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
$22.37
Daily $ Change
-$0.06
Daily % Change
-0.27%
as of 04/17/2024
Ticker
RISAX
CUSIP
56382R670
Inception Date
11/30/2012
Investment Minimum
$2,000.00
Prior to 03/01/2019, the Class S shares were designated as the Class K shares. Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
YTD
4.64%
1 Year
5.18%
3 Year
-4.30%
5 Year
6.84%
10 Year
6.27%
Inception
(11/30/2012)
9.31%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
For periods prior to 08/21/2017, performance for Class S is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class S on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class S Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund.
Expense Ratio
| Gross | 1.39% |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| RHEINMETALL AG | 2.95% |
| TFI INTERNATIONAL INC | 2.67% |
| SAAB AB-B | 2.39% |
| FUGRO NV-CVA | 2.39% |
| SOJITZ CORP | 1.93% |
| CORP INMOBILIARIA | 1.67% |
| HOWDEN JOINERY GROUP INC | 1.67% |
| BRUNELLO CUCINELLI SPA | 1.67% |
| GAZTRANSPORT ET TECHNIGA SA | 1.63% |
| ELEMENT FLEET MANAGEMENT COR | 1.57% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 18.75% | |
| United Kingdom | 13.58% | |
| Canada | 9.72% | |
| India | 8.92% | |
| Germany | 6.48% | |
| Sweden | 6.33% | |
| Australia | 5.87% | |
| Netherlands | 5.73% | |
| Taiwan | 5.45% | |
| France | 3.91% | |
| Denmark | 3.66% | |
| Mexico | 3.62% | |
| Italy | 2.41% | |
| South Korea | 1.28% | |
| Greece | 0.91% | |
| Norway | 0.75% | |
| Austria | 0.74% | |
| China | 0.74% | |
| Spain | 0.59% | |
| Finland | 0.56% |
| Communication Services | 7.10% | |
| Consumer Discretionary | 10.69% | |
| Consumer Staples | 4.13% | |
| Energy | 2.38% | |
| Financials | 11.21% | |
| Health Care | 7.22% | |
| Industrials | 31.47% | |
| Information Technology | 18.88% | |
| Materials | 1.16% | |
| Real Estate | 3.78% | |
| Utilities | 1.98% |
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AALBERTS NV | NL | AALB NA | 78,308 | $3,764,995.33 |
| AIXTRON AG | DE | AIXA GR | 113,596 | $2,999,282.82 |
| AKER SOLUTIONS ASA | NO | AKSO NO | 1,056,096 | $3,787,985.85 |
| ALK-ABELLO A/S | DK | ALKB DC | 191,250 | $3,449,500.03 |
| ALS LTD | AU | ALQ AU | 488,333 | $4,175,369.61 |
| ALSEA SAB DE DV | MX | ALSEA* MM | 1,278,607 | $6,305,164.18 |
| ALTEN SA | FR | ATE FP | 31,105 | $4,539,671.49 |
| AMADA CO LTD | JP | 6113 JP | 228,100 | $2,612,256.10 |
| APL APOLLO TUBES LTD | IN | APAT IN | 117,716 | $2,118,194.28 |
| ASAHI INTECC CO LTD | JP | 7747 JP | 337,600 | $5,914,681.69 |
