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

$20.13

Daily $ Change

$0.07

Daily % Change

0.35%

as of 09/13/2019

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 08/31/2019

As of
Month-End Quarter-End

YTD

15.65%

1 Year

-9.30%

3 Year

8.21%

5 Year

6.96%

10 Year

---

Inception
(03/28/2012)

11.30%

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 08/31/2019

As of
Month-End Quarter-End
ROYAL UNIBREW 3.82%
TELEPERFORMANCE 3.35%
TECHTRONIC INDUSTRIES CO LTD 3.25%
DECHRA PHARMACEUTICALS PLC 2.97%
KORIAN 2.89%
KRUNGTHAI CARD PCL NVDR 2.73%
CARL ZEISS MEDITEC AG - BR 2.45%
NEMETSCHEK SE 2.43%
CAE INC 2.43%
FINECOBANK SPA 2.08%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 08/31/2019

As of
Month-End Quarter-End
Communication Services 2.73%
Consumer Discretionary 7.28%
Consumer Staples 7.90%
Financials 11.84%
Health Care 26.05%
Industrials 23.42%
Information Technology 17.73%
Materials 1.67%
Other 0.01%
Real Estate 1.37%

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 08/31/2019

As of
Month-End Quarter-End
Germany 11.21%
United Kingdom 10.49%
Denmark 9.90%
Japan 9.03%
France 8.77%
Italy 6.89%
Thailand 4.71%
Sweden 4.42%
India 3.64%
Indonesia 3.55%
Hong Kong 3.25%
Australia 3.20%
Netherlands 2.82%
Taiwan 2.54%
Canada 2.43%
Philippines 1.55%
Switzerland 1.38%
Israel 1.33%
Norway 1.29%
Belgium 1.19%
Malaysia 1.10%
Poland 1.09%
Ireland 1.05%
New Zealand 0.87%
Iceland 0.66%
South Africa 0.57%
China 0.54%
Finland 0.53%

