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

$23.64

Daily $ Change

-$0.06

Daily % Change

-0.25%

as of 12/06/2024

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
Proxy Voting Record
Applications & Forms
Fact Sheet
N-Port Part F Reports

Performance

As of 11/30/2024

YTD

3.66%

1 Year

9.53%

3 Year

-7.66%

5 Year

4.84%

10 Year

6.49%

Inception
(03/28/2012)

8.72%

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 11/30/2024

ELEMENT FLEET MGMT COM NPV 2.73%
EURONEXT EUR1.60 2.71%
TFI INTERNATIONAL COM NPV 2.15%
CELESTICA INC COM NPV 2.00%
DIPLOMA ORD GBP0.05 1.96%
PRO MEDICUS NPV 1.90%
ALK-ABELLO A/S SERBDKK0.50 1.88%
FUKUOKA FINANCIAL GROUP 1.81%
NIKON CORP 1.77%
SWISSQUOTE GP HLDG CHF0.20 (REGD) 1.74%

Top Ten Investments list is unaudited and excludes cash.

Security Description Country Ticker Shares/Par Market Value (USD)
AAC TECHNOLOGIES H USD0.01 HK 617,000 $2,775,154.05
AALBERTS NV EUR0.25 NL 18,214 $699,864.86
AKER SOLUTIONS ASA NOK1.08 NO 544,334 $1,549,085.02
ALK-ABELLO A/S SERBDKK0.50 DK 311,606 $7,149,153.38
ALS LIMITED NPV AU 477,883 $4,850,317.00
ASAHI INTECC CO LT NPV JP 219,700 $3,789,545.23
ASHTEAD TECHNOLOGY ORD GBP0.05 GB 288,548 $2,020,841.73
ASPEED TECHNOLOGY TWD10 TW 31,000 $3,898,500.75
AUTO TRADER GROUP ORD GBP1.50 GB 538,874 $5,746,611.34
BABCOCK INTL GROUP ORD GBP0.60 GB 788,319 $5,145,233.37
BAYCURRENT CONSULT NPV JP 90,500 $3,260,615.24
BE SEMICONDUCTOR EUR0.01 NL 12,003 $1,432,565.25
BIOGAIA AB SERBNPV SE 248,007 $2,430,361.16
BLUE STAR INR2 IN 169,137 $3,707,767.68
BRUNELLO CUCINELLI NPV IT 47,759 $4,729,036.48
CARSALES.COM LTD NPV AU 192,944 $5,216,274.81
CELESTICA INC COM NPV CA 88,381 $7,598,058.04
CLASSYS INC KRW100 KR 105,143 $3,500,872.62
CORPORACION INMOBI COM NPV MX 488,900 $1,167,529.59
COSMAX INC KRW500 KR 33,339 $3,178,443.07
CTS EVENTIM NPV DE 60,701 $5,356,590.70
DAIEI KANKYO CO LT NPV JP 260,300 $5,216,919.13
DEFINITY FINL CORP COM NPV CA 105,410 $4,406,418.81
DESCARTES SYSTEMS COM NPV CA 54,041 $6,372,295.18
DIPLOMA ORD GBP0.05 GB 131,424 $7,450,272.79
E INK HOLDINGS INC TWD10 TW 465,000 $4,022,565.65
ECLAT TEXTILE CO TWD10 TW 183,000 $2,985,869.53
ELEMENT FLEET MGMT COM NPV CA 490,091 $10,395,816.66
EMEMORY TECHNOLOGY TWD10 TW 47,000 $4,217,744.67
EURONEXT EUR1.60 FR 92,378 $10,313,111.33
FORTNOX AB NPV SE 333,683 $2,081,154.36
FUGRO NV EUR0.05 NL 250,487 $4,550,507.15
FUKUOKA FINANCIAL GROUP JP 248,800 $6,866,704.40
GERRESHEIMER AG NPV (BR) DE 27,695 $2,185,083.99
GRUMA SAB DE CV SER'B' NPV MX 129,185 $2,199,696.81
GTT EUR0.01 FR 38,660 $5,622,661.69
HALMA ORD GBP0.10 GB 160,312 $5,517,944.49
HAMMOND POWER SOLUTIONS INC CA4085491039 CA 26,598 $2,697,508.12
HOWDEN JOINERY GR ORD GBP0.10 GB 612,105 $6,348,611.05
HYGEIA HEALTHCARE USD0.00001 HK 573,200 $1,181,529.13
HYOSUNG HEAVY INDU KRW5000 KR 10,898 $3,152,104.23
INDIAN HOTELS INR1 (POST SUBDIVISION) IN 287,167 $2,697,110.60