| ASHTEAD TECHNOLOGY HOLDINGS | GB | AT/ LN | 261,821 | $2,511,476.05 |
| ASPEED TECHNOLOGY INC | TW | 5274 TT | 33,000 | $3,439,263.59 |
| ATS CORP | CA | ATS CN | 92,839 | $3,123,990.71 |
| AUTO TRADER GROUP PLC | GB | AUTO LN | 548,750 | $4,845,964.02 |
| B&M EUROPEAN VALUE RETAIL SA | GB | BME LN | 588,510 | $4,057,093.38 |
| BABCOCK INTL GROUP PLC | GB | BAB LN | 1,179,505 | $7,740,650.08 |
| BE SEMICONDUCTOR | NL | BESI NA | 35,746 | $5,475,522.28 |
| BIOGAIA AB-B SHS | SE | BIOGB SS | 383,458 | $4,472,938.98 |
| BRUNELLO CUCINELLI SPA | IT | BC IM | 73,320 | $8,379,575.96 |
| CAE INC | CA | CAE CN | 227,797 | $4,703,762.94 |
| CARSALES.COM LTD | AU | CAR AU | 185,247 | $4,354,391.50 |
| CHEMOMETEC A/S | DK | CHEMM DC | 30,504 | $1,878,913.03 |
| CLASSYS INC | KR | 156,860 | $4,140,243.52 | |
| CORP INMOBILIARIA | MX | VESTA MM | 2,155,000 | $8,408,965.68 |
| CREDITACCESS GRAMEEN LTD | IN | CREDAG IN | 186,353 | $3,229,013.35 |
| CTS EVENTIM AG & CO KGAA | DE | EVD GR | 67,420 | $5,994,507.61 |
| DAIEI KANKYO CO LTD | JP | 9336 JP | 268,000 | $4,698,180.28 |
| DAIFUKU CO LTD | JP | 6383 JP | 307,400 | $7,368,200.37 |
| DESCARTES SYSTEMS GRP/THE | CA | DSG CN | 66,716 | $6,102,478.61 |
| DIPLOMA PLC | GB | DPLM LN | 101,255 | $4,756,097.49 |
| DOMINO'S PIZZA GROUP PLC | GB | DOM LN | 699,878 | $3,040,852.84 |
| DREYFUS GVT CSH MANAGEMENT | US | 9,872,062.41 | $9,872,062.41 | |
| E INK HOLDINGS INC | TW | 8069 TT | 580,000 | $4,115,699.37 |
| ECLAT TEXTILE COMPANY LTD | TW | 1476 TT | 154,000 | $2,633,798.39 |
| ELEMENT FLEET MANAGEMENT COR | CA | EFN CN | 487,397 | $7,876,505.36 |
| EMEMORY TECHNOLOGY INC | TW | 3529 TT | 86,000 | $6,457,135.02 |
| ERG SPA | IT | ERG IM | 148,833 | $3,736,597.33 |
| EURONEXT NV | NL | ENX FP | 79,684 | $7,583,534.94 |
| FORTNOX AB | SE | FNOX SS | 466,150 | $2,911,945.94 |
| FUGRO NV-CVA | NL | FUR NA | 490,057 | $12,012,867.52 |
| FUKUOKA FINANCIAL GROUP INC | JP | 8354 JP | 293,500 | $7,835,101.77 |
| GAZTRANSPORT ET TECHNIGA SA | FR | GTT FP | 54,741 | $8,184,441.65 |
| GERRESHEIMER AG | DE | GXI GR | 39,378 | $4,432,866.30 |
| GIGABYTE TECHNOLOGY CO LTD | TW | 2376 TT | 325,000 | $3,180,160.27 |
| GMO PAYMENT GATEWAY INC | JP | 3769 JP | 34,200 | $2,215,001.84 |
| GRUMA S.A.B.-B | MX | GRUMAB MM | 186,737 | $3,489,756.15 |
| HALMA PLC | GB | HLMA LN | 173,030 | $5,166,741.58 |
| HAMMOND POWER SOLUTIONS INC | CA | HPS/A CN | 25,656 | $2,746,388.10 |
| HOWDEN JOINERY GROUP INC | GB | HWDN LN | 733,459 | $8,396,039.41 |
| HPSP CO LTD | KR | 57,583 | $2,287,561.15 | |
