Investment Objective

To provide long-term growth by investing principally in the common stocks of companies located outside the U.S.

Investment Strategy

The Series invests primarily in common stocks of foreign companies, which may include investments of any market capitalization in developed and emerging markets. The Series may also purchase shares of exchange-traded funds (ETFs) on a limited basis. In managing the Series, a “top-down” approach is implemented to examine economic trends and industry-specific factors to identify investment opportunities such as those being created by economic and political changes taking place around the world.

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

$9.36

Daily $ Change

$0.07

Daily % Change

0.75%

as of 02/15/2019

Ticker

MNIIX

CUSIP

56382P484

Inception Date

03/15/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Performance

As of 01/31/2019

YTD

6.29%

1 Year

-19.42%

3 Year

5.52%

5 Year

1.68%

10 Year

7.36%

Inception
(08/27/1992)

7.21%

International Market Cycle (04/01/2003 - 01/31/2019)

8.37%

Inception Performance based on the International Series Class S inception of 08/27/1992. For periods through 03/15/2012 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. 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.

Expense Ratio

Gross 0.93%
Net 0.88%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 01/31/2019

ISHARES MSCI THAILAND ETF 2.26%
TENCENT HOLDINGS LTD 1.60%
NESTLE SA-REGISTERED 1.59%
ISHARES MSCI EUROPE FINANCIA 1.58%
ROYAL DUTCH SHELL PLC-ADR B 1.56%
ROCHE HOLDING AG-GENUSSCHEIN 1.34%
NOVARTIS AG-REG 1.28%
CHINA PETROLEUM & CHEMICAL - H 1.13%
VONOVIA SE 1.12%
REPSOL SA 1.12%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 01/31/2019

Communication Services 5.13%
Consumer Discretionary 19.38%
Consumer Staples 14.09%
Energy 11.30%
Financials 11.81%
Health Care 9.76%
Industrials 12.04%
Information Technology 3.92%
Materials 1.56%
Other 2.26%
Real Estate 5.87%
Utilities 2.88%

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 The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether 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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

Country Allocation

As of 01/31/2019

Japan 11.19%
France 10.40%
China 9.94%
United Kingdom 9.53%
Switzerland 6.51%
Germany 6.12%
Brazil 5.42%
Canada 4.60%
Italy 4.28%
Philippines 4.17%
South Korea 4.03%
Netherlands 3.60%
Thailand 2.63%
Australia 2.56%
Sweden 1.65%
Diversified International 1.58%
Hong Kong 1.43%
Taiwan 1.36%
Indonesia 1.14%
Spain 1.12%
Norway 1.04%
Mexico 1.00%
Ireland 1.00%
Portugal 0.97%
Israel 0.75%
Denmark 0.72%
Belgium 0.53%
Chile 0.37%
Finland 0.36%

