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

$21.85

Daily $ Change

$0.12

Daily % Change

0.55%

as of 08/17/2018

Ticker

RAIIX

CUSIP

56382R688

Inception Date

03/28/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-3/20/18

Performance

As of 07/31/2018

YTD

3.60%

1 Year

16.31%

3 Year

10.86%

5 Year

12.27%

10 Year

---

Inception
(03/28/2012)

14.95%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had 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 1.26%
Net 1.15%*

*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 (02/28/2019) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 07/31/2018

ROYAL UNIBREW 3.76%
AMBU A/S-B 3.61%
TELEPERFORMANCE 3.34%
CHR HANSEN HOLDING A/S 3.11%
PIGEON CORP 2.90%
DECHRA PHARMACEUTICALS PLC 2.80%
TECHTRONIC INDUSTRIES CO LTD 2.73%
ORPEA SA 2.61%
ABCAM PLC 2.25%
FINECOBANK SPA 2.20%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 07/31/2018

Consumer Discretionary 10.49%
Consumer Staples 11.62%
Energy 2.26%
Financials 11.08%
Health Care 21.56%
Industrials 25.13%
Information Technology 14.75%
Materials 3.11%

Country Allocation

As of 07/31/2018

Japan 16.11%
Denmark 13.95%
United Kingdom 8.99%
Switzerland 8.77%
France 8.67%
Germany 8.41%
Italy 5.82%
China 4.64%
Canada 3.66%
Hong Kong 2.73%
India 2.56%
Ireland 2.36%
Thailand 1.73%
Australia 1.65%
Indonesia 1.59%
Belgium 1.43%
Malaysia 1.24%
Poland 1.18%
Netherlands 1.05%
South Korea 0.99%
Brazil 0.96%
Luxembourg 0.94%
Philippines 0.57%

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0405207 HALMA PLC GB HLMA LN 179,945 $3,323,129.82
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 811,320 $5,080,600.25
06684L103 BAOZUN INC-SPN ADR CN BZUN 62,835 $3,635,004.75
0766937 ST JAMES'S PLACE PLC GB STJ LN 196,815 $3,114,145.04
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 307,910 $12,067,769.99
2188283 CANADIAN WESTERN BANK CA CWB CN 259,430 $7,277,242.34
262006208 DREYFUS GVT CSH MANAGEMENT US 37,552,261.55 $37,552,261.55
316827104 51JOB INC - ADR CN JOBS 78,355 $7,190,638.35
4491235 KINGSPAN GROUP IE 90,725 $4,213,846.21
4612757 OC OERLIKON CORP AG-REG CH OERL SW 473,950 $7,376,225.32
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 21,920 $8,778,250.46
5633962 NEMETSCHEK SE DE NEM GR 56,130 $7,797,474.22
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 31,900 $5,184,990.29
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 114,055 $8,862,408.79
5999330 TELEPERFORMANCE FR TEP FP 78,585 $14,408,812.18
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 89,500 $7,660,108.21
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 83,900 $3,286,517.91
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,358,800 $5,367,503.08
6250025 DAIFUKU CO LTD JP 6383 JP 65,000 $2,839,735.28
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 1,072,000 $3,038,839.10
6352750 EN-JAPAN INC JP 4849 JP 142,300 $6,732,254.17
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 262,500 $6,094,441.71
6595179 MISUMI GROUP INC JP 9962 JP 159,200 $4,046,383.76
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 102,700 $5,529,258.15
6680718 SERIA CO LTD JP 2782 JP 96,900 $4,454,375.53
6688080 PIGEON CORP JP 7956 JP 260,300 $12,501,104.50
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 103,235 $7,168,011.16
7155884 BACHEM HOLDING AG-REG B CH BANB SW 27,055 $3,825,379.99
7271166 WESSANEN NL WES NA 303,035 $4,510,904.78
7339451 ORPEA SA FR ORP FP 81,900 $11,267,259.52
7370063 MELEXIS NV BE MELE BB 66,505 $6,186,385.03
7391763 SIEGRIED HOLDING AG-REG CH SFZN SW 12,145 $5,243,637.33
B00KT68 PETRONET LNG LTD IN PLNG IN 1,338,600 $4,472,327.76
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $2,020,121.73
B0166J7 BUMRUNGRAD HOSPITAL PCL NVDR TH BH-R TB 10,900 $59,463.48
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,113,500 $11,767,022.76
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 196,725 $8,666,509.62
B1DN466 NIHON M&A CENTER INC JP 2127 JP 218,400 $5,812,801.50
B1HKRM0 KORIAN FR KORI FP 180,405 $6,320,229.43
B1JTY91 XING SE DE O1BC GR 19,507 $6,352,697.09
B234WN9 DIASORIN SPA IT DIA IM 69,645 $7,476,099.77
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 841,690 $3,797,568.32
B39Q399 KOH YOUNG TECHNOLOGY INC KR 43,720 $4,260,027.71
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 299,400 $6,517,368.87
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 1,021,300 $2,394,391.34
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,007,700.63
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 93,400 $3,942,655.28
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 334,625 $7,132,587.35
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 13,201,300 $2,160,545.63
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 129,485 $13,406,595.95
B607XS1 VERMILION ENERGY INC CA VET CN 153,191 $5,273,392.77
B677469 ABCAM PLC GB ABC LN 499,665 $9,693,191.45
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 210,500 $4,160,309.59
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 51,890,800 $4,714,074.06
BBCR9N1 SIMCORP A/S DK SIM DC 72,590 $6,196,728.15
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 249,400 $5,977,377.01
BD0YVN2 DINO POLSKA SA PL DNP PW 185,439 $5,084,134.89
BD9G333 AMBU A/S-B DK AMBUB DC 396,000 $15,572,667.14
BF0B2F6 CANADA GOOSE HOLDINGS INC CA GOOS CN 56,085 $3,219,331.17
BF0LBX7 BIOMERIEUX FR BIM FP 64,775 $5,392,993.29
BFFK731 WISE TALENT INFORMATION TECH CN 6100 HK 765,299 $2,773,935.26
BFT7KB7 FEDERAL BANK LTD IN FB IN 2,146,940 $2,785,947.04
BGLP232 MONCLER SPA IT MONC IM 184,555 $8,140,291.63
BMM1PP4 STABILUS SA LU STM GR 47,765 $4,066,152.16
BNGN9Z1 FINECOBANK SPA IT FBK IM 808,695 $9,503,712.38
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 3,948,000 $3,385,128.14
BVFNZH2 ROTORK PLC GB ROR LN 1,162,135 $5,489,740.99
BX8ZX20 ROYAL UNIBREW DK RBREW DC 194,765 $16,213,734.30
BYR4KP7 GRENKE AG DE GLJ GR 23,990 $2,652,370.85
BYT9340 SCOUT24 AG DE G24 GR 104,220 $5,423,174.07
BYXYHM7 WILCON DEPOT INC PH WLCON PM 10,867,359 $2,439,297.98
BYZWMR9 VAT GROUP AG CH VACN SW 42,110 $5,541,516.94