August Fund Holdings

As of 08/31/2019

August July June May
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 798,390 $5,658,955.25
0405207 HALMA PLC GB HLMA LN 156,965 $3,764,689.87
06684L103 BAOZUN INC-SPN ADR CN BZUN 48,695 $2,228,283.20
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 332,995 $12,189,074.46
2162760 CAE INC CA CAE CN 380,165 $9,950,991.63
262006208 DREYFUS GVT CSH MANAGEMENT US 35,290,558.92 $35,290,558.92
4018786 CELLAVISION AB SE CEVI SS 77,290 $2,859,027.58
4730875 TOMRA SYSTEMS ASA NO TOM NO 188,535 $5,290,561.99
4907732 ALTRAN TECHNOLOGIES SA FR ALT FP 375,920 $5,983,447.59
5161407 INTERPUMP GROUP SPA IT IP IM 162,870 $4,655,389.64
5633962 NEMETSCHEK SE DE NEM GR 187,900 $9,971,152.39
5802449 VARTA AG DE VAR1 GR 53,480 $4,537,744.97
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 25,140 $5,041,624.67
5910609 RATIONAL AG DE RAA GR 8,925 $6,250,747.70
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 86,850 $10,036,793.12
5999330 TELEPERFORMANCE FR TEP FP 62,835 $13,722,320.38
6036548 NET ONE SYSTEMS CO LTD JP 7518 JP 272,800 $7,291,440.30
6167697 ALTIUM LTD AU ALU AU 69,945 $1,726,919.29
6250025 DAIFUKU CO LTD JP 6383 JP 75,900 $3,576,829.56
6283979 INDOFOOD SUKSES MAKMUR TBK P ID INDF IJ 7,984,200 $4,452,460.39
6292782 PRO MEDICUS LTD AU PME AU 71,265 $1,766,299.15
6302410 TECHNOLOGY ONE LTD AU TNE AU 470,365 $2,396,433.16
6373632 PRESTIGE INTERNATIONAL INC JP 4290 JP 179,500 $3,160,061.62
6455819 INTL CONTAINER TERM SVCS INC PH ICT PM 983,380 $2,565,795.73
6541826 POYA INTERNATIONAL CO LTD TW 5904 TT 315,000 $4,176,453.39
6561330 KRUNGTHAI CARD PCL NVDR TH KTC-R TB 7,496,800 $11,173,997.75
6688080 PIGEON CORP JP 7956 JP 30,200 $1,094,847.16
7195824 REVENIO GROUP OYJ FI REG1V FH 100,790 $2,169,173.10
7591239 RAYSEARCH LABORATORIES SE RAYB SS 110,955 $1,930,792.58
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,931,500 $13,322,954.34
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 283,800 $6,329,479.41
B05L892 TOP GLOVE CORP BHD MY TOPG MK 2,566,400 $2,895,502.13
B06CMQ9 GMO PAYMENT GATEWAY INC JP 3769 JP 75,765 $5,861,988.14
B09FGC9 CARLSBERG BREWERY MALAYSIA B MY CAB MK 262,172 $1,613,685.21
B0VL7C2 ALK-ABELLO A/S DK ALKB DC 22,880 $4,616,771.93
B14NJ71 AMPLIFON SPA IT AMP IM 216,209 $5,565,962.19
B1DN466 NIHON M&A CENTER INC JP 2127 JP 157,300 $4,580,113.72
B1HKRM0 KORIAN FR KORI FP 297,265 $11,863,068.98
B1VN5T8 BIOTAGE AB SE BIOT SS 150,995 $1,575,231.54
B1WF979 NANOSONICS LTD AU NAN AU 923,285 $4,144,172.33
B1Y6V63 GRUPPO MUTUIONLINE SPA IT MOL IM 53,125 $883,976.46
B234WN9 DIASORIN SPA IT DIA IM 56,275 $6,688,661.15
B281L72 FAGRON BE FAGR BB 270,620 $4,860,296.59
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 98,300 $1,989,653.86
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 129,000 $429,532.90
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 693,000 $2,307,490.69
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 80,800 $3,144,498.13
B3ZMYK9 OSSUR HF IS OSSR DC 381,350 $2,693,885.90
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 81,555 $6,857,767.65
B677469 ABCAM PLC GB ABC LN 429,935 $6,057,936.54
B6X51B1 TCI CO LTD TW 8436 TT 181,540.42 $1,779,281.45
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 37,705,119 $4,579,888.60
B7WF5R3 TRANSACTION CAPITAL ZA TCP SJ 1,588,175 $2,319,115.04
B86SZR5 ALS LTD AU ALQ AU 595,870 $3,081,630.14
B898BV8 XVIVO PERFUSION AB SE XVIVO SS 106,020 $1,823,414.59
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 243,815 $5,606,821.06
B8P4LP4 XERO LTD NZ XRO AU 83,710 $3,563,185.39
B96HCH8 VOLTRONIC POWER TECHNOLOGY TW 6409 TT 198,000 $4,445,002.01
BBCR9N1 SIMCORP A/S DK SIM DC 59,235 $5,507,706.08
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 223,090 $4,322,019.59
BD0F6Q3 V-GUARD INDUSTRIES LTD IN VGRD IN 1,073,925 $3,491,849.75
BD0RYG5 VARUN BEVERAGES ltd IN VBL IN 365,294 $3,305,015.65
BD0YVN2 DINO POLSKA SA PL DNP PW 115,724 $4,470,836.63
BD3RVD8 L&T TECHNOLOGY SERVICES IN LTTS IN 185,105 $4,203,334.43
BD9Y9B7 BASIC-FIT NV NL BFIT NA 142,600 $4,475,192.76
BF0LBX7 BIOMERIEUX FR BIM FP 53,835 $4,376,231.46
BF17YL3 ARJO AB- B SHARES SE ARJOB SS 1,177,830 $4,724,170.15
BF2CVV6 MIPS AB SE MIPS SS 151,520 $2,555,510.40
BFNBJ41 BANK TABUNGAN PENSIUNAN NASI ID BTPS IJ 24,249,509 $5,502,093.48
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,550,180 $1,801,274.95
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 197,610 $7,948,047.76
BFZCSN4 VITROLIFE AB SE VITR SS 152,515 $2,641,401.20
BFZNLB6 AJ BELL PLC GB AJB LN 808,107 $3,933,207.60
BGLP232 MONCLER SPA IT MONC IM 50,865 $1,913,789.31
BJV2FV3 NEW WORK SE DE NWO GR 15,487 $4,527,566.27
BKF1B60 MINOR INTER WT EX 09/30/21 TH 193,920 $25,625.54
BNBNSG0 EURONEXT NV NL ENX FP 90,435 $7,099,448.96
BNGN9Z1 FINECOBANK SPA IT FBK IM 825,035 $8,543,808.32
BSNLDQ2 MUANGTHAI CAPITAL PCL-NVDR TH MTC-R TB 775,500 $1,388,133.41
BVFNZH2 ROTORK PLC GB ROR LN 393,470 $1,487,465.79
BX8ZX20 ROYAL UNIBREW DK RBREW DC 180,555 $15,648,773.69
BYMFG13 BATA INDIA LD IN BATA IN 98,290 $2,122,804.42
BYXYHM7 WILCON DEPOT INC PH WLCON PM 11,628,628 $3,775,129.68
BYZDVK8 SOFTCAT PLC GB SCT LN 255,702 $3,247,275.39
BYZN904 FUTURE PLC GB FUTR LN 462,645 $6,676,526.41
BYZWMR9 VAT GROUP AG CH VACN SW 47,040 $5,672,606.24
BZ2YN50 COM7 PCL-NVDR TH COM7-R TB 4,722,400 $4,001,629.46
M2682V108 CYBERARK SOFTWARE LTD/ISREAL IL CYBR 48,375 $5,434,447.50

