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IMPORTANT INFORMATION REGARDING

THE RAINIER INTERNATIONAL DISCOVERY FUND

Rainier International Discovery Fund, A Shares (RISAX)
Rainier International Discovery Fund, Institutional Shares (RAIIX)
 
On March 1, 2017, the Board of Trustees of the Rainier Investment Management Mutual Funds approved a proposal that would reorganize the Rainier International Discovery Fund (“the Fund”) into a newly created mutual fund under the Manning & Napier Fund, Inc. family of mutual funds.   Rainier’s affiliate, Manning & Napier Advisors, LLC (“Manning”), would become the investment adviser for that new fund.   Rainier Investment Management, LLC (“Rainier”) would become the sub-adviser of that new fund and would remain responsible for day-to-day portfolio management.
 
If shareholders of the Acquired Series approve the Reorganization, each owner of Class A and Institutional Class shares of the Acquired Series would become a shareholder of Class K and Class I shares, respectively, of the Surviving Series. Immediately after the closing of the Reorganization, each shareholder of the Acquired Series will hold shares of the Surviving Series having an aggregate value equal to the aggregate value of the shares of the Acquired Series held by that shareholder immediately prior to the Reorganization.
 
Proxy materials were mailed to shareholders of record on July 12, 2017(record date June 12, 2017) for the Shareholder meeting that will be held on August 11, 2017.   If approved, the Reorganization is expected to be consummated on August 21, 2017, or such other date as the parties may agree.
 
Please click here for the proxy material which describes the proposed transaction in more detail and provides the reasons for the Board’s approval. 
 
5Star_Seal_OverallRating.jpgInternational Discovery Fund (RAIIX) received a 
4-Star Morningstar Rating™ ! 
 
Overall rating out of 114 Foreign Small/Mid Growth funds as of 6-30-17.
 
The Overall Morningstar Rating is based on risk-adjusted returns derived from a weighted average of the Fund's 3-year Morningstar metrics.
 
 
 
 
 
Objective 
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
Symbol RISAX RAIIX
Sales Load 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.
 
The Morningstar Ratingä for funds, or "star-rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history without adjustment for sales loads. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Ratingä for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Ratingä meterics. The weights are: 100% three-year rating for 36 - 59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 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: 114 funds in the last three years and 105funds in the last five years. With respect to these Foreign Small/Mid Growth funds, Rainier International Discovery Fund received a Morningstar Rating of four stars for the three- and five-year periods. 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.