Investment Portfolio - January 31, 2024
(unaudited)
| RAINIER INTERNATIONAL DISCOVERY SERIES | SHARES | VALUE | ||||||
| COMMON STOCKS - 96.6% | ||||||||
| Communication Services - 6.9% | ||||||||
| Diversified Telecommunication Services - 1.7% | ||||||||
| Internet Initiative Japan, Inc. (Japan) | 498,400 | $ | 9,664,681 | |||||
| Entertainment - 0.8% | ||||||||
| CTS Eventim AG & Co. KGaA (Germany) | 67,016 | 4,535,454 | ||||||
| Interactive Media & Services - 4.4% | ||||||||
| Auto Trader Group plc (United Kingdom)1 | 630,043 | 5,796,321 | ||||||
| CAR Group Ltd. (Australia) | 213,732 | 4,589,107 | ||||||
| Rightmove plc (United Kingdom) | 1,089,227 | 7,708,648 | ||||||
| Scout24 SE (Germany)1 | 65,995 | 4,859,231 | ||||||
| VTEX - Class A (Brazil)* | 128,204 | 1,044,863 | ||||||
| 23,998,170 | ||||||||
| Total Communication Services | 38,198,305 | |||||||
| Consumer Discretionary - 12.6% | ||||||||
| Automobile Components - 0.8% | ||||||||
| Nifco, Inc. (Japan) | 168,400 | 4,370,107 | ||||||
| Broadline Retail - 0.9% | ||||||||
| B&M European Value Retail S.A. (United Kingdom) | 730,169 | 4,785,324 | ||||||
| Hotels, Restaurants & Leisure - 6.5% | ||||||||
| Alsea S.A.B. de C.V. (Mexico)* | 1,452,907 | 5,700,538 | ||||||
| Domino's Pizza Group plc (United Kingdom) | 979,411 | 4,325,304 | ||||||
| Indian Hotels Co. Ltd. (India) | 2,116,188 | 12,548,611 | ||||||
| SSP Group plc (United Kingdom)* | 1,030,728 | 2,933,429 | ||||||
| Trainline plc (United Kingdom)*1 | 892,966 | 3,738,991 | ||||||
| Whitbread plc (United Kingdom) | 146,281 | 6,630,619 | ||||||
| 35,877,492 | ||||||||
| Household Durables - 0.9% | ||||||||
| Nikon Corp. (Japan) | 481,800 | 4,917,027 | ||||||
| Specialty Retail - 0.9% | ||||||||
| JUMBO S.A. (Greece) | 183,488 | 5,155,683 | ||||||
| Textiles, Apparel & Luxury Goods - 2.6% | ||||||||
| Brunello Cucinelli S.p.A. (Italy) | 79,690 | 7,900,219 | ||||||
| Eclat Textile Co. Ltd. (Taiwan) | 167,000 | 2,914,697 | ||||||
| HUGO BOSS AG (Germany) | 51,884 | 3,240,397 | ||||||
| 14,055,313 | ||||||||
| Total Consumer Discretionary | 69,160,946 | |||||||
| Consumer Staples - 6.2% | ||||||||
| Beverages - 2.5% | ||||||||
| Varun Beverages Ltd. (India) | 884,015 | 13,637,245 | ||||||
| Consumer Staples Distribution & Retail - 0.7% | ||||||||
| Sumber Alfaria Trijaya Tbk PT (Indonesia) | 23,988,784 | 4,026,142 | ||||||
| Food Products - 2.0% | ||||||||
| Gruma S.A.B. de C.V. - Class B (Mexico) | 202,963 | 3,797,117 | ||||||
| Kotobuki Spirits Co. Ltd. (Japan) | 172,900 | 2,326,307 | ||||||
| SHARES | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Consumer Staples (continued) | ||||||||
| Food Products (continued) | ||||||||
| Morinaga & Co. Ltd. (Japan) | 241,600 | $ | 4,611,145 | |||||
| 10,734,569 | ||||||||
| Personal Care Products - 1.0% | ||||||||
| Rohto Pharmaceutical Co. Ltd. (Japan) | 272,200 | 5,569,657 | ||||||
| Total Consumer Staples | 33,967,613 | |||||||
| Energy - 3.6% | ||||||||
| Energy Equipment & Services - 2.2% | ||||||||
| Aker Solutions ASA (Norway) | 2,337,602 | 8,670,217 | ||||||
| Technip Energies N.V. (France) | 152,661 | 3,160,171 | ||||||
| 11,830,388 | ||||||||
| Oil, Gas & Consumable Fuels - 1.4% | ||||||||
| Gaztransport Et Technigaz S.A. (France) | 54,914 | 7,698,812 | ||||||
| Total Energy | 19,529,200 | |||||||
| Financials - 7.8% | ||||||||
| Banks - 1.7% | ||||||||
| Fukuoka Financial Group, Inc. (Japan) | 248,400 | 6,104,999 | ||||||
| Ringkjoebing Landbobank A/S (Denmark) | 19,707 | 3,176,252 | ||||||
| 9,281,251 | ||||||||
| Capital Markets - 3.2% | ||||||||