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

$20.13

Daily $ Change

$0.07

Daily % Change

0.35%

as of 09/13/2019

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 08/31/2019

As of
Month-End Quarter-End

YTD

15.65%

1 Year

-9.30%

3 Year

8.21%

5 Year

6.96%

10 Year

---

Inception
(03/28/2012)

11.30%

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 08/31/2019

As of
Month-End Quarter-End
ROYAL UNIBREW 3.82%
TELEPERFORMANCE 3.35%
TECHTRONIC INDUSTRIES CO LTD 3.25%
DECHRA PHARMACEUTICALS PLC 2.97%
KORIAN 2.89%
KRUNGTHAI CARD PCL NVDR 2.73%
CARL ZEISS MEDITEC AG - BR 2.45%
NEMETSCHEK SE 2.43%
CAE INC 2.43%
FINECOBANK SPA 2.08%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 08/31/2019

As of
Month-End Quarter-End
Communication Services
2.73%
Consumer Discretionary
7.28%
Consumer Staples
7.90%
Financials
11.84%
Health Care
26.05%
Industrials
23.42%
Information Technology
17.73%
Materials
1.67%
Other
0.01%
Real Estate
1.37%

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 08/31/2019

As of
Month-End Quarter-End
Germany
11.21%
United Kingdom
10.49%
Denmark
9.90%
Japan
9.03%
France
8.77%
Italy
6.89%
Thailand
4.71%
Sweden
4.42%
India
3.64%
Indonesia
3.55%
Hong Kong
3.25%
Australia
3.20%
Netherlands
2.82%
Taiwan
2.54%
Canada
2.43%
Philippines
1.55%
Switzerland
1.38%
Israel
1.33%
Norway
1.29%
Belgium
1.19%
Malaysia
1.10%
Poland
1.09%
Ireland
1.05%
New Zealand
0.87%
Iceland
0.66%
South Africa
0.57%
China
0.54%
Finland
0.53%