Investments will change over time.

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

$21.85

Daily $ Change

$0.12

Daily % Change

0.55%

as of 08/17/2018

Ticker

RAIIX

CUSIP

56382R688

Inception Date

03/28/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-3/20/18

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 07/31/2018

YTD

3.60%

1 Year

16.31%

3 Year

10.86%

5 Year

12.27%

10 Year

---

Inception
(03/28/2012)

14.95%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had 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 1.26%
Net 1.15%*

*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 (02/28/2019) without the approval of the Fund's Board of Directors.

Top Ten Investments

As of 07/31/2018

ROYAL UNIBREW 3.76%
AMBU A/S-B 3.61%
TELEPERFORMANCE 3.34%
CHR HANSEN HOLDING A/S 3.11%
PIGEON CORP 2.90%
DECHRA PHARMACEUTICALS PLC 2.80%
TECHTRONIC INDUSTRIES CO LTD 2.73%
ORPEA SA 2.61%
ABCAM PLC 2.25%
FINECOBANK SPA 2.20%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 07/31/2018

Consumer Discretionary
10.49%
Consumer Staples
11.62%
Energy
2.26%
Financials
11.08%
Health Care
21.56%
Industrials
25.13%
Information Technology
14.75%
Materials
3.11%

Country Allocation

As of 07/31/2018

Japan
16.11%
Denmark
13.95%
United Kingdom
8.99%
Switzerland
8.77%
France
8.67%
Germany
8.41%
Italy
5.82%
China
4.64%
Canada
3.66%
Hong Kong
2.73%
India
2.56%
Ireland
2.36%
Thailand
1.73%
Australia
1.65%
Indonesia
1.59%
Belgium
1.43%
Malaysia
1.24%
Poland
1.18%
Netherlands
1.05%
South Korea
0.99%
Brazil
0.96%
Luxembourg
0.94%
Philippines
0.57%