January Fund Holdings

As of 01/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 249,910 $1,767,641.82
0136701 BRITISH LAND CO PLC GB BLND LN 117,590 $885,814.54
01609W102 ALIBABA GROUP - ADR CN BABA 11,885 $2,002,503.65
0237400 DIAGEO PLC GB DGE LN 34,935 $1,333,341.01
0405207 HALMA PLC GB HLMA LN 97,905 $1,800,657.64
0490656 KERRY GROUP PLC-A IE KYGA LN 33,300 $3,424,639.74
0682538 PERSIMMON PLC GB PSN LN 56,345 $1,757,710.66
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 2,371,670 $1,808,072.14
0878230 TAYLOR WIMPEY PLC GB TW/ LN 808,100 $1,752,157.69
0922320 SMITH & NEPHEW PLC GB SN/ LN 133,835 $2,521,272.49
0946580 WEIR GROUP PLC/THE GB WEIR LN 108,805 $2,153,204.61
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 36,870 $2,002,953.38
2162760 CAE INC CA CAE CN 66,170 $1,406,040.11
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 15,245 $1,272,205.37
2306814 EL PUERTO DE LIVERPOOL -C1 MX 198,306 $1,299,207.76
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 80,900 $1,150,327.37
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 311,200 $1,151,897.35
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 117,200 $677,068.44
2583952 METRO INC CA MRU CN 48,405 $1,759,813.43
29278D105 ENEL CHILE SA-ADR CL ENIC 235,650 $1,279,579.50
2945422 WEG SA BR WEGE3 BZ 116,200 $600,243.47
3134865 BARCLAYS PLC GB BARC LN 839,215 $1,749,216.72
4012250 AIRBUS SE FR AIR FP 19,390 $2,234,887.36
4057808 L'OREAL FR OR FP 7,075 $1,705,248.69
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 8,550 $2,742,836.10
4076836 INTESA SANPAOLO IT ISP IM 587,015 $1,343,160.90
4162791 THALES SA FR HO FP 3,110 $343,932.20
4163437 CAP GEMINI FR CAP FP 4,920 $543,340.34
4574813 MEDIOBANCA SPA IT MB IM 157,850 $1,375,620.64
464286624 ISHARES MSCI THAILAND ETF TH 84,796 $7,707,956.40
464289180 ISHARES MSCI EUROPE FINANCIA XX 299,520 $5,397,350.40
4682329 PERNOD-RICARD SA FR RI FP 6,745 $1,119,082.38
4712798 RENAULT SA FR RNO FP 7,340 $519,414.03
4741844 MERCK KGAA DE MRK GR 16,415 $1,723,556.19
4834108 SCHNEIDER ELECTRIC SE FR SU FP 19,420 $1,381,179.15
4834777 VIVENDI FR VIV FP 32,365 $825,272.38
5176177 ORANGE FR ORA FP 55,625 $862,764.08
5253973 HERMES INTERNATIONAL FR RMS FP 970 $581,309.82
5330047 DASSAULT SYSTEMES SA FR DSY FP 4,580 $574,017.74
550021109 LULULEMON - ADR CA LULU 17,890 $2,644,320.90
5505072 KERING FR KER FP 2,260 $1,133,439.07
5596991 UCB SA BE UCB BB 21,055 $1,824,477.05
5669354 REPSOL SA ES REP SM 218,469 $3,834,787.98
5671519 WOLTERS KLUWER NL WKL NA 20,255 $1,259,674.65
5671735 SANOFI-AVENTIS FR SAN FP 33,010 $2,869,152.60
5701513 ELISA OYJ FI ELISA FH 29,705 $1,242,781.52
5727973 SIEMENS AG-REG DE SIE GR 23,680 $2,600,006.38
5735631 TAG IMMOBILIEN AG DE TEG GR 73,515 $1,857,998.46
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 197 $1,252,623.56
5966516 SOCIETE GENERALE FR GLE FP 23,735 $740,043.75
5980613 GIVAUDAN - REG CH GIVN SW 520 $1,261,549.97
6055112 AYALA LAND INC PH ALI PM 1,693,500 $1,446,940.67
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 410,810 $719,076.42
6175076 KT&G CORP KR 033780 KS 13,455 $1,198,057.93
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 20,400 $1,204,548.14
6202673 ADVANTECH CO LTD TW 2395 TT 173,000 $1,304,563.12
6211732 DAEWOO SHIPBUILDING& MARINE KR 042660 KS 31,535 $1,054,980.04
6260734 DELTA ELECTRONICS INC TW 2308 TT 289,000 $1,444,067.01
6264189 NCSOFT CORP KR 036570 KS 4,295 $1,808,552.53
6272483 DMCI HOLDINGS INC PH DMC PM 2,333,900 $564,431.30
6284864 GLOBE TELECOM INC PH GLO PM 17,780 $691,539.20
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 4,596,000 $3,843,151.87
6308913 ELBIT SYSTEMS LTD IL ESLT IT 9,970 $1,235,001.09
6356934 FANUC LTD JP 6954 JP 10,640 $1,809,668.36
6441506 HOYA CORP JP 7741 JP 30,100 $1,746,924.39
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 29,230 $3,657,940.25
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 64,300 $3,643,629.48
6467104 ISUZU MOTORS LTD JP 7202 JP 84,700 $1,259,942.22
6472119 JARDINE MATHESON HLDGS LTD HK JM SP 18,225 $1,219,155.01
6474494 JOLLIBEE FOODS CORP PH JFC PM 143,625 $872,251.39
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 47,080 $3,627,043.20
6482903 KANAMOTO CO LTD JP 9678 JP 60,200 $1,672,637.61
6490809 KIKKOMAN CORP JP 2801 JP 46,700 $2,484,433.01
6490995 KEYENCE CORP JP 6861 JP 6,918 $3,560,110.38
6514442 METROPOLITAN BANK & TRUST PH MBT PM 564,780 $911,651.86
6518808 LION CORP JP 4912 JP 88,600 $1,846,512.15
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 1,082,000 $1,840,913.56
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 46,100 $2,451,091.43
6642387 YAMAHA CORP JP 7951 JP 61,500 $2,691,459.76
6648891 ORIENTAL LAND CO LTD FIRST SECT JP 4661 JP 12,100 $1,240,660.35
6683449 KANGWON LAND INC KR 035250 KS 42,765 $1,308,412.33
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 103,000 $1,813,693.98
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 132,055 $1,084,727.46
6791591 SECOM CO LTD JP 9735 JP 14,400 $1,205,596.77
6818843 SM PRIME HOLDINGS INC PH SMPH PM 2,351,600 $1,724,226.88
6865504 SUZUKI MOTOR CORP JP 7269 JP 47,400 $2,475,254.21
6885074 TERUMO CORP JP 4543 JP 21,800 $1,244,607.95
6895200 TOHO CO LTD JP 9602 JP 33,100 $1,207,460.36
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 1,270,000 $2,425,293.37
6919519 UNIVERSAL ROBINA CORP PH URC PM 468,450 $1,332,289.12
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 121,800 $3,046,624.28
6985112 YAKULT HONSHA CO LTD JP 2267 JP 17,900 $1,194,604.28
7062713 SODEXO FR SW FP 12,065 $1,255,978.72
7088429 AXA SA FR CS FP 66,780 $1,548,636.51
7103065 NOVARTIS AG-REG CH NOVN SW 49,915 $4,357,618.05
7103526 PEUGEOT SA FR UG FP 16,875 $424,496.69
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 17,225 $4,582,465.75
7110902 TECAN GROUP AG-REG CH TECN SW 4,470 $902,647.28