| Euronext N.V. (Netherlands)1.. | 84,146 | 7,401,243 | ||||||
| Intermediate Capital Group plc (United Kingdom) | 253,483 | 5,714,803 | ||||||
| Nordnet AB publ (Sweden) | 275,496 | 4,335,081 | ||||||
| 17,451,127 | ||||||||
| Consumer Finance - 1.2% | ||||||||
| CreditAccess Grameen Ltd. (India)* | 348,742 | 6,693,051 | ||||||
| Financial Services - 0.5% | ||||||||
| GMO Payment Gateway, Inc. (Japan) | 46,300 | 2,793,665 | ||||||
| Insurance - 1.2% | ||||||||
| Steadfast Group Ltd. (Australia) | 1,249,998 | 4,836,710 | ||||||
| Topdanmark AS (Denmark) | 44,091 | 1,955,362 | ||||||
| 6,792,072 | ||||||||
| Total Financials | 43,011,166 | |||||||
| Health Care - 5.5% | ||||||||
| Biotechnology - 0.8% | ||||||||
| BioGaia AB - Class B (Sweden) | 416,779 | 4,509,551 | ||||||
| Health Care Equipment & Supplies - 1.6% | ||||||||
| Asahi Intecc Co. Ltd. (Japan) | 366,900 | 6,971,431 | ||||||
| Xvivo Perfusion AB (Sweden)* | 64,722 | 1,798,641 | ||||||
| 8,770,072 | ||||||||
| Health Care Providers & Services - 1.7% | ||||||||
| Amvis Holdings, Inc. (Japan). | 206,086 | 3,796,731 | ||||||
| Max Healthcare Institute Ltd. (India) | 564,802 | 5,311,497 | ||||||
| 9,108,228 | ||||||||
1
Investment Portfolio - January 31, 2024
(unaudited)
| RAINIER INTERNATIONAL DISCOVERY SERIES | SHARES | VALUE | ||||||
| COMMON STOCKS (continued) | ||||||||
| Health Care (continued) | ||||||||
| Health Care Technology - 1.0% | ||||||||
| Pro Medicus Ltd. (Australia) | 86,696 | $ | 5,711,451 | |||||
| Pharmaceuticals - 0.4% | ||||||||
| Kalbe Farma Tbk PT (Indonesia) | 23,347,400 | 2,234,426 | ||||||
| Total Health Care | 30,333,728 | |||||||
| Industrials - 28.2% | ||||||||
| Aerospace & Defense - 6.6% | ||||||||
| Babcock International Group plc (United Kingdom) | 1,255,776 | 7,177,068 | ||||||
| CAE, Inc. (Canada)* | 412,762 | 8,264,758 | ||||||
| Rheinmetall AG (Germany) | 31,973 | 11,196,012 | ||||||
| Saab AB - Class B (Sweden) | 147,015 | 9,466,435 | ||||||
| 36,104,273 | ||||||||
| Commercial Services & Supplies - 4.3% | ||||||||
| Daiei Kankyo Co. Ltd. (Japan) | 272,600 | 4,637,565 | ||||||
| Element Fleet Management Corp. (Canada) | 529,749 | 8,936,522 | ||||||
| ISS A/S (Denmark) | 218,942 | 4,142,819 | ||||||
| Park24 Co. Ltd. (Japan)* | 441,200 | 5,765,068 | ||||||
| 23,481,974 | ||||||||
| Construction & Engineering - 2.7% | ||||||||
| Fugro N.V. (Netherlands)* | 532,641 | 9,834,062 | ||||||
| Worley Ltd. (Australia) | 555,618 | 5,335,888 | ||||||
| 15,169,950 | ||||||||
| Electrical Equipment - 0.7% | ||||||||
| Voltronic Power Technology Corp. (Taiwan) | 89,498 | 3,827,187 | ||||||
| Ground Transportation - 1.9% | ||||||||
| TFI International, Inc. (Canada) | 78,234 | 10,281,651 | ||||||
| Machinery - 3.1% | ||||||||
| Aalberts N.V. (Netherlands) | 59,867 | 2,380,810 | ||||||
| ATS Corp. (Canada)* | 100,906 | 4,316,341 | ||||||
| Daifuku Co. Ltd. (Japan) | 250,600 | 4,941,831 | ||||||
| Takeuchi Manufacturing Co. Ltd. (Japan) | 102,200 | 3,493,989 | ||||||
| Trelleborg AB - Class B (Sweden) | 68,358 | 2,080,626 | ||||||
| 17,213,597 | ||||||||
| Professional Services - 2.7% | ||||||||
| ALS Ltd. (Australia) | 642,723 | 5,280,634 | ||||||
| SMS Co. Ltd. (Japan) | 147,700 | 2,667,481 | ||||||
| TechnoPro Holdings, Inc. (Japan) | 290,500 | 6,697,429 | ||||||
| 14,645,544 | ||||||||
| Trading Companies & Distributors - 5.4% | ||||||||
| Ashtead Technology Holdings plc (United Kingdom) | 284,572 | 2,380,211 | ||||||
| Diploma plc (United Kingdom) | 101,278 | 4,174,854 | ||||||