| HYGEIA HEALTHCARE HOLDINGS | CN | 6078 HK | 915,200 | $3,735,128.47 |
| INDIAN HOTELS CO LIMITED | IN | IH IN | 1,005,491 | $7,137,080.90 |
| INDRA SISTEMAS SA | ES | IDR SM | 142,408 | $2,951,348.31 |
| INTERMEDIATE CAPITAL GROUP | GB | ICP LN | 247,941 | $6,422,040.12 |
| INTERNET INITIATIVE JAPAN | JP | 3774 JP | 399,600 | $7,461,560.44 |
| JAPAN AIRPORT TERMINAL CO | JP | 9706 JP | 64,900 | $2,564,597.00 |
| JAPAN HOTEL REIT INVESTMENT | JP | 8985 JP | 10,337 | $5,420,439.96 |
| JUMBO SA | GR | 159,725 | $4,600,925.74 | |
| KAYNES TECHNOLOGY INDIA LTD | IN | KAYNES IN | 91,989 | $3,187,364.58 |
| KFIN TECHNOLOGIES LTD | IN | KFINTECH IN | 236,414 | $1,740,877.41 |
| KINAXIS INC | CA | KXS CN | 35,207 | $4,002,715.29 |
| KOTOBUKI SPIRITS CO LTD | JP | 2222 JP | 159,100 | $2,000,002.42 |
| KPIT TECHNOLOGIES LTD | IN | KPITTECH IN | 144,736 | $2,590,463.37 |
| KYOTO FINANCIAL GROUP INC | JP | 5844 JP | 156,900 | $2,831,551.51 |
| L&T FINANCE HOLDINGS LTD | IN | LTFH IN | 1,228,220 | $2,337,029.71 |
| LAGERCRANTZ GROUP AB-B SHS | SE | LAGRB SS | 245,349 | $3,750,556.09 |
| MAX HEALTHCARE INSTITUTE LTD | IN | MAXHEALT IN | 407,739 | $4,021,271.65 |
| MEGAPORT LTD | AU | MP1 AU | 458,376 | $4,474,558.00 |
| MORINAGA & CO LTD | JP | 2201 JP | 208,200 | $3,573,736.03 |
| NETCOMPANY GROUP AS | DK | NETC DC | 76,290 | $3,153,457.40 |
| NHPC LTD | IN | NHPC IN | 5,762,455 | $6,230,708.42 |
| NIFCO INC | JP | 7988 JP | 155,000 | $3,900,136.99 |
| NIHON M&A CENTER INC | JP | 2127 JP | 424,400 | $2,701,760.27 |
| NIKON CORP | JP | 7731 JP | 420,000 | $4,251,371.85 |
| NKT A/S | DK | NKT DC | 55,174 | $4,564,405.76 |
| NORDNET AB PUBL | SE | SAVE SS | 263,771 | $4,839,786.05 |
| OXFORD INSTRUMENTS PLC | GB | OXIG LN | 119,371 | $3,190,588.80 |
| PHOENIX MILLS LTD | IN | PHNX IN | 155,446 | $5,186,596.67 |
| PRO MEDICUS LTD | AU | PME AU | 62,953 | $4,256,972.86 |
| QT GROUP OYJ | FI | QTCOM FH | 34,089 | $2,813,258.92 |
| RHEINMETALL AG | DE | RHM GR | 26,352 | $14,820,926.17 |
| RIGHTMOVE PLC | GB | RMV LN | 1,002,146 | $6,946,142.88 |
| RINGKJOEBING LANDBOBANK | DK | RILBA DC | 30,608 | $5,366,613.49 |
| ROHTO PHARMACEUTICAL CO LTD | JP | 4527 JP | 237,900 | $4,622,367.66 |
| SAAB AB-B | SE | SAABB SS | 135,263 | $12,032,037.34 |
| SCOUT24 AG | DE | G24 GR | 57,408 | $4,325,021.04 |
| SINBON ELECTRONICS CO LTD | TW | 3023 TT | 410,000 | $3,588,096.27 |
| SMS CO LTC | JP | 2175 JP | 136,000 | $2,338,916.94 |
| SOCIONEXT INC | JP | 6526 JP | 119,600 | $3,266,872.46 |
| SOJITZ CORP | JP | 2768 JP | 368,500 | $9,720,633.52 |
