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 invests primarily in the common stock of small- to mid-capitalization companies traded outside the U.S. Investments made are either included in the MSCI ACWI ex USA Small Cap Index or have equity capitalizations within the range of $5 billion or smaller at the time of purchase. 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

$22.43

Daily $ Change

-$0.15

Daily % Change

-0.67%

as of 04/19/2018

Ticker

RISAX

CUSIP

56382R670

Inception Date

03/28/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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
XBRL-3/20/18

Annualized Performance

As of 03/31/2018

YTD

2.79%

1 Year

34.25%

3 Year

12.64%

5 Year

12.93%

10 Year

---

Inception
(03/28/2012)

15.44%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class K is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class K on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class K Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund. Performance data quoted represents past performance and 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 that quoted.

Expense Ratio

Gross 1.57%
Net 1.40%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. 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 03/31/2018

ROYAL UNIBREW 2.87%
OC OERLIKON CORP AG-REG 2.80%
TELEPERFORMANCE 2.77%
TECHTRONIC INDUSTRIES CO LTD 2.69%
PIGEON CORP 2.68%
SERIA CO LTD 2.56%
PERSOL HOLDINGS CO LTD 2.46%
DECHRA PHARMACEUTICALS PLC 2.22%
AMBU A/S-B 2.16%
CHR HANSEN HOLDING A/S 2.08%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2018

Consumer Discretionary 9.46%
Consumer Staples 10.56%
Energy 2.82%
Financials 11.93%
Health Care 15.56%
Industrials 31.02%
Information Technology 12.79%
Materials 5.86%

Country Allocation

As of 03/31/2018

Japan 18.84%
Denmark 10.17%
United Kingdom 9.54%
Switzerland 8.88%
France 6.12%
Italy 5.22%
Germany 5.13%
India 4.08%
Brazil 3.57%
Malaysia 2.87%
Hong Kong 2.69%
Indonesia 2.68%
Netherlands 2.62%
China 2.53%
Israel 2.53%
Thailand 2.44%
Ireland 2.13%
Canada 1.98%
Belgium 1.63%
Luxembourg 1.32%
Poland 1.13%
Austria 0.99%
Australia 0.68%
Philippines 0.23%