| Howden Joinery Group plc (United Kingdom) | 729,325 | 7,385,793 | ||||||
| Sojitz Corp. (Japan) | 382,700 | 9,032,265 | ||||||
| SHARES | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Industrials (continued) | ||||||||
| Trading Companies & Distributors (continued) | ||||||||
| Toromont Industries Ltd. (Canada) | 78,073 | $ | 6,838,392 | |||||
| 29,811,515 | ||||||||
| Transportation Infrastructure - 0.8% | ||||||||
| Japan Airport Terminal Co. Ltd. (Japan) | 107,100 | 4,253,257 | ||||||
| Total Industrials | 154,788,948 | |||||||
| Information Technology - 18.0% | ||||||||
| Electronic Equipment, Instruments & Components - 4.0% | ||||||||
| E Ink Holdings, Inc. (Taiwan) | 478,000 | 3,169,957 | ||||||
| Halma plc (United Kingdom) | 196,955 | 5,451,537 | ||||||
| Kaynes Technology India Ltd. (India)* | 99,982 | 3,423,579 | ||||||
| Oxford Instruments plc (United Kingdom) | 129,744 | 3,650,225 | ||||||
| Sinbon Electronics Co. Ltd. (Taiwan) | 726,000 | 5,977,202 | ||||||
| 21,672,500 | ||||||||
| IT Services - 3.8% | ||||||||
| Alten S.A. (France) | 45,473 | 7,031,045 | ||||||
| Megaport Ltd. (Australia)*.. | 498,206 | 4,068,454 | ||||||
| Netcompany Group A/S (Denmark)*1 | 68,254 | 2,722,545 | ||||||
| Sopra Steria Group (France) | 31,056 | 7,284,312 | ||||||
| 21,106,356 | ||||||||
| Semiconductors & Semiconductor Equipment - 5.5% | ||||||||
| AIXTRON SE (Germany) | 123,467 | 4,595,222 | ||||||
| ASPEED Technology, Inc. (Taiwan) | 39,000 | 3,830,569 | ||||||
| BE Semiconductor Industries N.V. (Netherlands) | 34,846 | 5,236,598 | ||||||
| eMemory Technology, Inc. (Taiwan) | 94,000 | 8,383,814 | ||||||
| HPSP Co. Ltd. (South Korea)* | 92,453 | 3,099,016 | ||||||
| Socionext, Inc. (Japan) | 109,900 | 2,562,691 | ||||||
| SOITEC (France)* | 17,229 | 2,490,092 | ||||||
| 30,198,002 | ||||||||
| Software - 3.9% | ||||||||
| The Descartes Systems Group, Inc. (Canada)* | 75,310 | 6,594,141 | ||||||
| Fortnox AB (Sweden) | 442,908 | 2,441,880 | ||||||
| Kinaxis, Inc. (Canada)* | 40,904 | 4,981,073 | ||||||
| KPIT Technologies Ltd. (India) | 157,313 | 2,937,935 | ||||||
| Technology One Ltd. (Australia) | 433,293 | 4,427,038 | ||||||
| 21,382,067 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.8% | ||||||||
| Gigabyte Technology Co. Ltd. (Taiwan) | 467,000 | 4,621,239 | ||||||
| Total Information Technology | 98,980,164 | |||||||
| Materials - 1.9% | ||||||||
| Chemicals - 0.4% | ||||||||
| Kaneka Corp. (Japan) | 89,500 | 2,176,410 | ||||||
| Construction Materials - 0.6% | ||||||||
| Wienerberger AG (Austria) | 94,727 | 3,210,107 | ||||||
2
Investment Portfolio - January 31, 2024
(unaudited)
| RAINIER INTERNATIONAL DISCOVERY SERIES | SHARES | VALUE | ||||||
| COMMON STOCKS (continued) | ||||||||
| Materials (continued) | ||||||||
| Metals & Mining - 0.9% | ||||||||
| APL Apollo Tubes Ltd. (India) | 290,949 | $ | 5,273,054 | |||||
| Total Materials | 10,659,571 | |||||||
| Real Estate - 3.5% | ||||||||
| Hotel & Resort REITs - 0.9% | ||||||||
| Japan Hotel REIT Investment Corp. (Japan) | 9,278 | 4,767,950 | ||||||
| Real Estate Management & Development - 2.6% | ||||||||
| Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | 2,342,300 | 8,900,236 | ||||||
| The Phoenix Mills Ltd. (India) | 185,498 | 5,426,927 | ||||||
| 14,327,163 | ||||||||
| Total Real Estate | 19,095,113 | |||||||
| SHARES | VALUE | |||||||
| COMMON STOCKS (continued) | ||||||||
| Utilities - 2.4% | ||||||||
| Independent Power and Renewable Electricity Producers - 2.4% | ||||||||
| ERG S.p.A. (Italy) | 118,621 | $ | 3,478,266 | |||||
| NHPC Ltd. (India) | 8,694,882 | 9,530,951 | ||||||