July Fund Holdings

As of 07/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0405207 HALMA PLC GB HLMA LN 179,945 $3,323,129.82
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 811,320 $5,080,600.25
06684L103 BAOZUN INC-SPN ADR CN BZUN 62,835 $3,635,004.75
0766937 ST JAMES'S PLACE PLC GB STJ LN 196,815 $3,114,145.04
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 307,910 $12,067,769.99
2188283 CANADIAN WESTERN BANK CA CWB CN 259,430 $7,277,242.34
262006208 DREYFUS GVT CSH MANAGEMENT US 37,552,261.55 $37,552,261.55
316827104 51JOB INC - ADR CN JOBS 78,355 $7,190,638.35
4491235 KINGSPAN GROUP IE 90,725 $4,213,846.21
4612757 OC OERLIKON CORP AG-REG CH OERL SW 473,950 $7,376,225.32
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 21,920 $8,778,250.46
5633962 NEMETSCHEK SE DE NEM GR 56,130 $7,797,474.22
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 31,900 $5,184,990.29
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 114,055 $8,862,408.79
5999330 TELEPERFORMANCE FR TEP FP 78,585 $14,408,812.18
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 89,500 $7,660,108.21
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 83,900 $3,286,517.91
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,358,800 $5,367,503.08
6250025 DAIFUKU CO LTD JP 6383 JP 65,000 $2,839,735.28
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 1,072,000 $3,038,839.10
6352750 EN-JAPAN INC JP 4849 JP 142,300 $6,732,254.17
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 262,500 $6,094,441.71
6595179 MISUMI GROUP INC JP 9962 JP 159,200 $4,046,383.76
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 102,700 $5,529,258.15
6680718 SERIA CO LTD JP 2782 JP 96,900 $4,454,375.53
6688080 PIGEON CORP JP 7956 JP 260,300 $12,501,104.50
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 103,235 $7,168,011.16
7155884 BACHEM HOLDING AG-REG B CH BANB SW 27,055 $3,825,379.99
7271166 WESSANEN NL WES NA 303,035 $4,510,904.78
7339451 ORPEA SA FR ORP FP 81,900 $11,267,259.52
7370063 MELEXIS NV BE MELE BB 66,505 $6,186,385.03
7391763 SIEGRIED HOLDING AG-REG CH SFZN SW 12,145 $5,243,637.33
B00KT68 PETRONET LNG LTD IN PLNG IN 1,338,600 $4,472,327.76
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $2,020,121.73
B0166J7 BUMRUNGRAD HOSPITAL PCL NVDR TH BH-R TB 10,900 $59,463.48
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,113,500 $11,767,022.76
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 196,725 $8,666,509.62
B1DN466 NIHON M&A CENTER INC JP 2127 JP 218,400 $5,812,801.50
B1HKRM0 KORIAN FR KORI FP 180,405 $6,320,229.43
B1JTY91 XING SE DE O1BC GR 19,507 $6,352,697.09
B234WN9 DIASORIN SPA IT DIA IM 69,645 $7,476,099.77
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 841,690 $3,797,568.32
B39Q399 KOH YOUNG TECHNOLOGY INC KR 43,720 $4,260,027.71
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 299,400 $6,517,368.87
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 1,021,300 $2,394,391.34
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,007,700.63
B3PQXL5 ANICOM HOLDINGS INC JP 8715 JP 93,400 $3,942,655.28
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 334,625 $7,132,587.35
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 13,201,300 $2,160,545.63
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 129,485 $13,406,595.95
B607XS1 VERMILION ENERGY INC CA VET CN 153,191 $5,273,392.77
B677469 ABCAM PLC GB ABC LN 499,665 $9,693,191.45
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 210,500 $4,160,309.59
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 51,890,800 $4,714,074.06
BBCR9N1 SIMCORP A/S DK SIM DC 72,590 $6,196,728.15
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 249,400 $5,977,377.01
BD0YVN2 DINO POLSKA SA PL DNP PW 185,439 $5,084,134.89
BD9G333 AMBU A/S-B DK AMBUB DC 396,000 $15,572,667.14
BF0B2F6 CANADA GOOSE HOLDINGS INC CA GOOS CN 56,085 $3,219,331.17
BF0LBX7 BIOMERIEUX FR BIM FP 64,775 $5,392,993.29
BFFK731 WISE TALENT INFORMATION TECH CN 6100 HK 765,299 $2,773,935.26
BFT7KB7 FEDERAL BANK LTD IN FB IN 2,146,940 $2,785,947.04
BGLP232 MONCLER SPA IT MONC IM 184,555 $8,140,291.63
BMM1PP4 STABILUS SA LU STM GR 47,765 $4,066,152.16
BNGN9Z1 FINECOBANK SPA IT FBK IM 808,695 $9,503,712.38
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 3,948,000 $3,385,128.14
BVFNZH2 ROTORK PLC GB ROR LN 1,162,135 $5,489,740.99
BX8ZX20 ROYAL UNIBREW DK RBREW DC 194,765 $16,213,734.30
BYR4KP7 GRENKE AG DE GLJ GR 23,990 $2,652,370.85
BYT9340 SCOUT24 AG DE G24 GR 104,220 $5,423,174.07
BYXYHM7 WILCON DEPOT INC PH WLCON PM 10,867,359 $2,439,297.98
BYZWMR9 VAT GROUP AG CH VACN SW 42,110 $5,541,516.94

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class I Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2017 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 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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