7123870 NESTLE SA-REGISTERED CH NESN SW 62,430 $5,442,890.29
7133608 EQUINOR ASA NO EQNR NO 154,800 $3,539,685.22
7145056 ENI SPA IT ENI IM 215,965 $3,661,858.16
7156036 SONOVA HOLDING AG-REG CH SOON SW 13,800 $2,589,926.56
7212477 ESSILORLUXOTTICA FR EL FP 7,265 $920,321.98
7262610 CREDIT AGRICOLE SA FR ACA FP 41,725 $476,557.70
7309681 BNP PARIBAS FR BNP FP 37,180 $1,752,140.92
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 15,210 $524,865.59
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 84,770 $5,323,556.00
874080104 TAL EDUCATION GROUP - ADR CN TAL 30,435 $944,398.05
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 156,100 $1,937,126.01
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 211,000 $1,231,722.74
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 289,500 $2,818,444.67
B01JCK9 LI NING CO LTD CN 2331 HK 2,235,391 $2,750,480.53
B02J639 ADMIRAL GROUP PLC GB ADM LN 47,585 $1,293,930.79
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 35,615 $1,753,555.91
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 171,800 $1,826,717.48
B058TZ6 SAFRAN SA FR SAF FP 11,135 $1,463,015.74
B068DB9 SM INVESTMENTS CORP PH SM PM 66,955 $1,277,257.78
B07DRZ5 RECORDATI SPA IT REC IM 35,720 $1,294,359.93
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 6,775 $1,460,973.36
B0C2CQ3 ENGIE FR ENGI FP 46,075 $738,641.47
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 123,880 $1,545,443.08
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 56,000 $2,473,895.90
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 30,195 $1,815,951.61
B0YZ0Z5 DEUTSCHE WOHNEN SE DE DWNI GR 74,314 $3,712,521.41
B15C557 TOTAL SA FR FP FP 64,370 $3,528,827.84
B19NLV4 EXPERIAN PLC GB EXPN LN 50,865 $1,277,093.57
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 211,240 $3,300,515.05
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 58,115 $2,845,976.55
B1XH026 VINCI SA FR DG FP 17,695 $1,556,987.78
B1Y9TB3 DANONE FR BN FP 21,305 $1,550,399.14
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 681,000 $3,522,784.89
B1YXBJ7 AIR LIQUIDE FR AI FP 13,310 $1,615,823.64
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 753,100 $556,189.34
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 169,050 $1,189,212.07
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 50,200 $1,550,789.09
B292SM8 MEGACABLE HOLDINGS-CPO MX MEGACPO MM 195,467 $879,191.34
B2B0DG9 RELX PLC GB REL LN 59,570 $1,319,443.90
B3NB1P2 SUNCOR ENERGY INC CA SU CN 115,305 $3,719,034.89
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 101,500 $1,355,021.66
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 12,200 $598,994.85
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 79,200 $1,043,853.92
B5VJH76 BDO UNIBANK INC PH BDO PM 491,730 $1,277,577.86
B607XS1 VERMILION ENERGY INC CA VET CN 118,040 $2,892,718.90
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 339,400 $3,819,597.15
B63QM77 NEXON CO LTD JP 3659 JP 120,100 $1,827,137.52
B6X51B1 TCI CO LTD TW 8436 TT 130,000 $1,910,255.27
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 622,300 $543,709.36
B7311V6 KALBE FARMA TBK PT ID KLBF IJ 11,030,100 $1,264,154.91
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 564,895 $1,791,962.55
B800MQ5 ASTRA INTERNATIONAL TBK PT ID ASII IJ 2,095,407 $1,271,182.73
B8FMRX8 COLOPLAST-B DK COLOB DC 13,335 $1,218,141.72
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 78,024 $1,941,271.81
B92RW83 LT GROUP INC PH LTG PM 1,915,700 $570,876.32
B9895B7 COCA-COLA HBC AG-DI CH CCH LN 54,530 $1,832,701.50
B9G6L89 LEG IMMOBILIEN AG DE LEG GR 23,980 $2,816,957.78
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 93,800 $798,812.24
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 28,200 $1,248,602.63
BBJPFY1 VONOVIA SE DE VNA GR 76,320 $3,835,727.96
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 70,765 $1,864,377.86
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 154,900 $1,777,408.70
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 3,122,000 $1,348,066.72
BD4T6W7 TELEKOMUNIKASI INDONESIA PER ID TLKM IJ 4,828,600 $1,347,560.47
BD6K457 COMPASS GROUP PLC GB CPG LN 58,695 $1,255,984.70
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 158,045 $1,832,536.72
BD9Y9B7 BASIC-FIT NV NL BFIT NA 63,685 $1,948,341.35
BDFLHY1 AIRPORTS OF THAILAND PCL-FOR TH AOT/F TB 579,700 $1,283,787.21
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 2,726,000 $1,113,822.93
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 140,700 $771,165.00
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 333,420 $563,058.15
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 135,000 $1,164,852.49
BG7ZWY7 AMBEV SA BR ABEV3 BZ 439,300 $2,109,054.34
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 3,463,000 $2,839,634.40
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 26,600 $1,246,637.87
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 122,700 $5,461,943.57
BNGN9Z1 FINECOBANK SPA IT FBK IM 127,735 $1,388,982.85
BSQXJ01 THULE GROUP AB/THE SE THULE SS 136,600 $2,788,926.39
BSS7GP5 AGL ENERGY LTD AU AGL AU 119,715 $1,870,507.39
BYMXPS7 UNICREDIT SPA IT UCG IM 105,718 $1,222,147.49
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 15,755 $945,761.76
BYQ32R1 NEMAK SAB DE CV MX 1,591,200 $1,247,347.36
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 77,790 $884,653.19
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 4,508,000 $1,823,792.10
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 276,700 $2,486,026.00
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 37,510 $1,784,725.80
G84720104 STERIS PLC GB STE 16,035 $1,828,952.10
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 11,775 $1,317,858.00
N22717107 CORE LABORATORIES N.V. NL CLB 28,365 $1,913,502.90
USD US DOLLAR US 9,756,000.81 $9,756,000.81