| Total Utilities | 13,009,217 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Identified Cost $430,999,467) | 530,733,971 | |||||||
| SHORT-TERM INVESTMENT - 4.3% | ||||||||
| Dreyfus Government Cash Management, Institutional Shares, 5.22%2 | ||||||||
| (Identified Cost $23,636,199) | 23,636,199 | 23,636,199 | ||||||
| TOTAL INVESTMENTS - 100.9% | 554,370,170 | |||||||
| (Identified Cost $454,635,666) | ||||||||
| LIABILITIES, LESS OTHER ASSETS - (0.9%) | (4,732,324 | ) | ||||||
| NET ASSETS - 100% | $ | 549,637,846 | ||||||
REIT - Real Estate Investment Trust
*Non-income producing security.
1Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”) and determined to be liquid under the Fund’s Liquidity Risk Management Program. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2024 was $24,518,331, which represented 4.5% of the Series’ Net Assets.
2Rate shown is the current yield as of January 31, 2024.
The Series’ portfolio holds, as a percentage of net assets, greater than 10% in the following countries:
Japan - 18.6%, United Kingdom - 13.1% and India - 11.8%.
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.
Fair Value Information:
GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value. Level 1 includes quoted prices (unadjusted) in active markets for identical financial instruments that the Series’ can access at the reporting date. Level 2 includes other significant observable inputs (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads). Level 3 includes unobservable inputs (including the Valuation Designee’s own assumptions in determining fair value). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuation levels used for major security types as of January 31, 2024 in valuing the Series’ assets or liabilities carried at fair value:
3
Investment Portfolio - January 31, 2024
(unaudited)
| DESCRIPTION | TOTAL | LEVEL 1 | LEVEL 2# | LEVEL 3 | |||||||||||
| Assets: | |||||||||||||||
| Equity securities: | |||||||||||||||
| Communication Services | $ | 38,198,305 | $ | 1,044,863 | $ | 37,153,442 | $ | — | |||||||
| Consumer Discretionary | 69,160,946 | 5,700,538 | 63,460,408 | — | |||||||||||
| Consumer Staples | 33,967,613 | 3,797,117 | 30,170,496 | — | |||||||||||
| Energy | 19,529,200 | — | 19,529,200 | — | |||||||||||
| Financials | 43,011,166 | — | 43,011,166 | — | |||||||||||
| Health Care | 30,333,728 | — | 30,333,728 | — | |||||||||||
| Industrials | 154,788,948 | 38,637,664 | 116,151,284 | — | |||||||||||
| Information Technology | 98,980,164 | 14,137,905 | 84,842,259 | — | |||||||||||
| Materials | 10,659,571 | — | 10,659,571 | — | |||||||||||
| Real Estate | 19,095,113 | 8,900,236 | 10,194,877 | — | |||||||||||
| Utilities | 13,009,217 | — | 13,009,217 | — | |||||||||||
| Short-Term Investment | 23,636,199 | 23,636,199 | — | — | |||||||||||
| Total assets | $ | 554,370,170 | $ | 95,854,522 | $ | 458,515,648 | $ | — | |||||||
#Includes certain foreign equity securities for which a factor from a third party vendor was applied to determine the securities’ fair value following the close of local trading.
There were no Level 3 securities held by the Series as of October 31, 2023 or January 31, 2024.
The Investment Portfolio should be read in conjunction with the financial statements and notes to financial statements, which are included in the Series’ audited annual report or unaudited semi-annual report. These reports include additional information about the Series’ security valuation policies and about certain security types invested in by the Series.
4