| SOPRA STERIA GROUP | FR | SOP FP | 28,574 | $6,924,716.68 |
| STEADFAST GROUP LTD | AU | SDF AU | 1,075,890 | $4,122,323.00 |
| TAKEUCHI MFG CO LTD | JP | 6432 JP | 156,900 | $6,289,505.50 |
| TECHNOLOGY ONE LTD | AU | TNE AU | 398,653 | $4,406,327.42 |
| TECHNOPRO HOLDINGS INC | JP | 6028 JP | 133,500 | $2,673,769.38 |
| TFI INTERNATIONAL INC | CA | TFII CN | 84,156 | $13,419,730.54 |
| TOROMONT INDUSTRIES LTD | CA | TIH CN | 71,832 | $6,912,481.05 |
| TRAINLINE PLC | GB | TRN LN | 821,574 | $3,840,861.41 |
| TRELLEBORG AB-B SHS | SE | TRELB SS | 106,571 | $3,810,763.39 |
| VARUN BEVERAGES ltd | IN | VBL IN | 422,334 | $7,097,970.92 |
| VOLTRONIC POWER TECHNOLOGY | TW | 6409 TT | 77,498 | $3,997,137.85 |
| VTEX CLASS A | GB | VTEX | 215,176 | $1,757,987.92 |
| WHITBREAD PLC | GB | WTB LN | 134,586 | $5,626,764.26 |
| WIENERBERGER AG | AT | WIE AV | 102,477 | $3,732,807.87 |
| WORLEY LTD | AU | WOR AU | 342,265 | $3,735,883.81 |
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
$22.37
Daily $ Change
-$0.06
Daily % Change
-0.27%
as of 04/17/2024
Ticker
RISAX
CUSIP
56382R670
Inception Date
11/30/2012
Investment Minimum
$2,000.00
Prior to 03/01/2019, the Class S shares were designated as the Class K shares. Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, and discretionary investment accounts of the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| Fact Sheet | |
| N-Port Part F Reports |
Investment Objective
To provide investors with long-term capital appreciation by investing primarily in the common stock of small- to mid-capitalization companies located outside the U.S.
Investment Strategy
The Series is primarily invested in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives. To control risk, extreme overweighting or underweighting of the Series relative to the Index is normally avoided.
Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria.
May be Appropriate for Investors
- Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in foreign equity securities
- Seeking to diversify a portfolio by adding a foreign equity component
YTD
4.64%
1 Year
5.18%
3 Year
-4.30%
5 Year
6.84%
10 Year
6.27%
Inception
(11/30/2012)
9.31%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.
For periods prior to 08/21/2017, performance for Class S is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class S on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class S Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund.
Expense Ratio
| Gross | 1.39% |
*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund’s Board of Directors.