Investments will change over time.

Distributions

  • International Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • International Series Return of Capital 2012

A Word About Risk

All investments involve risks, including possible loss of principal. Funds whose investments are concentrated in foreign 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.

Daily Price

$9.36

Daily $ Change

$0.07

Daily % Change

0.75%

as of 02/15/2019

Ticker

MNIIX

CUSIP

56382P484

Inception Date

03/15/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms

Investment Objective

To provide long-term growth by investing principally in the common stocks of companies located outside the U.S.

Investment Strategy

The Series invests primarily in common stocks of foreign companies, which may include investments of any market capitalization in developed and emerging markets. The Series may also purchase shares of exchange-traded funds (ETFs) on a limited basis. In managing the Series, a “top-down” approach is implemented to examine economic trends and industry-specific factors to identify investment opportunities such as those being created by economic and political changes taking place around the world.

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 01/31/2019

YTD

6.29%

1 Year

-19.42%

3 Year

5.52%

5 Year

1.68%

10 Year

7.36%

Inception
(08/27/1992)

7.21%

International Market Cycle (04/01/2003 - 01/31/2019)

8.37%

Inception Performance based on the International Series Class S inception of 08/27/1992. For periods through 03/15/2012 (the inception date of the Class I shares), performance for the Class I shares is based on the historical performance of the Class S shares. Because the Class I shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio. 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.

Expense Ratio

Gross 0.93%
Net 0.88%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2019) without the approval of the Fund’s Board of Directors.

Top Ten Investments

As of 01/31/2019

ISHARES MSCI THAILAND ETF 2.26%
TENCENT HOLDINGS LTD 1.60%
NESTLE SA-REGISTERED 1.59%
ISHARES MSCI EUROPE FINANCIA 1.58%
ROYAL DUTCH SHELL PLC-ADR B 1.56%
ROCHE HOLDING AG-GENUSSCHEIN 1.34%
NOVARTIS AG-REG 1.28%
CHINA PETROLEUM & CHEMICAL - H 1.13%
VONOVIA SE 1.12%
REPSOL SA 1.12%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 01/31/2019

Communication Services
5.13%
Consumer Discretionary
19.38%
Consumer Staples
14.09%
Energy
11.30%
Financials
11.81%
Health Care
9.76%
Industrials
12.04%
Information Technology
3.92%
Materials
1.56%
Other
2.26%
Real Estate
5.87%
Utilities
2.88%

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 The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Manning & Napier when referencing GICS sectors. Nether 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. The “Other” category contains securities such as ETFs and others that cannot otherwise be classified.

