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

$22.98

Daily $ Change

-$0.37

Daily % Change

-1.61%

as of 05/29/2024

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

Performance

As of 04/30/2024

YTD

-0.22%

1 Year

1.01%

3 Year

-8.01%

5 Year

4.85%

10 Year

5.93%

Inception
(11/30/2012)

8.81%

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 1.47%
Net 1.41%*

*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 04/30/2024

FUGRO NV-CVA 2.56%
SOJITZ CORP 2.05%
TFI INTERNATIONAL INC 2.03%
RHEINMETALL AG 1.92%
HOWDEN JOINERY GROUP INC 1.72%
FUKUOKA FINANCIAL GROUP INC 1.68%
ELEMENT FLEET MANAGEMENT COR 1.68%
CORP INMOBILIARIA 1.65%
GAZTRANSPORT ET TECHNIGA SA 1.64%
BRUNELLO CUCINELLI SPA 1.61%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 04/30/2024

Japan
18.73%
United Kingdom
14.08%
India
10.54%
Canada
8.97%
Australia
6.01%
Netherlands
5.85%
Germany
5.56%
Taiwan
5.42%
Sweden
5.21%
Denmark
3.72%
France
3.63%
Mexico
3.59%
Italy
2.48%
South Korea
1.17%
Greece
1.07%
Norway
1.01%
China
0.81%
Austria
0.79%
Spain
0.79%
Finland
0.57%

Sector Allocation

As of 04/30/2024

Communication Services
7.08%
Consumer Discretionary
11.15%
Consumer Staples
3.45%
Energy
2.65%
Financials
10.65%
Health Care
7.27%
Industrials
30.91%
Information Technology
17.83%
Materials
1.26%
Real Estate
5.46%
Utilities
2.29%

