Mutual Fund

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

$21.45

Daily $ Change

$0.01

Daily % Change

0.05%

as of 11/30/2023

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

Performance

As of 10/31/2023

YTD

-7.92%

1 Year

-3.30%

3 Year

-4.33%

5 Year

3.60%

10 Year

5.07%

Inception
(11/30/2012)

7.89%

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.

Top Ten Investments

As of 10/31/2023

VARUN BEVERAGES ltd 3.97%
INDIAN HOTELS CO LIMITED 2.59%
RHEINMETALL AG 2.31%
SAAB AB-B 2.28%
AKER SOLUTIONS ASA 2.20%
FUGRO NV-CVA 2.19%
CAE INC 1.92%
WORLEY LTD 1.84%
SYDBANK A/S 1.80%
APL APOLLO TUBES LTD 1.67%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 10/31/2023

Japan
19.74%
India
13.84%
United Kingdom
9.73%
Canada
7.51%
Australia
6.88%
France
5.24%
Denmark
5.06%
Sweden
4.93%
Germany
4.39%
Netherlands
4.20%
Mexico
4.07%
Taiwan
3.85%
Norway
2.37%
Thailand
2.01%
Italy
1.95%
Indonesia
1.68%
Greece
0.83%
Philippines
0.76%
Hong Kong
0.37%
Austria
0.33%
Belgium
0.26%

Sector Allocation

As of 10/31/2023

Communication Services
6.15%
Consumer Discretionary
13.60%
Consumer Staples
9.36%
Energy
4.18%
Financials
10.11%
Health Care
5.47%
Industrials
29.10%
Information Technology
12.88%
Materials
3.19%
Real Estate
4.66%
Utilities
1.30%