Country Allocation

As of 01/31/2019

Japan
11.19%
France
10.40%
China
9.94%
United Kingdom
9.53%
Switzerland
6.51%
Germany
6.12%
Brazil
5.42%
Canada
4.60%
Italy
4.28%
Philippines
4.17%
South Korea
4.03%
Netherlands
3.60%
Thailand
2.63%
Australia
2.56%
Sweden
1.65%
Diversified International
1.58%
Hong Kong
1.43%
Taiwan
1.36%
Indonesia
1.14%
Spain
1.12%
Norway
1.04%
Mexico
1.00%
Ireland
1.00%
Portugal
0.97%
Israel
0.75%
Denmark
0.72%
Belgium
0.53%
Chile
0.37%
Finland
0.36%

January Fund Holdings

As of 01/31/2019

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0081180 BARRATT DEVELOPMENTS PLC GB BDEV LN 249,910 $1,767,641.82
0136701 BRITISH LAND CO PLC GB BLND LN 117,590 $885,814.54
01609W102 ALIBABA GROUP - ADR CN BABA 11,885 $2,002,503.65
0237400 DIAGEO PLC GB DGE LN 34,935 $1,333,341.01
0405207 HALMA PLC GB HLMA LN 97,905 $1,800,657.64
0490656 KERRY GROUP PLC-A IE KYGA LN 33,300 $3,424,639.74
0682538 PERSIMMON PLC GB PSN LN 56,345 $1,757,710.66
0870612 LLOYDS BANKING GROUP PLC GB LLOY LN 2,371,670 $1,808,072.14
0878230 TAYLOR WIMPEY PLC GB TW/ LN 808,100 $1,752,157.69
0922320 SMITH & NEPHEW PLC GB SN/ LN 133,835 $2,521,272.49
0946580 WEIR GROUP PLC/THE GB WEIR LN 108,805 $2,153,204.61
2011646 ALIMENTATION COUCHE-TARD -B CA ATD/B CN 36,870 $2,002,953.38
2162760 CAE INC CA CAE CN 66,170 $1,406,040.11
2180632 CANADIAN NATL RAILWAY CO CA CNR CN 15,245 $1,272,205.37
2306814 EL PUERTO DE LIVERPOOL -C1 MX 198,306 $1,299,207.76
2328595 BANCO DO BRASIL S.A. BR BBAS3 BZ 80,900 $1,150,327.37
2458771 ITAUSA INVESTIMENTOS ITAU -PR BR ITSA4 BZ 311,200 $1,151,897.35
2516710 LOJAS AMERICANAS SA - PREF BR LAME4 BZ 117,200 $677,068.44
2583952 METRO INC CA MRU CN 48,405 $1,759,813.43
29278D105 ENEL CHILE SA-ADR CL ENIC 235,650 $1,279,579.50
2945422 WEG SA BR WEGE3 BZ 116,200 $600,243.47
3134865 BARCLAYS PLC GB BARC LN 839,215 $1,749,216.72
4012250 AIRBUS SE FR AIR FP 19,390 $2,234,887.36
4057808 L'OREAL FR OR FP 7,075 $1,705,248.69
4061412 LVMH MOET HENNESSY LOUIS VUITTON FR MC FP 8,550 $2,742,836.10
4076836 INTESA SANPAOLO IT ISP IM 587,015 $1,343,160.90
4162791 THALES SA FR HO FP 3,110 $343,932.20
4163437 CAP GEMINI FR CAP FP 4,920 $543,340.34
4574813 MEDIOBANCA SPA IT MB IM 157,850 $1,375,620.64
464286624 ISHARES MSCI THAILAND ETF TH 84,796 $7,707,956.40
464289180 ISHARES MSCI EUROPE FINANCIA XX 299,520 $5,397,350.40
4682329 PERNOD-RICARD SA FR RI FP 6,745 $1,119,082.38
4712798 RENAULT SA FR RNO FP 7,340 $519,414.03
4741844 MERCK KGAA DE MRK GR 16,415 $1,723,556.19
4834108 SCHNEIDER ELECTRIC SE FR SU FP 19,420 $1,381,179.15
4834777 VIVENDI FR VIV FP 32,365 $825,272.38
5176177 ORANGE FR ORA FP 55,625 $862,764.08
5253973 HERMES INTERNATIONAL FR RMS FP 970 $581,309.82
5330047 DASSAULT SYSTEMES SA FR DSY FP 4,580 $574,017.74
550021109 LULULEMON - ADR CA LULU 17,890 $2,644,320.90
5505072 KERING FR KER FP 2,260 $1,133,439.07
5596991 UCB SA BE UCB BB 21,055 $1,824,477.05
5669354 REPSOL SA ES REP SM 218,469 $3,834,787.98
5671519 WOLTERS KLUWER NL WKL NA 20,255 $1,259,674.65
5671735 SANOFI-AVENTIS FR SAN FP 33,010 $2,869,152.60