INTERMED CAP GRP ORD GBP0.2625 GB 201,852 $5,434,025.19
INTERNET INITIATIV NPV JP 280,600 $5,631,244.13
JAPAN ELEVATOR SER NPV JP 347,300 $6,280,699.14
JAPAN HOTEL REIT I REIT JP 1,822 $827,382.23
JAPAN STEEL WORKS JP 136,100 $5,818,810.80
JMDC INC NPV JP 100,900 $2,754,536.07
JUMBO SA EUR0.88 GR 114,809 $2,992,728.04
KAYNES TECHNOLOGY INR10 IN 61,113 $4,328,330.46
Kfin Technologies Ltd. INR10 IN KFINTECH 262,919 $3,620,353.05
KINAXIS INC COM NPV CA 28,533 $3,738,849.06
KONECRANES OYJ NPV FI 74,121 $5,014,256.74
KPJ HEALTHCARE MYR0.50 MY 1,420,222 $795,579.93
KRONES AG ORD NPV DE 17,088 $2,129,704.78
KYOTO FINANCIAL GR NPV JP 290,700 $4,371,581.38
L.T. FOODS LTD INR1 IN 177,974 $835,567.09
LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 SE 265,397 $4,812,650.23
MAX HEALTHCARE INS INR10 IN 265,430 $3,076,297.46
MITSUI MINING N SMELT JP 118,700 $3,694,926.26
MUNTERS GROUP AB NPV SE 172,784 $2,743,946.99
NETCOMPANY GROUP DKK1 DK 94,744 $4,717,744.00
NHPC LTD INR10 IN 1,741,489 $1,678,705.02
NIKON CORP JP 570,400 $6,712,934.05
NKT A/S DKK20 DK 55,794 $4,302,483.08
NOMURA REAL ESTATE HOLDINGS JP 97,300 $2,408,771.85
NORDIC SEMICONDUCT NOK0.01 NO 97,122 $869,241.79
NORDNET AB NPV SE 276,982 $5,996,835.27
OXFORD INSTRUMENTS ORD GBP0.05 GB 97,466 $2,552,013.68
PHOENIX MILLS INR2 IN 158,991 $3,113,633.53
PRO MEDICUS NPV AU 44,128 $7,241,128.58
QT GROUP OYJ NPV FI 28,151 $2,035,229.75
RHEINMETALL AG NPV DE 3,489 $2,293,594.91
RIGHTMOVE ORD GBP0.001 GB 726,129 $5,953,003.41
RINGKJOBING LNDOBK DKK1 DK 30,809 $5,017,752.44
RINNAI CORP JP 149,212 $3,167,345.98
ROHTO PHARM NPV JP 130,600 $2,580,520.69
SAAB AB NPV B SE 253,690 $5,549,472.38
SCOUT24 AG NPV DE 66,880 $6,007,817.69
SOJITZ JP 172,400 $3,501,148.58
SOPRA STERIA GROUP EUR1.00 FR 17,175 $3,243,474.02
ST JAMES'S PLACE ORD GBP0.15 GB 306,160 $3,510,084.91
STEADFAST GROUP LI NPV AU 614,040 $2,324,095.04
SWISSQUOTE GP HLDG CHF0.20 (REGD) CH 16,852 $6,614,553.46
TECHNOLOGY ONE NPV AU 301,177 $5,927,255.07
TFI INTERNATIONAL COM NPV CA 53,761 $8,185,003.30
TOROMONT INDUSTRIE COM STK NPV CA 62,904 $5,166,560.73
TRAINLINE PLC ORD GBP1 (WI) GB 625,940 $3,244,461.03
TRIVENI TURBINE LT INR1 IN 342,709 $3,114,734.40
US DOLLARS US USD 23,642,583.12 $23,642,583.12
VOLTAMP TRANSFORME INR10 IN 18,636 $2,237,577.16
VOLTRONIC POWER TE TWD10 TW 73,498 $4,163,295.26
WIENERBERGER AG NPV AT 46,757 $1,314,621.87
YADEA GROUP HOLDIN USD0.00001 HK 1,296,000 $2,048,537.89
YUBICO AB NPV (SPAC) SE 103,628 $2,562,500.63
YUE YUEN INDL HLDG HKD0.25 HK 1,066,000 $2,383,638.22

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 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

$23.64

Daily $ Change

-$0.06

Daily % Change

-0.25%

as of 12/06/2024

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
Proxy Voting Record
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 11/30/2024