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 58,650 $1,831,185.57
AIXTRON AG DE AIXA GR 99,538 $2,797,093.40
AKER SOLUTIONS ASA NO AKSO NO 2,716,221 $10,846,570.88
ALS LTD AU ALQ AU 654,446 $4,478,933.93
ALSEA SAB DE DV MX ALSEA* MM 1,568,307 $5,205,363.08
ALTEN SA FR ATE FP 53,512 $6,321,263.17
AMVIS HOLDINGS INC JP 7071 JP 225,886 $3,853,428.90
APL APOLLO TUBES LTD IN APAT IN 438,784 $8,251,414.19
ASAHI INTECC CO LTD JP 7747 JP 374,600 $6,294,265.85
AUTO TRADER GROUP PLC GB AUTO LN 643,210 $4,865,403.43
B&M EUROPEAN VALUE RETAIL SA GB BME LN 787,051 $5,066,832.82
BABCOCK INTL GROUP PLC GB BAB LN 1,080,214 $5,139,690.34
BARCO N.V. BE BAR BB 83,226 $1,277,843.74
BE SEMICONDUCTOR NL BESI NA 30,610 $3,162,003.53
BIOGAIA AB-B SHS SE BIOGB SS 454,649 $4,056,729.52
BREMBO SPA IT BRE IM 141,830 $1,526,048.16
BRUNELLO CUCINELLI SPA IT BC IM 62,547 $5,031,139.57
CAE INC CA CAE CN 453,590 $9,472,483.43
CARSALES.COM LTD AU CAR AU 189,396 $3,338,533.15
COM7 PCL-NVDR TH COM7-R TB 5,714,100 $4,257,809.81
CORP INMOBILIARIA MX VESTA MM 2,529,900 $7,933,914.58
CREDITACCESS GRAMEEN LTD IN CREDAG IN 356,031 $6,829,945.36
CTS EVENTIM AG & CO KGAA DE EVD GR 55,278 $3,346,868.48
DAIEI KANKYO CO LTD JP 9336 JP 295,800 $4,083,690.72
DAIFUKU CO LTD JP 6383 JP 286,500 $4,733,810.62
DESCARTES SYSTEMS GRP/THE CA DSG CN 76,885 $5,557,009.95
DOMINO'S PIZZA GROUP PLC GB DOM LN 999,878 $4,172,096.76
DREYFUS GVT CSH MANAGEMENT US 28,941,217.4 $28,941,217.40
E INK HOLDINGS INC TW 8069 TT 267,000 $1,389,234.50
ELEMENT FLEET MANAGEMENT COR CA EFN CN 540,820 $7,316,230.90
EMEMORY TECHNOLOGY INC TW 3529 TT 106,000 $6,641,053.41
ERG SPA IT ERG IM 42,249 $1,038,092.28
EURONEXT NV NL ENX FP 70,457 $4,913,571.25
FORTNOX AB SE FNOX SS 469,843 $1,862,423.52
FUGRO NV-CVA NL FUR NA 653,111 $10,787,414.51
FUKUOKA FINANCIAL GROUP INC JP 8354 JP 277,900 $7,345,936.79
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 49,517 $6,333,724.47
GMO PAYMENT GATEWAY INC JP 3769 JP 36,200 $1,445,801.05
GRUMA S.A.B.-B MX GRUMAB MM 207,205 $3,608,991.85
GRUPO AEROPORT DEL SURESTE-B MX 152,760 $3,304,476.12
HALMA PLC GB HLMA LN 120,210 $2,703,328.00
HOWDEN JOINERY GROUP INC GB HWDN LN 678,020 $5,265,576.58
HUSQVARNA AB-B SHS SE HUSQB SS 368,644 $2,388,726.36
INDIAN HOTELS CO LIMITED IN IH IN 2,768,507 $12,751,082.51
INTERNET INITIATIVE JAPAN JP 3774 JP 508,800 $8,221,502.34
INTERPUMP GROUP SPA IT IP IM 48,189 $2,014,989.07
ISS A/S DK ISS DC 321,949 $4,659,404.44
JAPAN AIRPORT TERMINAL CO JP 9706 JP 129,500 $5,695,286.16
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 16,968 $7,714,218.28
JUMBO SA GR 156,117 $4,106,558.71
KALBE FARMA TBK PT ID KLBF IJ 26,417,300 $2,809,600.51
KANEKA CORP JP 4118 JP 153,600 $3,758,866.67
KPIT TECHNOLOGIES LTD IN KPITTECH IN 285,636 $4,179,395.13
L'OCCITANE INTERNATIONAL SA HK 973 HK 718,000 $1,845,425.94
MAX HEALTHCARE INSTITUTE LTD IN MAXHEALT IN 576,605 $3,973,481.69
MEGAPORT LTD AU MP1 AU 431,380 $2,638,242.04
MINOR INTERNATIONAL PCL-NVDR TH MINT-R TB 3,486,200 $2,716,730.46
MIPS AB SE MIPS SS 17,531 $432,309.64
MORINAGA & CO LTD JP 2201 JP 123,300 $4,446,730.50
NHPC LTD IN NHPC IN 8,876,579 $5,352,910.39
NIFCO INC JP 7988 JP 171,900 $4,031,434.87
NIKON CORP JP 7731 JP 520,400 $4,940,893.92
NORDIC SEMICONDUCTOR ASA NO NOD NO 105,791 $859,579.92
OXFORD INSTRUMENTS PLC GB OXIG LN 142,566 $3,122,538.84
PARK24 CO LTD JP 4666 JP 558,000 $6,286,318.64
PHOENIX MILLS LTD IN PHNX IN 335,766 $7,320,945.94
PILBARA MINERALS LTD AU PLS AU 905,524 $2,127,074.11
PRO MEDICUS LTD AU PME AU 97,119 $4,626,065.84
RHEINMETALL AG DE RHM GR 39,596 $11,367,751.44
RIGHTMOVE PLC GB RMV LN 1,111,989 $6,412,432.73
RINGKJOEBING LANDBOBANK DK RILBA DC 27,919 $3,805,328.10
ROHTO PHARMACEUTICAL CO LTD JP 4527 JP 252,500 $5,891,155.31
ROYAL UNIBREW DK RBREW DC 21,385 $1,546,964.25
RS GROUP PLC GB RS1 LN 163,911 $1,352,664.10
S.O.I.T.E.C. FR SOI FP 31,504 $4,702,256.32
SAAB AB-B SE SAABB SS 218,531 $11,226,247.94
SCOUT24 AG DE G24 GR 67,375 $4,144,918.23
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,958,561.97 $1,737,848.52
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL/F TB 2,717,348.03 $1,192,943.12
SINBON ELECTRONICS CO LTD TW 3023 TT 806,000 $6,901,993.82
SOJITZ CORP JP 2768 JP 365,400 $7,587,674.70
SOPRA STERIA GROUP FR SOP FP 28,214 $5,065,436.31
SSP GROUP PLC GB SSPG LN 1,052,269 $2,302,164.64
STEADFAST GROUP LTD AU SDF AU 955,110 $3,284,378.89
SUMBER ALFARIA TRIJAYA ID AMRT IJ 29,998,484 $5,457,703.42
SYDBANK A/S DK SYDB DC 204,232 $8,871,772.67
TAKEUCHI MFG CO LTD JP 6432 JP 172,800 $4,930,176.07
TECHNIP ENERGIES NV FR TE FP 155,852 $3,414,677.49
TECHNOLOGY ONE LTD AU TNE AU 466,709 $4,328,163.21
TECHNOPRO HOLDINGS INC JP 6028 JP 308,400 $6,109,666.09
TFI INTERNATIONAL INC CA TFII CN 74,221 $8,210,739.94
TOPDANMARK A/S DK TOP DC 135,067 $6,054,258.07
TOROMONT INDUSTRIES LTD CA TIH CN 86,082 $6,480,591.89
TRELLEBORG AB-B SHS SE TRELB SS 117,721 $2,977,056.66
UNIVERSAL ROBINA CORP PH URC PM 1,941,810 $3,743,488.36
VARUN BEVERAGES ltd IN VBL IN 1,795,520 $19,597,809.34
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 101,498 $4,070,468.50
WHITBREAD PLC GB WTB LN 187,122 $7,587,451.79
WIENERBERGER AG AT WIE AV 66,402 $1,608,718.47
WORLEY LTD AU WOR AU 868,988 $9,083,946.18
XVIVO PERFUSION AB SE XVIVO SS 66,075 $1,373,300.66

