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
$29.43
Daily $ Change
-$0.02
Daily % Change
-0.07%
as of 09/12/2025
Ticker
RAIIX
CUSIP
56382R688
Inception Date
03/28/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
YTD
25.11%
1 Year
18.07%
3 Year
9.76%
5 Year
4.86%
10 Year
7.68%
Inception
(03/28/2012)
10.03%
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 I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio.
Expense Ratio
| Gross | 1.16% |
*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.
| EURONEXT EUR1.60 | 2.88% |
| BABCOCK INTL GROUP ORD GBP0.60 | 2.86% |
| DEFINITY FINL CORP COM NPV | 2.51% |
| SWISSQUOTE GP HLDG CHF0.20 (REGD) | 2.43% |
| ELEMENT FLEET MGMT COM NPV | 2.25% |
| ALK-ABELLO A/S SERBDKK0.50 | 2.22% |
| SCOUT24 AG NPV | 2.14% |
| JAPAN ELEVATOR SER NPV | 2.06% |
| KYOTO FINANCIAL GR NPV | 2.05% |
| SOJITZ | 2.01% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 23.38% | |
| United Kingdom | 13.12% | |
| Canada | 11.23% | |
| Denmark | 7.24% | |
| Sweden | 7.02% | |
| India | 5.51% | |
| Germany | 4.74% | |
| South Korea | 4.59% | |
| Australia | 3.83% | |
| China | 3.63% | |
| Netherlands | 3.48% | |
| Switzerland | 2.43% | |
| Taiwan | 2.14% | |
| France | 2.04% | |
| Italy | 1.36% | |
| Finland | 1.15% | |
| Austria | 1.06% | |
| Israel | 0.84% | |
| Greece | 0.83% | |
| Poland | 0.38% |
| Industrials | 31.85% | |
| Financials | 22.15% | |
| Information Technology | 14.78% | |
| Communication Services | 8.70% | |
| Consumer Discretionary | 7.67% | |
| Materials | 6.12% | |
| Health Care | 4.52% | |
| Energy | 1.50% | |
| Real Estate | 1.25% | |
| Consumer Staples | 0.95% | |
| Utilities | 0.51% |
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) |
|---|---|---|---|---|
| 360 ONE WAM LTD INR1(POST SUBD) | IN | 263,394 | $3,036,595.69 | |
| AAC TECHNOLOGIES H USD0.01 | HK | 461,500 | $2,562,096.50 | |
| ALK-ABELLO A/S SERBDKK0.50 | DK | 279,625 | $8,822,070.64 | |
| ALM. BRAND DKK1 | DK | 1,047,427 | $2,923,548.65 | |
| ALS LIMITED NPV | AU | 343,842 | $4,183,578.91 | |
| ALTIUS MINERALS CO COM NPV | CA | 210,018 | $4,585,993.40 | |
| ASPEED TECHNOLOGY TWD10 | TW | 31,000 | $5,065,342.91 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 189,640 | $2,057,903.80 | |
| AUTO1 GRP NPV | DE | 145,786 | $4,931,568.63 | |
| BABCOCK INTL GROUP ORD GBP0.60 | GB | 827,923 | $11,364,624.15 | |
| BAYCURRENT CONSULT NPV | JP | 99,300 | $5,662,788.35 | |
| BE SEMICONDUCTOR EUR0.01 | NL | 17,765 | $2,393,381.63 | |
| BRUNELLO CUCINELLI NPV | IT | 46,587 | $5,388,662.85 | |
| BUDIMEX SA PLN5.00 | PL | 10,211 | $1,492,460.99 | |
| CARTRADE TECH LTD INR10 | IN | 132,427 | $3,597,781.93 | |
| CELESTICA INC COM NPV | CA | 15,481 | $3,016,255.14 | |
| CELLEBRITE DI LTD ORDINARY SHARES | US | CLBT | 36,843 | $604,225.20 |