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 $3,723,216.54
AKER SOLUTIONS ASA NO AKSO NO 1,242,858 $4,684,701.52
ALK-ABELLO A/S DK ALKB DC 191,250 $3,545,585.03
ALS LTD AU ALQ AU 488,333 $4,082,960.01
ALSEA SAB DE DV MX ALSEA* MM 1,278,607 $5,351,553.31
ALTEN SA FR ATE FP 24,963 $2,933,657.73
AMADA CO LTD JP 6113 JP 302,000 $3,298,465.02
APL APOLLO TUBES LTD IN APAT IN 117,716 $2,192,388.90
ASAHI INTECC CO LTD JP 7747 JP 337,600 $4,946,746.33
ASHTEAD TECHNOLOGY HOLDINGS GB AT/ LN 368,389 $3,760,818.28
ASPEED TECHNOLOGY INC TW 5274 TT 33,000 $3,089,955.27
ATS CORP CA ATS CN 49,953 $1,643,388.93
AUTO TRADER GROUP PLC GB AUTO LN 548,750 $4,757,377.35
B&M EUROPEAN VALUE RETAIL SA GB BME LN 588,510 $3,797,992.47
BABCOCK INTL GROUP PLC GB BAB LN 1,179,505 $7,463,945.78
BE SEMICONDUCTOR NL BESI NA 32,628 $4,328,889.29
BIOGAIA AB-B SHS SE BIOGB SS 288,619 $3,073,377.59
BRUNELLO CUCINELLI SPA IT BC IM 73,320 $7,483,214.53
CAE INC CA CAE CN 168,929 $3,259,182.97
CARSALES.COM LTD AU CAR AU 185,247 $4,016,806.52
CHEMOMETEC A/S DK CHEMM DC 30,504 $1,290,832.90
CLASSYS INC KR 156,860 $4,268,979.65
CORP INMOBILIARIA MX VESTA MM 2,155,000 $7,632,114.76
CREDITACCESS GRAMEEN LTD IN CREDAG IN 186,353 $3,367,159.55
CTS EVENTIM AG & CO KGAA DE EVD GR 67,420 $5,961,866.62
DAIEI KANKYO CO LTD JP 9336 JP 268,000 $4,478,958.58
DAIFUKU CO LTD JP 6383 JP 277,300 $5,680,159.03
DESCARTES SYSTEMS GRP/THE CA DSG CN 66,716 $6,188,670.47
DIPLOMA PLC GB DPLM LN 101,255 $4,576,786.44
DOMINO'S PIZZA GROUP PLC GB DOM LN 699,878 $2,837,222.36
DREYFUS GVT CSH MANAGEMENT US 29,259,754.56 $29,259,754.56
E INK HOLDINGS INC TW 8069 TT 580,000 $3,708,069.37
ECLAT TEXTILE COMPANY LTD TW 1476 TT 154,000 $2,423,058.11
ELEMENT FLEET MANAGEMENT COR CA EFN CN 487,397 $7,778,383.82
EMEMORY TECHNOLOGY INC TW 3529 TT 86,000 $5,780,278.49
ERG SPA IT ERG IM 148,833 $4,008,009.97
EURONEXT NV NL ENX FP 79,684 $7,175,605.58
FORTNOX AB SE FNOX SS 381,253 $2,221,538.13
FUGRO NV-CVA NL FUR NA 490,057 $11,886,451.44
FUKUOKA FINANCIAL GROUP INC JP 8354 JP 293,500 $7,796,100.21
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 54,741 $7,629,815.23
GERRESHEIMER AG DE GXI GR 39,378 $4,240,890.92
GIGABYTE TECHNOLOGY CO LTD TW 2376 TT 325,000 $2,930,979.98
GRUMA S.A.B.-B MX GRUMAB MM 186,737 $3,662,740.94
HALMA PLC GB HLMA LN 173,030 $4,742,205.31
HAMMOND POWER SOLUTIONS INC CA HPS/A CN 35,490 $2,973,977.70
HOWDEN JOINERY GROUP INC GB HWDN LN 733,459 $7,983,495.91
HPSP CO LTD KR 41,725 $1,168,200.09
HYGEIA HEALTHCARE HOLDINGS CN 6078 HK 915,200 $3,777,428.07
INDIAN HOTELS CO LIMITED IN IH IN 937,004 $6,456,814.81
INDRA SISTEMAS SA ES IDR SM 191,018 $3,651,655.66
INTERMEDIATE CAPITAL GROUP GB ICG LN 247,941 $6,462,311.57
INTERNET INITIATIVE JAPAN JP 3774 JP 348,100 $5,889,496.61
JAPAN AIRPORT TERMINAL CO JP 9706 JP 42,300 $1,494,848.33
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 11,803 $6,202,450.60
JUMBO SA GR 159,725 $4,973,979.61
KAYNES TECHNOLOGY INDIA LTD IN KAYNES IN 118,310 $3,776,686.64
KFIN TECHNOLOGIES LTD IN KFINTECH IN 451,667 $4,040,169.08
KINAXIS INC CA KXS CN 35,207 $3,748,951.53
KPIT TECHNOLOGIES LTD IN KPITTECH IN 144,736 $2,580,310.96
KRONES AG DE KRN GR 18,669 $2,461,169.38
KYOTO FINANCIAL GROUP INC JP 5844 JP 188,700 $3,358,703.57
L&T FINANCE LTD IN LTF IN 1,482,145 $2,951,249.91
LAGERCRANTZ GROUP AB-B SHS SE LAGRB SS 245,349 $3,600,089.09
MAX HEALTHCARE INSTITUTE LTD IN MAXHEALT IN 407,739 $4,097,348.48
MEGAPORT LTD AU MP1 AU 458,376 $3,924,846.83
MORINAGA & CO LTD JP 2201 JP 208,200 $3,364,668.82
NETCOMPANY GROUP AS DK NETC DC 60,606 $2,198,676.22
NHPC LTD IN NHPC IN 5,762,455 $6,633,507.18
NIFCO INC JP 7988 JP 155,000 $3,746,882.91
NIHON M&A CENTER INC JP 2127 JP 424,400 $2,322,882.04
NIKON CORP JP 7731 JP 366,600 $3,790,396.88
NKT A/S DK NKT DC 55,174 $4,576,922.67
NOMURA REAL ESTATE HOLDINGS JP 3231 JP 109,900 $3,076,885.42
NORDNET AB PUBL SE SAVE SS 263,771 $4,689,556.33
OXFORD INSTRUMENTS PLC GB OXIG LN 119,371 $3,350,430.28
PHOENIX MILLS LTD IN PHNX IN 155,446 $5,862,679.70
PRO MEDICUS LTD AU PME AU 62,953 $4,497,683.43
QT GROUP OYJ FI QTCOM FH 34,089 $2,625,916.30
RHEINMETALL AG DE RHM GR 16,170 $8,910,394.13
RIGHTMOVE PLC GB RMV LN 1,002,146 $6,419,552.44
RINGKJOEBING LANDBOBANK DK RILBA DC 33,658 $5,656,440.05
RINNAI CORP JP 5947 JP 151,700 $3,286,957.99
ROHTO PHARMACEUTICAL CO LTD JP 4527 JP 237,900 $4,641,533.09
SAAB AB-B SE SAABB SS 86,381 $6,838,676.75
SCOUT24 AG DE G24 GR 57,408 $4,217,054.82
SINBON ELECTRONICS CO LTD TW 3023 TT 410,000 $3,531,651.42
SMS CO LTC JP 2175 JP 136,000 $1,881,898.64
SOBHA LTD IN SOBHA IN 120,841 $2,562,929.44
SOCIONEXT INC JP 6526 JP 77,000 $2,251,143.99
SOJITZ CORP JP 2768 JP 368,500 $9,487,718.37
SOPRA STERIA GROUP FR SOP FP 28,574 $6,256,513.46
STEADFAST GROUP LTD AU SDF AU 1,075,890 $3,915,617.06
TAKEUCHI MFG CO LTD JP 6432 JP 156,900 $5,951,722.50
TECHNOLOGY ONE LTD AU TNE AU 398,653 $4,128,934.80
TFI INTERNATIONAL INC CA TFII CN 72,323 $9,418,564.95
TOROMONT INDUSTRIES LTD CA TIH CN 71,832 $6,574,533.83
TRAINLINE PLC GB TRN LN 821,574 $3,063,367.81
TRELLEBORG AB-B SHS SE TRELB SS 106,571 $3,755,821.23
VARUN BEVERAGES ltd IN VBL IN 245,694 $4,346,280.49
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 77,498 $3,666,990.85
VTEX CLASS A GB VTEX 215,176 $1,596,605.92
WHITBREAD PLC GB WTB LN 114,542 $4,514,421.23
WIENERBERGER AG AT WIE AV 102,477 $3,662,048.50
WORLEY LTD AU WOR AU 342,265 $3,303,952.10