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class S Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter

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

$21.45

Daily $ Change

$0.01

Daily % Change

0.05%

as of 11/30/2023

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

Performance

As of 10/31/2023

YTD

-7.92%

1 Year

-3.30%

3 Year

-4.33%

5 Year

3.60%

10 Year

5.07%

Inception
(11/30/2012)

7.89%

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.

Top Ten Investments

As of 10/31/2023

VARUN BEVERAGES ltd 3.97%
INDIAN HOTELS CO LIMITED 2.59%
RHEINMETALL AG 2.31%
SAAB AB-B 2.28%
AKER SOLUTIONS ASA 2.20%
FUGRO NV-CVA 2.19%
CAE INC 1.92%
WORLEY LTD 1.84%
SYDBANK A/S 1.80%
APL APOLLO TUBES LTD 1.67%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 10/31/2023

Japan
19.74%
India
13.84%
United Kingdom
9.73%
Canada
7.51%
Australia
6.88%
France
5.24%
Denmark
5.06%
Sweden
4.93%
Germany
4.39%
Netherlands
4.20%
Mexico
4.07%
Taiwan
3.85%
Norway
2.37%
Thailand
2.01%
Italy
1.95%
Indonesia
1.68%
Greece
0.83%
Philippines
0.76%
Hong Kong
0.37%
Austria
0.33%
Belgium
0.26%

Sector Allocation

As of 10/31/2023

Communication Services
6.15%
Consumer Discretionary
13.60%
Consumer Staples
9.36%
Energy
4.18%
Financials
10.11%
Health Care
5.47%
Industrials
29.10%
Information Technology
12.88%
Materials
3.19%
Real Estate
4.66%
Utilities
1.30%