August Fund Holdings

As of 08/31/2019

August July June May
CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0309644 ELECTROCOMPONENTS PLC GB ECM LN 798,390 $5,658,955.25
0405207 HALMA PLC GB HLMA LN 156,965 $3,764,689.87
06684L103 BAOZUN INC-SPN ADR CN BZUN 48,695 $2,228,283.20
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 332,995 $12,189,074.46
2162760 CAE INC CA CAE CN 380,165 $9,950,991.63
262006208 DREYFUS GVT CSH MANAGEMENT US 35,290,558.92 $35,290,558.92
4018786 CELLAVISION AB SE CEVI SS 77,290 $2,859,027.58
4730875 TOMRA SYSTEMS ASA NO TOM NO 188,535 $5,290,561.99
4907732 ALTRAN TECHNOLOGIES SA FR ALT FP 375,920 $5,983,447.59
5161407 INTERPUMP GROUP SPA IT IP IM 162,870 $4,655,389.64
5633962 NEMETSCHEK SE DE NEM GR 187,900 $9,971,152.39
5802449 VARTA AG DE VAR1 GR 53,480 $4,537,744.97
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 25,140 $5,041,624.67
5910609 RATIONAL AG DE RAA GR 8,925 $6,250,747.70
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 86,850 $10,036,793.12
5999330 TELEPERFORMANCE FR TEP FP 62,835 $13,722,320.38
6036548 NET ONE SYSTEMS CO LTD JP 7518 JP 272,800 $7,291,440.30
6167697 ALTIUM LTD AU ALU AU 69,945 $1,726,919.29
6250025 DAIFUKU CO LTD JP 6383 JP 75,900 $3,576,829.56
6283979 INDOFOOD SUKSES MAKMUR TBK P ID INDF IJ 7,984,200 $4,452,460.39
6292782 PRO MEDICUS LTD AU PME AU 71,265 $1,766,299.15
6302410 TECHNOLOGY ONE LTD AU TNE AU 470,365 $2,396,433.16
6373632 PRESTIGE INTERNATIONAL INC JP 4290 JP 179,500 $3,160,061.62
6455819 INTL CONTAINER TERM SVCS INC PH ICT PM 983,380 $2,565,795.73
6541826 POYA INTERNATIONAL CO LTD TW 5904 TT 315,000 $4,176,453.39
6561330 KRUNGTHAI CARD PCL NVDR TH KTC-R TB 7,496,800 $11,173,997.75
6688080 PIGEON CORP JP 7956 JP 30,200 $1,094,847.16
7195824 REVENIO GROUP OYJ FI REG1V FH 100,790 $2,169,173.10
7591239 RAYSEARCH LABORATORIES SE RAYB SS 110,955 $1,930,792.58
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,931,500 $13,322,954.34
B019MQ5 ASAHI INTECC CO LTD JP 7747 JP 283,800 $6,329,479.41
B05L892 TOP GLOVE CORP BHD MY TOPG MK 2,566,400 $2,895,502.13
B06CMQ9 GMO PAYMENT GATEWAY INC JP 3769 JP 75,765 $5,861,988.14
B09FGC9 CARLSBERG BREWERY MALAYSIA B MY CAB MK 262,172 $1,613,685.21
B0VL7C2 ALK-ABELLO A/S DK ALKB DC 22,880 $4,616,771.93
B14NJ71 AMPLIFON SPA IT AMP IM 216,209 $5,565,962.19
B1DN466 NIHON M&A CENTER INC JP 2127 JP 157,300 $4,580,113.72
B1HKRM0 KORIAN FR KORI FP 297,265 $11,863,068.98
B1VN5T8 BIOTAGE AB SE BIOT SS 150,995 $1,575,231.54
B1WF979 NANOSONICS LTD AU NAN AU 923,285 $4,144,172.33
B1Y6V63 GRUPPO MUTUIONLINE SPA IT MOL IM 53,125 $883,976.46
B234WN9 DIASORIN SPA IT DIA IM 56,275 $6,688,661.15
B281L72 FAGRON BE FAGR BB 270,620 $4,860,296.59
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 98,300 $1,989,653.86