| CLASSYS INC KRW100 | KR | 60,926 | $2,287,600.94 | |
| CLOUD MUSIC INC USD0.0001 | HK | 103,400 | $3,705,812.71 | |
| COSMAX INC KRW500 | KR | 13,571 | $2,113,376.37 | |
| COWELL E HOLDINGS USD0.004 | HK | 859,743 | $3,815,761.95 | |
| CTS EVENTIM NPV | DE | 45,032 | $4,219,431.98 | |
| DAIEI KANKYO CO LT NPV | JP | 221,000 | $5,064,975.31 | |
| DEFINITY FINL CORP COM NPV | CA | 192,536 | $9,955,301.10 | |
| DIPLOMA ORD GBP0.05 | GB | 101,691 | $7,419,039.78 | |
| ELEMENT FLEET MGMT COM NPV | CA | 335,731 | $8,949,892.28 | |
| EMEMORY TECHNOLOGY TWD10 | TW | 32,000 | $2,161,631.69 | |
| EURONEXT EUR1.60 | FR | 69,245 | $11,436,334.55 | |
| FLSMIDTH N CO. A/S | DK | 85,798 | $5,860,458.47 | |
| FUKUOKA FINANCIAL GROUP | JP | 237,200 | $7,211,720.07 | |
| FUSO CHEMICAL CO NPV | JP | 115,800 | $3,698,974.97 | |
| GENERATION DEVELOP NPV | AU | 546,809 | $2,469,416.78 | |
| GRAVITA INDIA LTD INR2 | IN | 76,336 | $1,401,765.15 | |
| GTT EUR0.01 | FR | 32,023 | $5,974,777.69 | |
| HALMA ORD GBP0.10 | GB | 140,632 | $6,247,228.40 | |
| HD HYUNDAI MARIN.S KRW500 | KR | 18,993 | $2,909,914.76 | |
| HELIOS TOWERS PLC ORD GBP0.01 | GB | 1,756,455 | $3,113,452.79 | |
| HEMNET GROUP AB NPV | SE | 36,626 | $951,822.14 | |
| HOWDEN JOINERY GR ORD GBP0.10 | GB | 418,693 | $4,734,701.24 | |
| HYOSUNG HEAVY INDU KRW5000 | KR | 5,656 | $5,044,732.96 | |
| ICG PLC ORD GBP0.2625 | GB | 100,106 | $2,951,115.97 | |
| INFOMART CORPORATI NPV | JP | 276,615 | $702,723.62 | |
| INSOURCE CO LTD NPV | JP | 439,100 | $2,859,047.16 | |
| INTERNET INITIATIV NPV | JP | 159,900 | $3,025,929.85 | |
| JAPAN ELEVATOR SER NPV | JP | 310,700 | $8,189,402.35 | |
| JAPAN STEEL WORKS | JP | 99,200 | $6,076,654.52 | |
| JBCC HOLDINGS INC NPV | JP | 326,700 | $3,059,509.62 | |
| JUMBO SA EUR0.88 | GR | 92,678 | $3,306,458.18 | |
| KAYNES TECHNOLOGY INR10 | IN | 44,384 | $3,081,136.74 | |
| KINAXIS INC COM NPV | CA | 31,789 | $4,389,264.53 | |
| KINGDEE INTL SOFTW HKD0.025 | HK | 2,076,000 | $4,340,617.12 | |
| KONECRANES OYJ NPV | FI | 55,482 | $4,571,894.34 | |
| KRONES AG ORD NPV | DE | 7,727 | $1,188,441.19 | |
| KYOTO FINANCIAL GR NPV | JP | 406,000 | $8,120,000.00 | |
| L.T. FOODS LTD INR1 | IN | 343,938 | $1,643,023.06 | |
| LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 | SE | 306,117 | $7,237,336.02 | |
| MAX HEALTHCARE INS INR10 | IN | 221,191 | $2,894,033.72 | |
| MITSUI ENG N SHIPBUILDING | JP | 182,500 | $5,717,691.13 | |
| MNC SOLUTION CO LT KRW100 | KR | 25,523 | $3,289,855.49 | |
| MULTI COMMODITY EX INR10 | IN | 50,110 | $4,194,106.09 | |
| MUNTERS GROUP AB NPV | SE | 104,211 | $1,422,352.64 | |
| NETCOMPANY GROUP DKK1 | DK | 31,595 | $1,203,902.15 | |
| NEXT VISION STABIL NPV | IL | 65,735 | $2,729,991.03 | |