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 58,650 $1,831,185.57
AIXTRON AG DE AIXA GR 99,538 $2,797,093.40
AKER SOLUTIONS ASA NO AKSO NO 2,716,221 $10,846,570.88
ALS LTD AU ALQ AU 654,446 $4,478,933.93
ALSEA SAB DE DV MX ALSEA* MM 1,568,307 $5,205,363.08
ALTEN SA FR ATE FP 53,512 $6,321,263.17
AMVIS HOLDINGS INC JP 7071 JP 225,886 $3,853,428.90
APL APOLLO TUBES LTD IN APAT IN 438,784 $8,251,414.19
ASAHI INTECC CO LTD JP 7747 JP 374,600 $6,294,265.85
AUTO TRADER GROUP PLC GB AUTO LN 643,210 $4,865,403.43
B&M EUROPEAN VALUE RETAIL SA GB BME LN 787,051 $5,066,832.82
BABCOCK INTL GROUP PLC GB BAB LN 1,080,214 $5,139,690.34
BARCO N.V. BE BAR BB 83,226 $1,277,843.74
BE SEMICONDUCTOR NL BESI NA 30,610 $3,162,003.53
BIOGAIA AB-B SHS SE BIOGB SS 454,649 $4,056,729.52
BREMBO SPA IT BRE IM 141,830 $1,526,048.16
BRUNELLO CUCINELLI SPA IT BC IM 62,547 $5,031,139.57
CAE INC CA CAE CN 453,590 $9,472,483.43
CARSALES.COM LTD AU CAR AU 189,396 $3,338,533.15
COM7 PCL-NVDR TH COM7-R TB 5,714,100 $4,257,809.81
CORP INMOBILIARIA MX VESTA MM 2,529,900 $7,933,914.58
CREDITACCESS GRAMEEN LTD IN CREDAG IN 356,031 $6,829,945.36
CTS EVENTIM AG & CO KGAA DE EVD GR 55,278 $3,346,868.48
DAIEI KANKYO CO LTD JP 9336 JP 295,800 $4,083,690.72
DAIFUKU CO LTD JP 6383 JP 286,500 $4,733,810.62
DESCARTES SYSTEMS GRP/THE CA DSG CN 76,885 $5,557,009.95
DOMINO'S PIZZA GROUP PLC GB DOM LN 999,878 $4,172,096.76
DREYFUS GVT CSH MANAGEMENT US 28,941,217.4 $28,941,217.40
E INK HOLDINGS INC TW 8069 TT 267,000 $1,389,234.50
ELEMENT FLEET MANAGEMENT COR CA EFN CN 540,820 $7,316,230.90
EMEMORY TECHNOLOGY INC TW 3529 TT 106,000 $6,641,053.41
ERG SPA IT ERG IM 42,249 $1,038,092.28
EURONEXT NV NL ENX FP 70,457 $4,913,571.25
FORTNOX AB SE FNOX SS 469,843 $1,862,423.52
FUGRO NV-CVA NL FUR NA 653,111 $10,787,414.51
FUKUOKA FINANCIAL GROUP INC JP 8354 JP 277,900 $7,345,936.79
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 49,517 $6,333,724.47
GMO PAYMENT GATEWAY INC JP 3769 JP 36,200 $1,445,801.05
GRUMA S.A.B.-B MX GRUMAB MM 207,205 $3,608,991.85
GRUPO AEROPORT DEL SURESTE-B MX 152,760 $3,304,476.12
HALMA PLC GB HLMA LN 120,210 $2,703,328.00
HOWDEN JOINERY GROUP INC GB HWDN LN 678,020 $5,265,576.58
HUSQVARNA AB-B SHS SE HUSQB SS 368,644 $2,388,726.36
INDIAN HOTELS CO LIMITED IN IH IN 2,768,507 $12,751,082.51
INTERNET INITIATIVE JAPAN JP 3774 JP 508,800 $8,221,502.34
INTERPUMP GROUP SPA IT IP IM 48,189 $2,014,989.07
ISS A/S DK ISS DC 321,949 $4,659,404.44
JAPAN AIRPORT TERMINAL CO JP 9706 JP 129,500 $5,695,286.16
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 16,968 $7,714,218.28
JUMBO SA GR 156,117 $4,106,558.71
KALBE FARMA TBK PT ID KLBF IJ 26,417,300 $2,809,600.51
KANEKA CORP JP 4118 JP 153,600 $3,758,866.67
KPIT TECHNOLOGIES LTD IN KPITTECH IN 285,636 $4,179,395.13
