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International Discovery Fund (RAIIX) received a 
4-Star Morningstar Rating™ ! 
Overall rating out of 108 Foreign Small/Mid Growth funds as of 3-31-17.
The Overall Morningstar Rating is based on risk-adjusted returns derived from a weighted average of the Fund's 3-year Morningstar metrics.
The International Discovery Fund seeks to provide investors with long-term capital appreciation. In pursuing its goal, the Fund invests primarily in the common stock of small-capitalization companies traded outside the U.S. The Adviser selects investments which are either included in the MSCI ACWI ex. U.S.A. Small Cap Index or have equity capitalizations within the range of $5 billion or smaller at the time of purchase. Highly speculative or illiquid stocks are not candidates for the Fund. To control risk, extreme overweighting or underweighting of the Fund relative to the Index is normally avoided. To thoroughly diversify, the Fund consists of 60 to 120 different stocks, each making up a relatively small portion of the Fund.

Investment Philosophy

We invest in dynamic, non-U.S., small cap growth companies at prices that allow for meaningful appreciation potential. We believe that rewarding stock performance comes from companies with superior growth potential, clear key earnings drivers, attractive valuations and trading liquidity. Our decisions are based on fundamental analysis, which emphasizes bottom up stock selection. We invest in all major regions and market sectors because we believe that excellent growth opportunities exist across countries and industries that are frequently overlooked.
The most current standardized performance can be viewed by clicking here.
Performance data quoted represent past performance, which does not guarantee future results. 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 quoted. Performance data current to the most recent month-end can be obtained by calling 800.248.6314. 
Sharpe Ratio measures risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. Information ratio is the ratio of portfolio return above the returns of a benchmark.
Market capitalization is the total dollar market value of all company's outstanding shares. Alpha is the difference between the fair and actually expected rates of return on a stock. Correlation is a statistical measure that measures how two or more securities or investments move in relation to one another.  Correlations range from -1 to +1, and can be used to measure how effective investments are as diversification tools when combined with one another in a portfolio. Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders equity.
Available Investment Vehicles
Mutual Fund - A Share Mutual Fund - Institutional
Vehicle Name International Discovery Fund International Discovery Fund
Availability Open Open
Inception Date 11/30/2012 3/28/2012
Sales Load up to 5.75% N/A
12b-1 Fees 0.25% 0.00%
Gross Expense Ratio 1.65% 1.32%
Net Expense Ratio 1.51%* 1.26%*
Minimum Investment $2,500 $100,000
Minimum through Schwab and Fidelity ​$2,500 $100,000
Trustee N/A N/A
 *Contractual fee waivers through 7/31/2018.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Ratingä based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Rainier International Discovery Fund was rated against the following numbers of Foreign Small/Mid Growth funds over the following time period: 108 funds in the last three years. With respect to these Foreign Small/Mid Growth funds, Rainier International Discovery Fund received a Morningstar Rating of five stars for the three-year period. Past performance is no guarantee of future results. Ratings for other share classes may differ.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Mutual fund investing involves risk. Principal loss is possible. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investment in IPO’s can be volatile and can fluctuate considerably. IPOs can have a magnified impact on funds with a small asset base. Investments in foreign securities and emerging markets countries involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for emerging markets. Investment in REIT securities involve risks such as declines in the value of real estate and increased susceptibility to adverse economic regulatory expenses. The fund will invest in derivatives which may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed. Participatory notes involve risks associated with direct investments in underlying securities, but also carry counterparty risk.
Diversification does not assure a profit or protect against loss in a declining market.
Opinions expressed are subject to change, are not guaranteed, and should not be considered investment advice.
The MSCI ACWI ex USA Small Cap Index (Net) captures a small cap representation across 22 of 23 Developed Markets countries (excluding the US) and 21 Emerging Markets countries. Index vendor sources may vary, resulting in slight variations in the index returns that are displayed in performance reporting for the Rainier Funds. The Indices are not available for investment and do not incur charges or expenses.
The Fund's investment objectives, risk, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company and may be obtained by clicking here. Please read it carefully before investing.
Rainier Funds are distributed by Quasar Distributors, LLC.