| RHEINMETALL AG | 2.95% |
| TFI INTERNATIONAL INC | 2.67% |
| SAAB AB-B | 2.39% |
| FUGRO NV-CVA | 2.39% |
| SOJITZ CORP | 1.93% |
| CORP INMOBILIARIA | 1.67% |
| HOWDEN JOINERY GROUP INC | 1.67% |
| BRUNELLO CUCINELLI SPA | 1.67% |
| GAZTRANSPORT ET TECHNIGA SA | 1.63% |
| ELEMENT FLEET MANAGEMENT COR | 1.57% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 18.75% | |
| United Kingdom | 13.58% | |
| Canada | 9.72% | |
| India | 8.92% | |
| Germany | 6.48% | |
| Sweden | 6.33% | |
| Australia | 5.87% | |
| Netherlands | 5.73% | |
| Taiwan | 5.45% | |
| France | 3.91% | |
| Denmark | 3.66% | |
| Mexico | 3.62% | |
| Italy | 2.41% | |
| South Korea | 1.28% | |
| Greece | 0.91% | |
| Norway | 0.75% | |
| Austria | 0.74% | |
| China | 0.74% | |
| Spain | 0.59% | |
| Finland | 0.56% |
| Communication Services | 7.10% | |
| Consumer Discretionary | 10.69% | |
| Consumer Staples | 4.13% | |
| Energy | 2.38% | |
| Financials | 11.21% | |
| Health Care | 7.22% | |
| Industrials | 31.47% | |
| Information Technology | 18.88% | |
| Materials | 1.16% | |
| Real Estate | 3.78% | |
| Utilities | 1.98% |
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| AALBERTS NV | NL | AALB NA | 78,308 | $3,764,995.33 |
| AIXTRON AG | DE | AIXA GR | 113,596 | $2,999,282.82 |
| AKER SOLUTIONS ASA | NO | AKSO NO | 1,056,096 | $3,787,985.85 |
| ALK-ABELLO A/S | DK | ALKB DC | 191,250 | $3,449,500.03 |
| ALS LTD | AU | ALQ AU | 488,333 | $4,175,369.61 |
| ALSEA SAB DE DV | MX | ALSEA* MM | 1,278,607 | $6,305,164.18 |
| ALTEN SA | FR | ATE FP | 31,105 | $4,539,671.49 |
| AMADA CO LTD | JP | 6113 JP | 228,100 | $2,612,256.10 |
| APL APOLLO TUBES LTD | IN | APAT IN | 117,716 | $2,118,194.28 |
| ASAHI INTECC CO LTD | JP | 7747 JP | 337,600 | $5,914,681.69 |
| ASHTEAD TECHNOLOGY HOLDINGS | GB | AT/ LN | 261,821 | $2,511,476.05 |
| ASPEED TECHNOLOGY INC | TW | 5274 TT | 33,000 | $3,439,263.59 |
| ATS CORP | CA | ATS CN | 92,839 | $3,123,990.71 |
| AUTO TRADER GROUP PLC | GB | AUTO LN | 548,750 | $4,845,964.02 |
| B&M EUROPEAN VALUE RETAIL SA | GB | BME LN | 588,510 | $4,057,093.38 |
| BABCOCK INTL GROUP PLC | GB | BAB LN | 1,179,505 | $7,740,650.08 |
| BE SEMICONDUCTOR | NL | BESI NA | 35,746 | $5,475,522.28 |
| BIOGAIA AB-B SHS | SE | BIOGB SS | 383,458 | $4,472,938.98 |
| BRUNELLO CUCINELLI SPA | IT | BC IM | 73,320 | $8,379,575.96 |
| CAE INC | CA | CAE CN | 227,797 | $4,703,762.94 |
| CARSALES.COM LTD | AU | CAR AU | 185,247 | $4,354,391.50 |
| CHEMOMETEC A/S | DK | CHEMM DC | 30,504 | $1,878,913.03 |
| CLASSYS INC | KR | 156,860 | $4,140,243.52 | |
| CORP INMOBILIARIA | MX | VESTA MM | 2,155,000 | $8,408,965.68 |