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class S Distribution History
  • 2024 Distribution Calendar
  • 2024 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

$22.98

Daily $ Change

-$0.37

Daily % Change

-1.61%

as of 05/29/2024

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

Performance

As of 04/30/2024

YTD

-0.22%

1 Year

1.01%

3 Year

-8.01%

5 Year

4.85%

10 Year

5.93%

Inception
(11/30/2012)

8.81%

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 1.47%
Net 1.41%*

*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 04/30/2024

FUGRO NV-CVA 2.56%
SOJITZ CORP 2.05%
TFI INTERNATIONAL INC 2.03%
RHEINMETALL AG 1.92%
HOWDEN JOINERY GROUP INC 1.72%
FUKUOKA FINANCIAL GROUP INC 1.68%
ELEMENT FLEET MANAGEMENT COR 1.68%
CORP INMOBILIARIA 1.65%
GAZTRANSPORT ET TECHNIGA SA 1.64%
BRUNELLO CUCINELLI SPA 1.61%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 04/30/2024

Japan
18.73%
United Kingdom
14.08%
India
10.54%
Canada
8.97%
Australia
6.01%
Netherlands
5.85%
Germany
5.56%
Taiwan
5.42%
Sweden
5.21%
Denmark
3.72%
France
3.63%
Mexico
3.59%
Italy
2.48%
South Korea
1.17%
Greece
1.07%
Norway
1.01%
China
0.81%
Austria
0.79%
Spain
0.79%
Finland
0.57%

Sector Allocation

As of 04/30/2024

Communication Services
7.08%
Consumer Discretionary
11.15%
Consumer Staples
3.45%
Energy
2.65%
Financials
10.65%
Health Care
7.27%
Industrials
30.91%
Information Technology
17.83%
Materials
1.26%
Real Estate
5.46%
Utilities
2.29%