YTD

3.66%

1 Year

9.53%

3 Year

-7.66%

5 Year

4.84%

10 Year

6.49%

Inception
(03/28/2012)

8.72%

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 11/30/2024

ELEMENT FLEET MGMT COM NPV 2.73%
EURONEXT EUR1.60 2.71%
TFI INTERNATIONAL COM NPV 2.15%
CELESTICA INC COM NPV 2.00%
DIPLOMA ORD GBP0.05 1.96%
PRO MEDICUS NPV 1.90%
ALK-ABELLO A/S SERBDKK0.50 1.88%
FUKUOKA FINANCIAL GROUP 1.81%
NIKON CORP 1.77%
SWISSQUOTE GP HLDG CHF0.20 (REGD) 1.74%

Top Ten Investments list is unaudited and excludes cash.

Security Description Country Ticker Shares/Par Market Value (USD)
AAC TECHNOLOGIES H USD0.01 HK 617,000 $2,775,154.05
AALBERTS NV EUR0.25 NL 18,214 $699,864.86
AKER SOLUTIONS ASA NOK1.08 NO 544,334 $1,549,085.02
ALK-ABELLO A/S SERBDKK0.50 DK 311,606 $7,149,153.38
ALS LIMITED NPV AU 477,883 $4,850,317.00
ASAHI INTECC CO LT NPV JP 219,700 $3,789,545.23
ASHTEAD TECHNOLOGY ORD GBP0.05 GB 288,548 $2,020,841.73
ASPEED TECHNOLOGY TWD10 TW 31,000 $3,898,500.75
AUTO TRADER GROUP ORD GBP1.50 GB 538,874 $5,746,611.34
BABCOCK INTL GROUP ORD GBP0.60 GB 788,319 $5,145,233.37
BAYCURRENT CONSULT NPV JP 90,500 $3,260,615.24
BE SEMICONDUCTOR EUR0.01 NL 12,003 $1,432,565.25
BIOGAIA AB SERBNPV SE 248,007 $2,430,361.16
BLUE STAR INR2 IN 169,137 $3,707,767.68
BRUNELLO CUCINELLI NPV IT 47,759 $4,729,036.48
CARSALES.COM LTD NPV AU 192,944 $5,216,274.81
CELESTICA INC COM NPV CA 88,381 $7,598,058.04
CLASSYS INC KRW100 KR 105,143 $3,500,872.62
CORPORACION INMOBI COM NPV MX 488,900 $1,167,529.59
COSMAX INC KRW500 KR 33,339 $3,178,443.07
CTS EVENTIM NPV DE 60,701 $5,356,590.70
DAIEI KANKYO CO LT NPV JP 260,300 $5,216,919.13
DEFINITY FINL CORP COM NPV CA 105,410 $4,406,418.81
DESCARTES SYSTEMS COM NPV CA 54,041 $6,372,295.18
DIPLOMA ORD GBP0.05 GB 131,424 $7,450,272.79
E INK HOLDINGS INC TWD10 TW 465,000 $4,022,565.65
ECLAT TEXTILE CO TWD10 TW 183,000 $2,985,869.53
ELEMENT FLEET MGMT COM NPV CA 490,091 $10,395,816.66
EMEMORY TECHNOLOGY TWD10 TW 47,000 $4,217,744.67
EURONEXT EUR1.60 FR 92,378 $10,313,111.33
FORTNOX AB NPV SE 333,683 $2,081,154.36
FUGRO NV EUR0.05 NL 250,487 $4,550,507.15
FUKUOKA FINANCIAL GROUP JP 248,800 $6,866,704.40
GERRESHEIMER AG NPV (BR) DE 27,695 $2,185,083.99
GRUMA SAB DE CV SER'B' NPV MX 129,185 $2,199,696.81
GTT EUR0.01 FR 38,660 $5,622,661.69
HALMA ORD GBP0.10 GB 160,312 $5,517,944.49
HAMMOND POWER SOLUTIONS INC CA4085491039 CA 26,598 $2,697,508.12
HOWDEN JOINERY GR ORD GBP0.10 GB 612,105 $6,348,611.05
HYGEIA HEALTHCARE USD0.00001 HK 573,200 $1,181,529.13
HYOSUNG HEAVY INDU KRW5000 KR 10,898 $3,152,104.23
INDIAN HOTELS INR1 (POST SUBDIVISION) IN 287,167 $2,697,110.60
INTERMED CAP GRP ORD GBP0.2625 GB 201,852 $5,434,025.19
INTERNET INITIATIV NPV JP 280,600 $5,631,244.13