| CREDITACCESS GRAMEEN LTD | IN | CREDAG IN | 186,353 | $3,229,013.35 |
| CTS EVENTIM AG & CO KGAA | DE | EVD GR | 67,420 | $5,994,507.61 |
| DAIEI KANKYO CO LTD | JP | 9336 JP | 268,000 | $4,698,180.28 |
| DAIFUKU CO LTD | JP | 6383 JP | 307,400 | $7,368,200.37 |
| DESCARTES SYSTEMS GRP/THE | CA | DSG CN | 66,716 | $6,102,478.61 |
| DIPLOMA PLC | GB | DPLM LN | 101,255 | $4,756,097.49 |
| DOMINO'S PIZZA GROUP PLC | GB | DOM LN | 699,878 | $3,040,852.84 |
| DREYFUS GVT CSH MANAGEMENT | US | 9,872,062.41 | $9,872,062.41 | |
| E INK HOLDINGS INC | TW | 8069 TT | 580,000 | $4,115,699.37 |
| ECLAT TEXTILE COMPANY LTD | TW | 1476 TT | 154,000 | $2,633,798.39 |
| ELEMENT FLEET MANAGEMENT COR | CA | EFN CN | 487,397 | $7,876,505.36 |
| EMEMORY TECHNOLOGY INC | TW | 3529 TT | 86,000 | $6,457,135.02 |
| ERG SPA | IT | ERG IM | 148,833 | $3,736,597.33 |
| EURONEXT NV | NL | ENX FP | 79,684 | $7,583,534.94 |
| FORTNOX AB | SE | FNOX SS | 466,150 | $2,911,945.94 |
| FUGRO NV-CVA | NL | FUR NA | 490,057 | $12,012,867.52 |
| FUKUOKA FINANCIAL GROUP INC | JP | 8354 JP | 293,500 | $7,835,101.77 |
| GAZTRANSPORT ET TECHNIGA SA | FR | GTT FP | 54,741 | $8,184,441.65 |
| GERRESHEIMER AG | DE | GXI GR | 39,378 | $4,432,866.30 |
| GIGABYTE TECHNOLOGY CO LTD | TW | 2376 TT | 325,000 | $3,180,160.27 |
| GMO PAYMENT GATEWAY INC | JP | 3769 JP | 34,200 | $2,215,001.84 |
| GRUMA S.A.B.-B | MX | GRUMAB MM | 186,737 | $3,489,756.15 |
| HALMA PLC | GB | HLMA LN | 173,030 | $5,166,741.58 |
| HAMMOND POWER SOLUTIONS INC | CA | HPS/A CN | 25,656 | $2,746,388.10 |
| HOWDEN JOINERY GROUP INC | GB | HWDN LN | 733,459 | $8,396,039.41 |
| HPSP CO LTD | KR | 57,583 | $2,287,561.15 | |
| HYGEIA HEALTHCARE HOLDINGS | CN | 6078 HK | 915,200 | $3,735,128.47 |
| INDIAN HOTELS CO LIMITED | IN | IH IN | 1,005,491 | $7,137,080.90 |
| INDRA SISTEMAS SA | ES | IDR SM | 142,408 | $2,951,348.31 |
| INTERMEDIATE CAPITAL GROUP | GB | ICP LN | 247,941 | $6,422,040.12 |
| INTERNET INITIATIVE JAPAN | JP | 3774 JP | 399,600 | $7,461,560.44 |
| JAPAN AIRPORT TERMINAL CO | JP | 9706 JP | 64,900 | $2,564,597.00 |
| JAPAN HOTEL REIT INVESTMENT | JP | 8985 JP | 10,337 | $5,420,439.96 |
| JUMBO SA | GR | 159,725 | $4,600,925.74 | |
| KAYNES TECHNOLOGY INDIA LTD | IN | KAYNES IN | 91,989 | $3,187,364.58 |
| KFIN TECHNOLOGIES LTD | IN | KFINTECH IN | 236,414 | $1,740,877.41 |
| KINAXIS INC | CA | KXS CN | 35,207 | $4,002,715.29 |
| KOTOBUKI SPIRITS CO LTD | JP | 2222 JP | 159,100 | $2,000,002.42 |
| KPIT TECHNOLOGIES LTD | IN | KPITTECH IN | 144,736 | $2,590,463.37 |
| KYOTO FINANCIAL GROUP INC | JP | 5844 JP | 156,900 | $2,831,551.51 |
