Manning & Napier Rainier International Discovery Series Class S (RISAX)

The primary objective of this fund is to achieve significant long-term capital appreciation. It predominantly invests in the stock of small and mid-sized companies located in both developed and emerging international markets, specifically at the time these investments are made. The fund's advisor, Rainier, employs a distinctive "bottom-up" selection strategy, focusing on individual companies believed to have strong potential for future value growth. Investment decisions are based on in-depth analysis of these specific businesses, rather than on broader economic predictions. A specific constraint limits investments in participatory notes to generally no more than 25% of the fund's net assets upon their acquisition.