| NHPC LTD INR10 | IN | 2,309,157 | $2,022,992.20 | |
| NIKON CORP | JP | 140,300 | $1,594,350.76 | |
| NOMURA REAL ESTATE HOLDINGS | JP | 308,200 | $1,918,785.08 | |
| NORDNET AB NPV | SE | 240,204 | $6,988,361.73 | |
| OR Royalties Inc. COM | CA | 215,380 | $6,922,844.53 | |
| PAL GROUP HOLDINGS NPV | JP | 114,300 | $4,001,375.79 | |
| PHARMAESSENTIA COR TWD10 | TW | 78,000 | $1,266,850.95 | |
| PRO MEDICUS NPV | AU | 13,766 | $2,692,232.38 | |
| RIGHTMOVE ORD GBP0.001 | GB | 628,226 | $6,308,019.52 | |
| RINGKJOBING LNDOBK DKK1 | DK | 30,973 | $7,003,499.31 | |
| RINNAI CORP | JP | 123,812 | $3,091,399.91 | |
| SAAB AB NPV B | SE | 103,177 | $5,833,513.49 | |
| SCOUT24 AG NPV | DE | 65,563 | $8,495,283.11 | |
| SOJITZ | JP | 299,200 | $7,963,722.80 | |
| SOPRA STERIA GROUP EUR1.00 | FR | 11,354 | $2,107,771.32 | |
| SSAB AB | SE | 612,037 | $3,469,441.36 | |
| ST JAMES'S PLACE ORD GBP0.15 | GB | 459,448 | $7,877,155.33 | |
| STEADFAST GROUP LI NPV | AU | 307,872 | $1,225,133.52 | |
| SWCC SHOWA HOLDING NPV | JP | 118,800 | $6,667,202.45 | |
| SWISSQUOTE GP HLDG CHF0.20 (REGD) | CH | 14,695 | $9,636,668.54 | |
| SYDBANK DKK10 | DK | 38,415 | $2,920,317.06 | |
| TECHNOLOGY ONE NPV | AU | 177,775 | $4,650,658.89 | |
| TFI INTERNATIONAL COM NPV | CA | 25,273 | $2,395,223.98 | |
| THK | JP | 91,500 | $2,498,372.21 | |
| THULE GROUP AB NPV | SE | 70,242 | $1,964,925.35 | |
| TOROMONT INDUSTRIE COM STK NPV | CA | 41,875 | $4,379,497.61 | |
| TOSEI CORPORATION NPV | JP | 140,000 | $3,046,483.91 | |
| U-NEXT HOLDINGS CO NPV | JP | 186,400 | $2,649,526.99 | |
| US DOLLARS | US | USD | 12,636,326.06 | $12,636,326.06 |
| WIENERBERGER AG NPV | AT | 120,598 | $4,200,920.38 | |
| WOONGJIN COWAY | KR | 34,521 | $2,587,367.88 |
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
$29.43
Daily $ Change
-$0.02
Daily % Change
-0.07%
as of 09/12/2025
Ticker
RAIIX
CUSIP
56382R688
Inception Date
03/28/2012
Investment Minimum
$1,000,000.00
Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.
Important Documents
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
25.11%
1 Year
18.07%
3 Year
9.76%
5 Year
4.86%
10 Year
7.68%
Inception
(03/28/2012)
10.03%
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 I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio.
Expense Ratio
| Gross | 1.16% |
*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.
| EURONEXT EUR1.60 | 2.88% |
| BABCOCK INTL GROUP ORD GBP0.60 | 2.86% |
| DEFINITY FINL CORP COM NPV | 2.51% |
| SWISSQUOTE GP HLDG CHF0.20 (REGD) | 2.43% |
| ELEMENT FLEET MGMT COM NPV | 2.25% |
| ALK-ABELLO A/S SERBDKK0.50 | 2.22% |
| SCOUT24 AG NPV | 2.14% |
| JAPAN ELEVATOR SER NPV | 2.06% |
| KYOTO FINANCIAL GR NPV | 2.05% |
| SOJITZ | 2.01% |
Top Ten Investments list is unaudited and excludes cash.