| L&T FINANCE HOLDINGS LTD | IN | LTFH IN | 1,228,220 | $2,337,029.71 |
| LAGERCRANTZ GROUP AB-B SHS | SE | LAGRB SS | 245,349 | $3,750,556.09 |
| MAX HEALTHCARE INSTITUTE LTD | IN | MAXHEALT IN | 407,739 | $4,021,271.65 |
| MEGAPORT LTD | AU | MP1 AU | 458,376 | $4,474,558.00 |
| MORINAGA & CO LTD | JP | 2201 JP | 208,200 | $3,573,736.03 |
| NETCOMPANY GROUP AS | DK | NETC DC | 76,290 | $3,153,457.40 |
| NHPC LTD | IN | NHPC IN | 5,762,455 | $6,230,708.42 |
| NIFCO INC | JP | 7988 JP | 155,000 | $3,900,136.99 |
| NIHON M&A CENTER INC | JP | 2127 JP | 424,400 | $2,701,760.27 |
| NIKON CORP | JP | 7731 JP | 420,000 | $4,251,371.85 |
| NKT A/S | DK | NKT DC | 55,174 | $4,564,405.76 |
| NORDNET AB PUBL | SE | SAVE SS | 263,771 | $4,839,786.05 |
| OXFORD INSTRUMENTS PLC | GB | OXIG LN | 119,371 | $3,190,588.80 |
| PHOENIX MILLS LTD | IN | PHNX IN | 155,446 | $5,186,596.67 |
| PRO MEDICUS LTD | AU | PME AU | 62,953 | $4,256,972.86 |
| QT GROUP OYJ | FI | QTCOM FH | 34,089 | $2,813,258.92 |
| RHEINMETALL AG | DE | RHM GR | 26,352 | $14,820,926.17 |
| RIGHTMOVE PLC | GB | RMV LN | 1,002,146 | $6,946,142.88 |
| RINGKJOEBING LANDBOBANK | DK | RILBA DC | 30,608 | $5,366,613.49 |
| ROHTO PHARMACEUTICAL CO LTD | JP | 4527 JP | 237,900 | $4,622,367.66 |
| SAAB AB-B | SE | SAABB SS | 135,263 | $12,032,037.34 |
| SCOUT24 AG | DE | G24 GR | 57,408 | $4,325,021.04 |
| SINBON ELECTRONICS CO LTD | TW | 3023 TT | 410,000 | $3,588,096.27 |
| SMS CO LTC | JP | 2175 JP | 136,000 | $2,338,916.94 |
| SOCIONEXT INC | JP | 6526 JP | 119,600 | $3,266,872.46 |
| SOJITZ CORP | JP | 2768 JP | 368,500 | $9,720,633.52 |
| SOPRA STERIA GROUP | FR | SOP FP | 28,574 | $6,924,716.68 |
| STEADFAST GROUP LTD | AU | SDF AU | 1,075,890 | $4,122,323.00 |
| TAKEUCHI MFG CO LTD | JP | 6432 JP | 156,900 | $6,289,505.50 |
| TECHNOLOGY ONE LTD | AU | TNE AU | 398,653 | $4,406,327.42 |
| TECHNOPRO HOLDINGS INC | JP | 6028 JP | 133,500 | $2,673,769.38 |
| TFI INTERNATIONAL INC | CA | TFII CN | 84,156 | $13,419,730.54 |
| TOROMONT INDUSTRIES LTD | CA | TIH CN | 71,832 | $6,912,481.05 |
| TRAINLINE PLC | GB | TRN LN | 821,574 | $3,840,861.41 |
| TRELLEBORG AB-B SHS | SE | TRELB SS | 106,571 | $3,810,763.39 |
| VARUN BEVERAGES ltd | IN | VBL IN | 422,334 | $7,097,970.92 |
| VOLTRONIC POWER TECHNOLOGY | TW | 6409 TT | 77,498 | $3,997,137.85 |
| VTEX CLASS A | GB | VTEX | 215,176 | $1,757,987.92 |
| WHITBREAD PLC | GB | WTB LN | 134,586 | $5,626,764.26 |
| WIENERBERGER AG | AT | WIE AV | 102,477 | $3,732,807.87 |
| WORLEY LTD | AU | WOR AU | 342,265 | $3,735,883.81 |
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.