L'OCCITANE INTERNATIONAL SA HK 973 HK 718,000 $1,845,425.94
MAX HEALTHCARE INSTITUTE LTD IN MAXHEALT IN 576,605 $3,973,481.69
MEGAPORT LTD AU MP1 AU 431,380 $2,638,242.04
MINOR INTERNATIONAL PCL-NVDR TH MINT-R TB 3,486,200 $2,716,730.46
MIPS AB SE MIPS SS 17,531 $432,309.64
MORINAGA & CO LTD JP 2201 JP 123,300 $4,446,730.50
NHPC LTD IN NHPC IN 8,876,579 $5,352,910.39
NIFCO INC JP 7988 JP 171,900 $4,031,434.87
NIKON CORP JP 7731 JP 520,400 $4,940,893.92
NORDIC SEMICONDUCTOR ASA NO NOD NO 105,791 $859,579.92
OXFORD INSTRUMENTS PLC GB OXIG LN 142,566 $3,122,538.84
PARK24 CO LTD JP 4666 JP 558,000 $6,286,318.64
PHOENIX MILLS LTD IN PHNX IN 335,766 $7,320,945.94
PILBARA MINERALS LTD AU PLS AU 905,524 $2,127,074.11
PRO MEDICUS LTD AU PME AU 97,119 $4,626,065.84
RHEINMETALL AG DE RHM GR 39,596 $11,367,751.44
RIGHTMOVE PLC GB RMV LN 1,111,989 $6,412,432.73
RINGKJOEBING LANDBOBANK DK RILBA DC 27,919 $3,805,328.10
ROHTO PHARMACEUTICAL CO LTD JP 4527 JP 252,500 $5,891,155.31
ROYAL UNIBREW DK RBREW DC 21,385 $1,546,964.25
RS GROUP PLC GB RS1 LN 163,911 $1,352,664.10
S.O.I.T.E.C. FR SOI FP 31,504 $4,702,256.32
SAAB AB-B SE SAABB SS 218,531 $11,226,247.94
SCOUT24 AG DE G24 GR 67,375 $4,144,918.23
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,958,561.97 $1,737,848.52
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL/F TB 2,717,348.03 $1,192,943.12
SINBON ELECTRONICS CO LTD TW 3023 TT 806,000 $6,901,993.82
SOJITZ CORP JP 2768 JP 365,400 $7,587,674.70
SOPRA STERIA GROUP FR SOP FP 28,214 $5,065,436.31
SSP GROUP PLC GB SSPG LN 1,052,269 $2,302,164.64
STEADFAST GROUP LTD AU SDF AU 955,110 $3,284,378.89
SUMBER ALFARIA TRIJAYA ID AMRT IJ 29,998,484 $5,457,703.42
SYDBANK A/S DK SYDB DC 204,232 $8,871,772.67
TAKEUCHI MFG CO LTD JP 6432 JP 172,800 $4,930,176.07
TECHNIP ENERGIES NV FR TE FP 155,852 $3,414,677.49
TECHNOLOGY ONE LTD AU TNE AU 466,709 $4,328,163.21
TECHNOPRO HOLDINGS INC JP 6028 JP 308,400 $6,109,666.09
TFI INTERNATIONAL INC CA TFII CN 74,221 $8,210,739.94
TOPDANMARK A/S DK TOP DC 135,067 $6,054,258.07
TOROMONT INDUSTRIES LTD CA TIH CN 86,082 $6,480,591.89
TRELLEBORG AB-B SHS SE TRELB SS 117,721 $2,977,056.66
UNIVERSAL ROBINA CORP PH URC PM 1,941,810 $3,743,488.36
VARUN BEVERAGES ltd IN VBL IN 1,795,520 $19,597,809.34
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 101,498 $4,070,468.50
WHITBREAD PLC GB WTB LN 187,122 $7,587,451.79
WIENERBERGER AG AT WIE AV 66,402 $1,608,718.47
WORLEY LTD AU WOR AU 868,988 $9,083,946.18
XVIVO PERFUSION AB SE XVIVO SS 66,075 $1,373,300.66

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class S Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter

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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