5701513 ELISA OYJ FI ELISA FH 29,705 $1,242,781.52
5727973 SIEMENS AG-REG DE SIE GR 23,680 $2,600,006.38
5735631 TAG IMMOBILIEN AG DE TEG GR 73,515 $1,857,998.46
5962280 CHOCOLADEFABRIKEN LINDT-PC CH LISP SW 197 $1,252,623.56
5966516 SOCIETE GENERALE FR GLE FP 23,735 $740,043.75
5980613 GIVAUDAN - REG CH GIVN SW 520 $1,261,549.97
6055112 AYALA LAND INC PH ALI PM 1,693,500 $1,446,940.67
6074968 BANK OF THE PHILIPPINE ISLAN PH BPI PM 410,810 $719,076.42
6175076 KT&G CORP KR 033780 KS 13,455 $1,198,057.93
6196408 CHUGAI PHARMACEUTICAL CO LTD JP 4519 JP 20,400 $1,204,548.14
6202673 ADVANTECH CO LTD TW 2395 TT 173,000 $1,304,563.12
6211732 DAEWOO SHIPBUILDING& MARINE KR 042660 KS 31,535 $1,054,980.04
6260734 DELTA ELECTRONICS INC TW 2308 TT 289,000 $1,444,067.01
6264189 NCSOFT CORP KR 036570 KS 4,295 $1,808,552.53
6272483 DMCI HOLDINGS INC PH DMC PM 2,333,900 $564,431.30
6284864 GLOBE TELECOM INC PH GLO PM 17,780 $691,539.20
6291819 CHINA PETROLEUM & CHEMICAL - H CN 386 HK 4,596,000 $3,843,151.87
6308913 ELBIT SYSTEMS LTD IL ESLT IT 9,970 $1,235,001.09
6356934 FANUC LTD JP 6954 JP 10,640 $1,809,668.36
6441506 HOYA CORP JP 7741 JP 30,100 $1,746,924.39
6446620 HYUNDAI HEAVY INDUSTRIES KR 009540 KS 29,230 $3,657,940.25
6451066 HYUNDAI MIPO DOCKYARD KR 010620 KS 64,300 $3,643,629.48
6467104 ISUZU MOTORS LTD JP 7202 JP 84,700 $1,259,942.22
6472119 JARDINE MATHESON HLDGS LTD HK JM SP 18,225 $1,219,155.01
6474494 JOLLIBEE FOODS CORP PH JFC PM 143,625 $872,251.39
647581107 NEW ORIENTAL EDUCATIO- SP ADR CN EDU 47,080 $3,627,043.20
6482903 KANAMOTO CO LTD JP 9678 JP 60,200 $1,672,637.61
6490809 KIKKOMAN CORP JP 2801 JP 46,700 $2,484,433.01
6490995 KEYENCE CORP JP 6861 JP 6,918 $3,560,110.38
6514442 METROPOLITAN BANK & TRUST PH MBT PM 564,780 $911,651.86
6518808 LION CORP JP 4912 JP 88,600 $1,846,512.15
6531827 GEELY AUTOMOBILE HOLDINGS LT CN 175 HK 1,082,000 $1,840,913.56
6641588 NISSAN CHEMICAL INDUSTRIES JP 4021 JP 46,100 $2,451,091.43
6642387 YAMAHA CORP JP 7951 JP 61,500 $2,691,459.76
6648891 ORIENTAL LAND CO LTD FIRST SECT JP 4661 JP 12,100 $1,240,660.35
6683449 KANGWON LAND INC KR 035250 KS 42,765 $1,308,412.33
6743882 JAPAN EXCHANGE GROUP INC JP 8697 JP 103,000 $1,813,693.98
6772217 SAMSUNG HEAVY INDUSTRIES KR 010140 KS 132,055 $1,084,727.46
6791591 SECOM CO LTD JP 9735 JP 14,400 $1,205,596.77
6818843 SM PRIME HOLDINGS INC PH SMPH PM 2,351,600 $1,724,226.88
6865504 SUZUKI MOTOR CORP JP 7269 JP 47,400 $2,475,254.21
6885074 TERUMO CORP JP 4543 JP 21,800 $1,244,607.95
6895200 TOHO CO LTD JP 9602 JP 33,100 $1,207,460.36
6913168 GUANGDONG INVESTMENT LTD HK 270 HK 1,270,000 $2,425,293.37
6919519 UNIVERSAL ROBINA CORP PH URC PM 468,450 $1,332,289.12
6979728 WOODSIDE PETROLEUM LTD AU WPL AU 121,800 $3,046,624.28
6985112 YAKULT HONSHA CO LTD JP 2267 JP 17,900 $1,194,604.28
7062713 SODEXO FR SW FP 12,065 $1,255,978.72
7088429 AXA SA FR CS FP 66,780 $1,548,636.51
7103065 NOVARTIS AG-REG CH NOVN SW 49,915 $4,357,618.05
7103526 PEUGEOT SA FR UG FP 16,875 $424,496.69