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 $3,723,216.54
AKER SOLUTIONS ASA NO AKSO NO 1,242,858 $4,684,701.52
ALK-ABELLO A/S DK ALKB DC 191,250 $3,545,585.03
ALS LTD AU ALQ AU 488,333 $4,082,960.01
ALSEA SAB DE DV MX ALSEA* MM 1,278,607 $5,351,553.31
ALTEN SA FR ATE FP 24,963 $2,933,657.73
AMADA CO LTD JP 6113 JP 302,000 $3,298,465.02
APL APOLLO TUBES LTD IN APAT IN 117,716 $2,192,388.90
ASAHI INTECC CO LTD JP 7747 JP 337,600 $4,946,746.33
ASHTEAD TECHNOLOGY HOLDINGS GB AT/ LN 368,389 $3,760,818.28
ASPEED TECHNOLOGY INC TW 5274 TT 33,000 $3,089,955.27
ATS CORP CA ATS CN 49,953 $1,643,388.93
AUTO TRADER GROUP PLC GB AUTO LN 548,750 $4,757,377.35
B&M EUROPEAN VALUE RETAIL SA GB BME LN 588,510 $3,797,992.47
BABCOCK INTL GROUP PLC GB BAB LN 1,179,505 $7,463,945.78
BE SEMICONDUCTOR NL BESI NA 32,628 $4,328,889.29
BIOGAIA AB-B SHS SE BIOGB SS 288,619 $3,073,377.59
BRUNELLO CUCINELLI SPA IT BC IM 73,320 $7,483,214.53
CAE INC CA CAE CN 168,929 $3,259,182.97
CARSALES.COM LTD AU CAR AU 185,247 $4,016,806.52
CHEMOMETEC A/S DK CHEMM DC 30,504 $1,290,832.90
CLASSYS INC KR 156,860 $4,268,979.65
CORP INMOBILIARIA MX VESTA MM 2,155,000 $7,632,114.76
CREDITACCESS GRAMEEN LTD IN CREDAG IN 186,353 $3,367,159.55
CTS EVENTIM AG & CO KGAA DE EVD GR 67,420 $5,961,866.62
DAIEI KANKYO CO LTD JP 9336 JP 268,000 $4,478,958.58
DAIFUKU CO LTD JP 6383 JP 277,300 $5,680,159.03
DESCARTES SYSTEMS GRP/THE CA DSG CN 66,716 $6,188,670.47
DIPLOMA PLC GB DPLM LN 101,255 $4,576,786.44
DOMINO'S PIZZA GROUP PLC GB DOM LN 699,878 $2,837,222.36
DREYFUS GVT CSH MANAGEMENT US 29,259,754.56 $29,259,754.56
E INK HOLDINGS INC TW 8069 TT 580,000 $3,708,069.37
ECLAT TEXTILE COMPANY LTD TW 1476 TT 154,000 $2,423,058.11
ELEMENT FLEET MANAGEMENT COR CA EFN CN 487,397 $7,778,383.82
EMEMORY TECHNOLOGY INC TW 3529 TT 86,000 $5,780,278.49
ERG SPA IT ERG IM 148,833 $4,008,009.97
EURONEXT NV NL ENX FP 79,684 $7,175,605.58
FORTNOX AB SE FNOX SS 381,253 $2,221,538.13
FUGRO NV-CVA NL FUR NA 490,057 $11,886,451.44
FUKUOKA FINANCIAL GROUP INC JP 8354 JP 293,500 $7,796,100.21
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 54,741 $7,629,815.23
GERRESHEIMER AG DE GXI GR 39,378 $4,240,890.92
GIGABYTE TECHNOLOGY CO LTD TW 2376 TT 325,000 $2,930,979.98
GRUMA S.A.B.-B MX GRUMAB MM 186,737 $3,662,740.94
HALMA PLC GB HLMA LN 173,030 $4,742,205.31
HAMMOND POWER SOLUTIONS INC CA HPS/A CN 35,490 $2,973,977.70
HOWDEN JOINERY GROUP INC GB HWDN LN 733,459 $7,983,495.91
HPSP CO LTD KR 41,725 $1,168,200.09
HYGEIA HEALTHCARE HOLDINGS CN 6078 HK 915,200 $3,777,428.07
INDIAN HOTELS CO LIMITED IN IH IN 937,004 $6,456,814.81
INDRA SISTEMAS SA ES IDR SM 191,018 $3,651,655.66
INTERMEDIATE CAPITAL GROUP GB ICG LN 247,941 $6,462,311.57
INTERNET INITIATIVE JAPAN JP 3774 JP 348,100 $5,889,496.61
JAPAN AIRPORT TERMINAL CO JP 9706 JP 42,300 $1,494,848.33