JAPAN ELEVATOR SER NPV JP 347,300 $6,280,699.14
JAPAN HOTEL REIT I REIT JP 1,822 $827,382.23
JAPAN STEEL WORKS JP 136,100 $5,818,810.80
JMDC INC NPV JP 100,900 $2,754,536.07
JUMBO SA EUR0.88 GR 114,809 $2,992,728.04
KAYNES TECHNOLOGY INR10 IN 61,113 $4,328,330.46
Kfin Technologies Ltd. INR10 IN KFINTECH 262,919 $3,620,353.05
KINAXIS INC COM NPV CA 28,533 $3,738,849.06
KONECRANES OYJ NPV FI 74,121 $5,014,256.74
KPJ HEALTHCARE MYR0.50 MY 1,420,222 $795,579.93
KRONES AG ORD NPV DE 17,088 $2,129,704.78
KYOTO FINANCIAL GR NPV JP 290,700 $4,371,581.38
L.T. FOODS LTD INR1 IN 177,974 $835,567.09
LAGERCRANTZ GROUP AB-B SHS LAGRB SE0014990966 SE 265,397 $4,812,650.23
MAX HEALTHCARE INS INR10 IN 265,430 $3,076,297.46
MITSUI MINING N SMELT JP 118,700 $3,694,926.26
MUNTERS GROUP AB NPV SE 172,784 $2,743,946.99
NETCOMPANY GROUP DKK1 DK 94,744 $4,717,744.00
NHPC LTD INR10 IN 1,741,489 $1,678,705.02
NIKON CORP JP 570,400 $6,712,934.05
NKT A/S DKK20 DK 55,794 $4,302,483.08
NOMURA REAL ESTATE HOLDINGS JP 97,300 $2,408,771.85
NORDIC SEMICONDUCT NOK0.01 NO 97,122 $869,241.79
NORDNET AB NPV SE 276,982 $5,996,835.27
OXFORD INSTRUMENTS ORD GBP0.05 GB 97,466 $2,552,013.68
PHOENIX MILLS INR2 IN 158,991 $3,113,633.53
PRO MEDICUS NPV AU 44,128 $7,241,128.58
QT GROUP OYJ NPV FI 28,151 $2,035,229.75
RHEINMETALL AG NPV DE 3,489 $2,293,594.91
RIGHTMOVE ORD GBP0.001 GB 726,129 $5,953,003.41
RINGKJOBING LNDOBK DKK1 DK 30,809 $5,017,752.44
RINNAI CORP JP 149,212 $3,167,345.98
ROHTO PHARM NPV JP 130,600 $2,580,520.69
SAAB AB NPV B SE 253,690 $5,549,472.38
SCOUT24 AG NPV DE 66,880 $6,007,817.69
SOJITZ JP 172,400 $3,501,148.58
SOPRA STERIA GROUP EUR1.00 FR 17,175 $3,243,474.02
ST JAMES'S PLACE ORD GBP0.15 GB 306,160 $3,510,084.91
STEADFAST GROUP LI NPV AU 614,040 $2,324,095.04
SWISSQUOTE GP HLDG CHF0.20 (REGD) CH 16,852 $6,614,553.46
TECHNOLOGY ONE NPV AU 301,177 $5,927,255.07
TFI INTERNATIONAL COM NPV CA 53,761 $8,185,003.30
TOROMONT INDUSTRIE COM STK NPV CA 62,904 $5,166,560.73
TRAINLINE PLC ORD GBP1 (WI) GB 625,940 $3,244,461.03
TRIVENI TURBINE LT INR1 IN 342,709 $3,114,734.40
US DOLLARS US USD 23,642,583.12 $23,642,583.12
VOLTAMP TRANSFORME INR10 IN 18,636 $2,237,577.16
VOLTRONIC POWER TE TWD10 TW 73,498 $4,163,295.26
WIENERBERGER AG NPV AT 46,757 $1,314,621.87
YADEA GROUP HOLDIN USD0.00001 HK 1,296,000 $2,048,537.89
YUBICO AB NPV (SPAC) SE 103,628 $2,562,500.63
YUE YUEN INDL HLDG HKD0.25 HK 1,066,000 $2,383,638.22

Investments will change over time.

Distributions

  • 2024 Distribution Calendar
  • 2024 Distributions
  • 2023 Distributions
  • 2022 Distributions
  • 2021 Distributions
  • 2020 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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