7110388 ROCHE HOLDING AG-GENUSSCHEIN CH ROG SW 17,225 $4,582,465.75
7110902 TECAN GROUP AG-REG CH TECN SW 4,470 $902,647.28
7123870 NESTLE SA-REGISTERED CH NESN SW 62,430 $5,442,890.29
7133608 EQUINOR ASA NO EQNR NO 154,800 $3,539,685.22
7145056 ENI SPA IT ENI IM 215,965 $3,661,858.16
7156036 SONOVA HOLDING AG-REG CH SOON SW 13,800 $2,589,926.56
7212477 ESSILORLUXOTTICA FR EL FP 7,265 $920,321.98
7262610 CREDIT AGRICOLE SA FR ACA FP 41,725 $476,557.70
7309681 BNP PARIBAS FR BNP FP 37,180 $1,752,140.92
7380482 COMPAGNIE DE SAINT-GOBAIN FR SGO FP 15,210 $524,865.59
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 84,770 $5,323,556.00
874080104 TAL EDUCATION GROUP - ADR CN TAL 30,435 $944,398.05
B00FM53 BANCO BRADESCO SA - PREF BR BBDC4 BZ 156,100 $1,937,126.01
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 211,000 $1,231,722.74
B01FLR7 PING AN INSURANCE GROUP CO-H CN 2318 HK 289,500 $2,818,444.67
B01JCK9 LI NING CO LTD CN 2331 HK 2,235,391 $2,750,480.53
B02J639 ADMIRAL GROUP PLC GB ADM LN 47,585 $1,293,930.79
B02L3W3 BERKELEY GROUP HOLDINGS GB BKG LN 35,615 $1,753,555.91
B037HR3 ITAU UNIBANCO HOLDINGS S-PREF BR ITUB4 BZ 171,800 $1,826,717.48
B058TZ6 SAFRAN SA FR SAF FP 11,135 $1,463,015.74
B068DB9 SM INVESTMENTS CORP PH SM PM 66,955 $1,277,257.78
B07DRZ5 RECORDATI SPA IT REC IM 35,720 $1,294,359.93
B09DHL9 MTU AERO ENGINES HOLDING AG DE MTX GR 6,775 $1,460,973.36
B0C2CQ3 ENGIE FR ENGI FP 46,075 $738,641.47
B0CGYD6 LOJAS RENNER S.A. BR LREN3 BZ 123,880 $1,545,443.08
B0JDQD4 BANDAI NAMCO HOLDINGS INC JP 7832 JP 56,000 $2,473,895.90
B0SWJX3 LONDON STOCK EXCHANGE GROUP GB LSE LN 30,195 $1,815,951.61
B0YZ0Z5 DEUTSCHE WOHNEN SE DE DWNI GR 74,314 $3,712,521.41
B15C557 TOTAL SA FR FP FP 64,370 $3,528,827.84
B19NLV4 EXPERIAN PLC GB EXPN LN 50,865 $1,277,093.57
B1FW751 GALP ENERGIA SGPS SA PT GALP PL 211,240 $3,300,515.05
B1XFTL2 HEXAGON AB-B SHS SE HEXAB SS 58,115 $2,845,976.55
B1XH026 VINCI SA FR DG FP 17,695 $1,556,987.78
B1Y9TB3 DANONE FR BN FP 21,305 $1,550,399.14
B1YVKN8 ANTA SPORTS PRODUCTS LTD CN 2020 HK 681,000 $3,522,784.89
B1YXBJ7 AIR LIQUIDE FR AI FP 13,310 $1,615,823.64
B1Z9Q99 ABOITIZ POWER CORP PH AP PM 753,100 $556,189.34
B247XZ6 MANILA ELECTRIC COMPANY PH MER PM 169,050 $1,189,212.07
B249GC0 MATSUMOTOKIYOSHI HOLDINGS CO JP 3088 JP 50,200 $1,550,789.09
B292SM8 MEGACABLE HOLDINGS-CPO MX MEGACPO MM 195,467 $879,191.34
B2B0DG9 RELX PLC GB REL LN 59,570 $1,319,443.90
B3NB1P2 SUNCOR ENERGY INC CA SU CN 115,305 $3,719,034.89
B3ZCNF7 TELEFONICA BRASIL S.A. - PREF BR VIVT4 BZ 101,500 $1,355,021.66
B4975P9 MAGAZINE LUIZA SA BR MGLU3 BZ 12,200 $598,994.85
B4V5RY4 BANCO SANTANDER BRASIL - UNIT BR SANB11 BZ 79,200 $1,043,853.92
B5VJH76 BDO UNIBANK INC PH BDO PM 491,730 $1,277,577.86
B607XS1 VERMILION ENERGY INC CA VET CN 118,040 $2,892,718.90
B61JC67 TREASURY WINE ESTATES LTD AU TWE AU 339,400 $3,819,597.15
B63QM77 NEXON CO LTD JP 3659 JP 120,100 $1,827,137.52
B6X51B1 TCI CO LTD TW 8436 TT 130,000 $1,910,255.27
B725S29 PUREGOLD PRICE CLUB INC PH PGOLD PM 622,300 $543,709.36
B7311V6 KALBE FARMA TBK PT ID KLBF IJ 11,030,100 $1,264,154.91