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 11,803 $6,202,450.60
JUMBO SA GR 159,725 $4,973,979.61
KAYNES TECHNOLOGY INDIA LTD IN KAYNES IN 118,310 $3,776,686.64
KFIN TECHNOLOGIES LTD IN KFINTECH IN 451,667 $4,040,169.08
KINAXIS INC CA KXS CN 35,207 $3,748,951.53
KPIT TECHNOLOGIES LTD IN KPITTECH IN 144,736 $2,580,310.96
KRONES AG DE KRN GR 18,669 $2,461,169.38
KYOTO FINANCIAL GROUP INC JP 5844 JP 188,700 $3,358,703.57
L&T FINANCE LTD IN LTF IN 1,482,145 $2,951,249.91
LAGERCRANTZ GROUP AB-B SHS SE LAGRB SS 245,349 $3,600,089.09
MAX HEALTHCARE INSTITUTE LTD IN MAXHEALT IN 407,739 $4,097,348.48
MEGAPORT LTD AU MP1 AU 458,376 $3,924,846.83
MORINAGA & CO LTD JP 2201 JP 208,200 $3,364,668.82
NETCOMPANY GROUP AS DK NETC DC 60,606 $2,198,676.22
NHPC LTD IN NHPC IN 5,762,455 $6,633,507.18
NIFCO INC JP 7988 JP 155,000 $3,746,882.91
NIHON M&A CENTER INC JP 2127 JP 424,400 $2,322,882.04
NIKON CORP JP 7731 JP 366,600 $3,790,396.88
NKT A/S DK NKT DC 55,174 $4,576,922.67
NOMURA REAL ESTATE HOLDINGS JP 3231 JP 109,900 $3,076,885.42
NORDNET AB PUBL SE SAVE SS 263,771 $4,689,556.33
OXFORD INSTRUMENTS PLC GB OXIG LN 119,371 $3,350,430.28
PHOENIX MILLS LTD IN PHNX IN 155,446 $5,862,679.70
PRO MEDICUS LTD AU PME AU 62,953 $4,497,683.43
QT GROUP OYJ FI QTCOM FH 34,089 $2,625,916.30
RHEINMETALL AG DE RHM GR 16,170 $8,910,394.13
RIGHTMOVE PLC GB RMV LN 1,002,146 $6,419,552.44
RINGKJOEBING LANDBOBANK DK RILBA DC 33,658 $5,656,440.05
RINNAI CORP JP 5947 JP 151,700 $3,286,957.99
ROHTO PHARMACEUTICAL CO LTD JP 4527 JP 237,900 $4,641,533.09
SAAB AB-B SE SAABB SS 86,381 $6,838,676.75
SCOUT24 AG DE G24 GR 57,408 $4,217,054.82
SINBON ELECTRONICS CO LTD TW 3023 TT 410,000 $3,531,651.42
SMS CO LTC JP 2175 JP 136,000 $1,881,898.64
SOBHA LTD IN SOBHA IN 120,841 $2,562,929.44
SOCIONEXT INC JP 6526 JP 77,000 $2,251,143.99
SOJITZ CORP JP 2768 JP 368,500 $9,487,718.37
SOPRA STERIA GROUP FR SOP FP 28,574 $6,256,513.46
STEADFAST GROUP LTD AU SDF AU 1,075,890 $3,915,617.06
TAKEUCHI MFG CO LTD JP 6432 JP 156,900 $5,951,722.50
TECHNOLOGY ONE LTD AU TNE AU 398,653 $4,128,934.80
TFI INTERNATIONAL INC CA TFII CN 72,323 $9,418,564.95
TOROMONT INDUSTRIES LTD CA TIH CN 71,832 $6,574,533.83
TRAINLINE PLC GB TRN LN 821,574 $3,063,367.81
TRELLEBORG AB-B SHS SE TRELB SS 106,571 $3,755,821.23
VARUN BEVERAGES ltd IN VBL IN 245,694 $4,346,280.49
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 77,498 $3,666,990.85
VTEX CLASS A GB VTEX 215,176 $1,596,605.92
WHITBREAD PLC GB WTB LN 114,542 $4,514,421.23
WIENERBERGER AG AT WIE AV 102,477 $3,662,048.50
WORLEY LTD AU WOR AU 342,265 $3,303,952.10

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class S Distribution History
  • 2024 Distribution Calendar
  • 2024 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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