| Japan | 23.38% | |
| United Kingdom | 13.12% | |
| Canada | 11.23% | |
| Denmark | 7.24% | |
| Sweden | 7.02% | |
| India | 5.51% | |
| Germany | 4.74% | |
| South Korea | 4.59% | |
| Australia | 3.83% | |
| China | 3.63% | |
| Netherlands | 3.48% | |
| Switzerland | 2.43% | |
| Taiwan | 2.14% | |
| France | 2.04% | |
| Italy | 1.36% | |
| Finland | 1.15% | |
| Austria | 1.06% | |
| Israel | 0.84% | |
| Greece | 0.83% | |
| Poland | 0.38% |
| Industrials | 31.85% | |
| Financials | 22.15% | |
| Information Technology | 14.78% | |
| Communication Services | 8.70% | |
| Consumer Discretionary | 7.67% | |
| Materials | 6.12% | |
| Health Care | 4.52% | |
| Energy | 1.50% | |
| Real Estate | 1.25% | |
| Consumer Staples | 0.95% | |
| Utilities | 0.51% |
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) |
|---|---|---|---|---|
| 360 ONE WAM LTD INR1(POST SUBD) | IN | 263,394 | $3,036,595.69 | |
| AAC TECHNOLOGIES H USD0.01 | HK | 461,500 | $2,562,096.50 | |
| ALK-ABELLO A/S SERBDKK0.50 | DK | 279,625 | $8,822,070.64 | |
| ALM. BRAND DKK1 | DK | 1,047,427 | $2,923,548.65 | |
| ALS LIMITED NPV | AU | 343,842 | $4,183,578.91 | |
| ALTIUS MINERALS CO COM NPV | CA | 210,018 | $4,585,993.40 | |
| ASPEED TECHNOLOGY TWD10 | TW | 31,000 | $5,065,342.91 | |
| AUTO TRADER GROUP ORD GBP1.50 | GB | 189,640 | $2,057,903.80 | |
| AUTO1 GRP NPV | DE | 145,786 | $4,931,568.63 | |
| BABCOCK INTL GROUP ORD GBP0.60 | GB | 827,923 | $11,364,624.15 | |
| BAYCURRENT CONSULT NPV | JP | 99,300 | $5,662,788.35 | |
| BE SEMICONDUCTOR EUR0.01 | NL | 17,765 | $2,393,381.63 | |
| BRUNELLO CUCINELLI NPV | IT | 46,587 | $5,388,662.85 | |
| BUDIMEX SA PLN5.00 | PL | 10,211 | $1,492,460.99 | |
| CARTRADE TECH LTD INR10 | IN | 132,427 | $3,597,781.93 | |
| CELESTICA INC COM NPV | CA | 15,481 | $3,016,255.14 | |
| CELLEBRITE DI LTD ORDINARY SHARES | US | CLBT | 36,843 | $604,225.20 |
| CLASSYS INC KRW100 | KR | 60,926 | $2,287,600.94 | |
| CLOUD MUSIC INC USD0.0001 | HK | 103,400 | $3,705,812.71 | |
| COSMAX INC KRW500 | KR | 13,571 | $2,113,376.37 | |
| COWELL E HOLDINGS USD0.004 | HK | 859,743 | $3,815,761.95 | |
| CTS EVENTIM NPV | DE | 45,032 | $4,219,431.98 | |
| DAIEI KANKYO CO LT NPV | JP | 221,000 | $5,064,975.31 | |
| DEFINITY FINL CORP COM NPV | CA | 192,536 | $9,955,301.10 | |
| DIPLOMA ORD GBP0.05 | GB | 101,691 | $7,419,039.78 | |
| ELEMENT FLEET MGMT COM NPV | CA | 335,731 | $8,949,892.28 | |
| EMEMORY TECHNOLOGY TWD10 | TW | 32,000 | $2,161,631.69 | |
| EURONEXT EUR1.60 | FR | 69,245 | $11,436,334.55 | |
| FLSMIDTH N CO. A/S | DK | 85,798 | $5,860,458.47 | |
| FUKUOKA FINANCIAL GROUP | JP | 237,200 | $7,211,720.07 | |
| FUSO CHEMICAL CO NPV | JP | 115,800 | $3,698,974.97 | |
| GENERATION DEVELOP NPV | AU | 546,809 | $2,469,416.78 | |
| GRAVITA INDIA LTD INR2 | IN | 76,336 | $1,401,765.15 | |
| GTT EUR0.01 | FR | 32,023 | $5,974,777.69 | |
| HALMA ORD GBP0.10 | GB | 140,632 | $6,247,228.40 | |
| HD HYUNDAI MARIN.S KRW500 | KR | 18,993 | $2,909,914.76 | |
| HELIOS TOWERS PLC ORD GBP0.01 | GB | 1,756,455 | $3,113,452.79 | |
| HEMNET GROUP AB NPV | SE | 36,626 | $951,822.14 | |
| HOWDEN JOINERY GR ORD GBP0.10 | GB | 418,693 | $4,734,701.24 | |
| HYOSUNG HEAVY INDU KRW5000 | KR | 5,656 | $5,044,732.96 | |