B7T7721 ROYAL BANK OF SCOTLAND GB RBS LN 564,895 $1,791,962.55
B800MQ5 ASTRA INTERNATIONAL TBK PT ID ASII IJ 2,095,407 $1,271,182.73
B8FMRX8 COLOPLAST-B DK COLOB DC 13,335 $1,218,141.72
B8K9X70 GRAND CITY PROPERTIES DE GYC GR 78,024 $1,941,271.81
B92RW83 LT GROUP INC PH LTG PM 1,915,700 $570,876.32
B9895B7 COCA-COLA HBC AG-DI CH CCH LN 54,530 $1,832,701.50
B9G6L89 LEG IMMOBILIEN AG DE LEG GR 23,980 $2,816,957.78
B9N3SQ0 BB SEGURIDADE PARTICIPACOES BR BBSE3 BZ 93,800 $798,812.24
BBD7Q84 SUNTORY BEVERAGE & FOOD LTD JP 2587 JP 28,200 $1,248,602.63
BBJPFY1 VONOVIA SE DE VNA GR 76,320 $3,835,727.96
BD0Q398 KONINKLIJKE AHOLD DELHAIZE N NL AD NA 70,765 $1,864,377.86
BD1WX84 ENGIE BRASIL ENERGIA SA BR EGIE3 BZ 154,900 $1,777,408.70
BD3JR69 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 3,122,000 $1,348,066.72
BD4T6W7 TELEKOMUNIKASI INDONESIA PER ID TLKM IJ 4,828,600 $1,347,560.47
BD6K457 COMPASS GROUP PLC GB CPG LN 58,695 $1,255,984.70
BD9Y5C0 TECHNOGYM SPA IT TGYM IM 158,045 $1,832,536.72
BD9Y9B7 BASIC-FIT NV NL BFIT NA 63,685 $1,948,341.35
BDFLHY1 AIRPORTS OF THAILAND PCL-FOR TH AOT/F TB 579,700 $1,283,787.21
BDQZ7T7 WISDOM EDUCATION INTERNATION CN 6068 HK 2,726,000 $1,113,822.93
BF7LBH4 ATACADAO DISTRIBUICAO COMERC BR CRFB3 BZ 140,700 $771,165.00
BFTCYP4 ROBINSONS RETAIL HOLDINGS IN PH RRHI PM 333,420 $563,058.15
BG36ZK1 B3 SA-BRASIL BOLSA BALCAO BR B3SA3 BZ 135,000 $1,164,852.49
BG7ZWY7 AMBEV SA BR ABEV3 BZ 439,300 $2,109,054.34
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 3,463,000 $2,839,634.40
BHC8X90 NOVO NORDISK A/S-B DK NOVOB DC 26,600 $1,246,637.87
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 122,700 $5,461,943.57
BNGN9Z1 FINECOBANK SPA IT FBK IM 127,735 $1,388,982.85
BSQXJ01 THULE GROUP AB/THE SE THULE SS 136,600 $2,788,926.39
BSS7GP5 AGL ENERGY LTD AU AGL AU 119,715 $1,870,507.39
BYMXPS7 UNICREDIT SPA IT UCG IM 105,718 $1,222,147.49
BYNXBZ5 ADO PROPERTIES SA DE ADJ GR 15,755 $945,761.76
BYQ32R1 NEMAK SAB DE CV MX 1,591,200 $1,247,347.36
BYW0PQ6 LAND SECURITIES GROUP PLC GB LAND LN 77,790 $884,653.19
BYWPGC4 CHINA YUHUA EDUCATION CORP L CN 6169 HK 4,508,000 $1,823,792.10
BZ4CMZ5 DAVIDE CAMPARI-MILANO SPA IT CPR IM 276,700 $2,486,026.00
G25839104 COCA-COLA EUROPEAN PARTNERS GB CCEP 37,510 $1,784,725.80
G84720104 STERIS PLC GB STE 16,035 $1,828,952.10
M22465104 CHECK POINT SOFTWARE TECH IL CHKP 11,775 $1,317,858.00
N22717107 CORE LABORATORIES N.V. NL CLB 28,365 $1,913,502.90
USD US DOLLAR US 9,756,000.81 $9,756,000.81

Investments will change over time.

Distributions

  • International Series Class I Distribution History
  • 2019 Distribution Calendar
  • Fourth Quarter 2018 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 Distributions
  • Tax Letter
  • International Series Return of Capital 2012

A Word About Risk

All investments involve risks, including possible loss of principal. Funds whose investments are concentrated in foreign 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.


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