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 129,000 $429,532.90
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 693,000 $2,307,490.69
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 80,800 $3,144,498.13
B3ZMYK9 OSSUR HF IS OSSR DC 381,350 $2,693,885.90
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 81,555 $6,857,767.65
B677469 ABCAM PLC GB ABC LN 429,935 $6,057,936.54
B6X51B1 TCI CO LTD TW 8436 TT 181,540.42 $1,779,281.45
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 37,705,119 $4,579,888.60
B7WF5R3 TRANSACTION CAPITAL ZA TCP SJ 1,588,175 $2,319,115.04
B86SZR5 ALS LTD AU ALQ AU 595,870 $3,081,630.14
B898BV8 XVIVO PERFUSION AB SE XVIVO SS 106,020 $1,823,414.59
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 243,815 $5,606,821.06
B8P4LP4 XERO LTD NZ XRO AU 83,710 $3,563,185.39
B96HCH8 VOLTRONIC POWER TECHNOLOGY TW 6409 TT 198,000 $4,445,002.01
BBCR9N1 SIMCORP A/S DK SIM DC 59,235 $5,507,706.08
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 223,090 $4,322,019.59
BD0F6Q3 V-GUARD INDUSTRIES LTD IN VGRD IN 1,073,925 $3,491,849.75
BD0RYG5 VARUN BEVERAGES ltd IN VBL IN 365,294 $3,305,015.65
BD0YVN2 DINO POLSKA SA PL DNP PW 115,724 $4,470,836.63
BD3RVD8 L&T TECHNOLOGY SERVICES IN LTTS IN 185,105 $4,203,334.43
BD9Y9B7 BASIC-FIT NV NL BFIT NA 142,600 $4,475,192.76
BF0LBX7 BIOMERIEUX FR BIM FP 53,835 $4,376,231.46
BF17YL3 ARJO AB- B SHARES SE ARJOB SS 1,177,830 $4,724,170.15
BF2CVV6 MIPS AB SE MIPS SS 151,520 $2,555,510.40
BFNBJ41 BANK TABUNGAN PENSIUNAN NASI ID BTPS IJ 24,249,509 $5,502,093.48
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,550,180 $1,801,274.95
BFYDWS1 NETCOMPANY GROUP AS DK NETC DC 197,610 $7,948,047.76
BFZCSN4 VITROLIFE AB SE VITR SS 152,515 $2,641,401.20
BFZNLB6 AJ BELL PLC GB AJB LN 808,107 $3,933,207.60
BGLP232 MONCLER SPA IT MONC IM 50,865 $1,913,789.31
BJV2FV3 NEW WORK SE DE NWO GR 15,487 $4,527,566.27
BKF1B60 MINOR INTER WT EX 09/30/21 TH 193,920 $25,625.54
BNBNSG0 EURONEXT NV NL ENX FP 90,435 $7,099,448.96
BNGN9Z1 FINECOBANK SPA IT FBK IM 825,035 $8,543,808.32
BSNLDQ2 MUANGTHAI CAPITAL PCL-NVDR TH MTC-R TB 775,500 $1,388,133.41
BVFNZH2 ROTORK PLC GB ROR LN 393,470 $1,487,465.79
BX8ZX20 ROYAL UNIBREW DK RBREW DC 180,555 $15,648,773.69
BYMFG13 BATA INDIA LD IN BATA IN 98,290 $2,122,804.42
BYXYHM7 WILCON DEPOT INC PH WLCON PM 11,628,628 $3,775,129.68
BYZDVK8 SOFTCAT PLC GB SCT LN 255,702 $3,247,275.39
BYZN904 FUTURE PLC GB FUTR LN 462,645 $6,676,526.41
BYZWMR9 VAT GROUP AG CH VACN SW 47,040 $5,672,606.24
BZ2YN50 COM7 PCL-NVDR TH COM7-R TB 4,722,400 $4,001,629.46
M2682V108 CYBERARK SOFTWARE LTD/ISREAL IL CYBR 48,375 $5,434,447.50

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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