
BJV2FV3 NEW WORK SE DE NWO GR 9,547 $3,007,993.91
BKF1B60 MINOR INTER WT EX 09/30/21 TH 193,920 $19,526.60
BNBNSG0 EURONEXT NV NL ENX FP 101,825 $8,214,440.07
BNGN9Z1 FINECOBANK SPA IT FBK IM 961,770 $10,842,355.80
BSNLDQ2 MUANGTHAI CAPITAL PCL-NVDR TH MTC-R TB 1,356,600 $2,787,006.18
BT9Q186 KEPPEL DC REIT SG KDCREIT SP 2,007,900 $2,949,172.58
BVFNZH2 ROTORK PLC GB ROR LN 684,810 $2,674,310.83
BX8ZX20 ROYAL UNIBREW DK RBREW DC 164,800 $13,520,069.17
BYMFG13 BATA INDIA LD IN BATA IN 115,940 $2,950,926.94
BYVKG53 CREDITACCESS GRAMEEN LTD IN CREDAG IN 372,995 $3,355,080.02
BYXYHM7 WILCON DEPOT INC PH WLCON PM 11,628,628 $3,780,486.78
BYZDVK8 SOFTCAT PLC GB SCT LN 249,405 $3,039,610.15
BYZN904 FUTURE PLC GB FUTR LN 331,090 $6,493,222.19
BYZWMR9 VAT GROUP AG CH VACN SW 32,465 $4,773,379.47
BZ2YN50 COM7 PCL-NVDR TH COM7-R TB 4,677,400 $4,457,267.72
BZ6T5C2 S.O.I.T.E.C. FR SOI FP 51,245 $5,652,378.25
M2682V108 CYBERARK SOFTWARE LTD/ISREAL IL CYBR 27,265 $2,769,578.70

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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