| ICG PLC ORD GBP0.2625 | GB | 100,106 | $2,951,115.97 | |
| INFOMART CORPORATI NPV | JP | 276,615 | $702,723.62 | |
| INSOURCE CO LTD NPV | JP | 439,100 | $2,859,047.16 | |
| INTERNET INITIATIV NPV | JP | 159,900 | $3,025,929.85 | |
| JAPAN ELEVATOR SER NPV | JP | 310,700 | $8,189,402.35 | |
| JAPAN STEEL WORKS | JP | 99,200 | $6,076,654.52 | |
| JBCC HOLDINGS INC NPV | JP | 326,700 | $3,059,509.62 | |
| JUMBO SA EUR0.88 | GR | 92,678 | $3,306,458.18 | |
| KAYNES TECHNOLOGY INR10 | IN | 44,384 | $3,081,136.74 | |
| KINAXIS INC COM NPV | CA | 31,789 | $4,389,264.53 | |
| KINGDEE INTL SOFTW HKD0.025 | HK | 2,076,000 | $4,340,617.12 | |
| KONECRANES OYJ NPV | FI | 55,482 | $4,571,894.34 | |
| KRONES AG ORD NPV | DE | 7,727 | $1,188,441.19 | |
| KYOTO FINANCIAL GR NPV | JP | 406,000 | $8,120,000.00 | |
| L.T. FOODS LTD INR1 | IN | 343,938 | $1,643,023.06 | |
| LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 | SE | 306,117 | $7,237,336.02 | |
| MAX HEALTHCARE INS INR10 | IN | 221,191 | $2,894,033.72 | |
| MITSUI ENG N SHIPBUILDING | JP | 182,500 | $5,717,691.13 | |
| MNC SOLUTION CO LT KRW100 | KR | 25,523 | $3,289,855.49 | |
| MULTI COMMODITY EX INR10 | IN | 50,110 | $4,194,106.09 | |
| MUNTERS GROUP AB NPV | SE | 104,211 | $1,422,352.64 | |
| NETCOMPANY GROUP DKK1 | DK | 31,595 | $1,203,902.15 | |
| NEXT VISION STABIL NPV | IL | 65,735 | $2,729,991.03 | |
| NHPC LTD INR10 | IN | 2,309,157 | $2,022,992.20 | |
| NIKON CORP | JP | 140,300 | $1,594,350.76 | |
| NOMURA REAL ESTATE HOLDINGS | JP | 308,200 | $1,918,785.08 | |
| NORDNET AB NPV | SE | 240,204 | $6,988,361.73 | |
| OR Royalties Inc. COM | CA | 215,380 | $6,922,844.53 | |
| PAL GROUP HOLDINGS NPV | JP | 114,300 | $4,001,375.79 | |
| PHARMAESSENTIA COR TWD10 | TW | 78,000 | $1,266,850.95 | |
| PRO MEDICUS NPV | AU | 13,766 | $2,692,232.38 | |
| RIGHTMOVE ORD GBP0.001 | GB | 628,226 | $6,308,019.52 | |
| RINGKJOBING LNDOBK DKK1 | DK | 30,973 | $7,003,499.31 | |
| RINNAI CORP | JP | 123,812 | $3,091,399.91 | |
| SAAB AB NPV B | SE | 103,177 | $5,833,513.49 | |
| SCOUT24 AG NPV | DE | 65,563 | $8,495,283.11 | |
| SOJITZ | JP | 299,200 | $7,963,722.80 | |
| SOPRA STERIA GROUP EUR1.00 | FR | 11,354 | $2,107,771.32 | |
| SSAB AB | SE | 612,037 | $3,469,441.36 | |
| ST JAMES'S PLACE ORD GBP0.15 | GB | 459,448 | $7,877,155.33 | |
| STEADFAST GROUP LI NPV | AU | 307,872 | $1,225,133.52 | |
| SWCC SHOWA HOLDING NPV | JP | 118,800 | $6,667,202.45 | |
| SWISSQUOTE GP HLDG CHF0.20 (REGD) | CH | 14,695 | $9,636,668.54 | |
| SYDBANK DKK10 | DK | 38,415 | $2,920,317.06 | |
| TECHNOLOGY ONE NPV | AU | 177,775 | $4,650,658.89 | |
| TFI INTERNATIONAL COM NPV | CA | 25,273 | $2,395,223.98 | |
| THK | JP | 91,500 | $2,498,372.21 | |
| THULE GROUP AB NPV | SE | 70,242 | $1,964,925.35 | |
| TOROMONT INDUSTRIE COM STK NPV | CA | 41,875 | $4,379,497.61 | |
| TOSEI CORPORATION NPV | JP | 140,000 | $3,046,483.91 | |
| U-NEXT HOLDINGS CO NPV | JP | 186,400 | $2,649,526.99 | |
| US DOLLARS | US | USD | 12,636,326.06 | $12,636,326.06 |
| WIENERBERGER AG NPV | AT | 120,598 | $4,200,920.38 | |
| WOONGJIN COWAY | KR | 34,521 | $2,587,367.88 |
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.