March Fund Holdings

As of 03/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0241854 ELEMENTIS PLC GB ELM LN 1,175,435 $4,875,616.18
0405207 HALMA PLC GB HLMA LN 211,705 $3,504,397.34
0766937 ST JAMES'S PLACE PLC GB STJ LN 175,035 $2,668,554.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 106,300 $2,979,755.62
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 216,550 $7,980,199.88
2188283 CANADIAN WESTERN BANK CA CWB CN 94,495 $2,424,077.11
262006208 DREYFUS GVT CSH MANAGEMENT US 41,084,106.81 $41,084,106.81
2866857 LUNDIN MINING CORP CA LUN CN 294,500 $1,931,559.75
316827104 51JOB INC - ADR CN JOBS 37,415 $3,219,186.60
4491235 KINGSPAN GROUP IE 75,985 $3,217,733.02
4612757 OC OERLIKON CORP AG-REG CH OERL SW 569,120 $10,059,478.77
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 17,055 $5,080,489.80
5263574 FLSMIDTH & CO A/S DK FLS DC 42,805 $2,767,576.34
5499238 PFEIFFER VACUUM TECHNOLOGY DE PFV GR 7,340 $1,141,208.08
5633962 NEMETSCHEK SE DE NEM GR 43,765 $4,907,946.82
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 20,200 $2,826,709.99
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 90,605 $5,775,534.57
5999330 TELEPERFORMANCE FR RCF FP 64,170 $9,951,285.51
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 65,100 $5,221,619.79
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 113,200 $6,377,992.89
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,260,200 $5,182,616.40
6250025 DAIFUKU CO LTD JP 6383 JP 76,200 $4,517,708.88
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 2,007,000 $5,862,223.20
6352750 EN-JAPAN INC JP 4849 JP 87,700 $4,987,046.37
6353418 FRUTAROM IL FRUT IT 73,615 $6,768,719.35
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 191,900 $4,260,985.77
6595179 MISUMI GROUP INC JP 9962 JP 122,700 $3,398,255.99
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 75,000 $5,183,814.65
6680718 SERIA CO LTD JP 2782 JP 185,700 $9,181,872.68
6688080 PIGEON CORP JP 7956 JP 213,100 $9,628,252.33
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 59,210 $3,670,793.69
7147892 TEMENOS GROUP AG-REG CH TEMN SW 17,310 $2,075,630.08
7155884 BACHEM HOLDING AG-REG B CH BANB SW 24,135 $3,177,971.15
7271166 WESSANEN NL WES NA 295,167 $5,915,292.54
7339451 ORPEA SA FR ORP FP 54,940 $6,976,730.35
7370063 MELEXIS NV BE MELE BB 58,560 $5,854,275.43
B00KT68 PETRONET LNG LTD IN PLNG IN 1,083,720 $3,868,932.39
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $2,459,365.84
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,648,500 $9,675,196.61
B0704T9 RAIFFEISEN BANK INTERNATIONAL AG AT RBI AV 91,700 $3,571,683.80
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 738,770 $6,381,959.56
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 154,870 $5,684,493.95
B1DN466 NIHON M&A CENTER INC JP 2127 JP 173,600 $6,012,351.24
B1H0DZ5 TP ICAP PLC GB TCAP LN 428,985 $2,693,251.32
B1JTY91 XING SE DE O1BC GR 12,917 $3,765,496.73
B1KL2D6 MY EG SERVICES BHD MY MYEG MK 6,965,000 $5,139,826.07
B234WN9 DIASORIN SPA IT DIA IM 47,225 $4,253,919.41
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 878,835 $3,241,417.50
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 304,800 $8,856,485.14
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 958,600 $2,702,867.40
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,617,263.28
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 134,735 $2,451,307.95
B4X4D29 FLEURY SA BR FLRY3 BZ 441,253 $3,638,070.14
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 18,157,800 $5,027,933.98
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 86,395 $7,477,241.77
B607XS1 VERMILION ENERGY INC CA VET CN 85,701 $2,763,239.45
B677469 ABCAM PLC GB ABC LN 345,420 $5,999,071.04
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 123,800 $2,802,275.97
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 47,644,500 $4,602,664.61
B7T1QT3 VAKRANGEE LTD IN VKI IN 458,332 $1,595,648.81
B98CG57 INDIABULLS HOUSING FINANCE LTD IN IHFL IN 181,190 $3,468,538.83
BBCR9N1 SIMCORP A/S DK SIM DC 44,905 $3,138,454.62
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 212,035 $4,438,467.65
BD0YVN2 DINO POLSKA SA PL DNP PW 159,189 $4,056,974.37
BD9G333 AMBU A/S-B DK AMBUB DC 343,145 $7,766,706.92
BF0LBX7 BIOMERIEUX FR BIM FP 61,525 $5,067,188.89
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,793,155 $2,476,918.32
BGLP232 MONCLER SPA IT MONC IM 189,935 $7,228,595.50
BMM1PP4 STABILUS SA LU STM GR 49,715 $4,745,813.50
BNGN9Z1 FINECOBANK SPA IT FBK IM 605,665 $7,289,960.14
BVFNZH2 ROTORK PLC GB ROR LN 899,690 $3,595,904.76
BX8ZX20 ROYAL UNIBREW DK RBREW DC 155,310 $10,310,855.48
BYXYHM7 WILCON DEPOT INC PH WLCON PM 4,011,632 $840,767.26
BYZWMR9 VAT GROUP AG CH VACN SW 43,060 $7,250,879.21
M3760D101 ELBIT SYSTEMS LTD IL ESLT 19,173 $2,330,861.61
N22717107 CORE LABORATORIES N.V. NL CLB 32,185 $3,483,060.70

Investments will change over time.

Daily Price

$22.43

Daily $ Change

-$0.15

Daily % Change

-0.67%

as of 04/19/2018

Ticker

RISAX

CUSIP

56382R670

Inception Date

03/28/2012

Investment Minimum

$2,000.00

Investment minimum may be waived for certain qualified retirement plans, participants in an automatic investment program, 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
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 invests primarily in the common stock of small- to mid-capitalization companies traded outside the U.S. Investments made are either included in the MSCI ACWI ex USA Small Cap Index or have equity capitalizations within the range of $5 billion or smaller at the time of purchase. 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

Annualized Performance

As of 03/31/2018

YTD

2.79%

1 Year

34.25%

3 Year

12.64%

5 Year

12.93%

10 Year

---

Inception
(03/28/2012)

15.44%

Market Cycle

---

For periods prior to 08/21/2017, performance for Class K is based on the historical performance of the Class A Shares of the Rainier International Discovery Fund (Predecessor Fund) Class A Shares, which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class K on 08/21/2017. Performance prior to 11/30/2012 is based on the historical performance of the Predecessor Fund’s Institutional Shares and adjusted for the Predecessor Fund’s Class A Shares expenses. If the sales charges were reflected or if performance had been adjusted to reflect the Class K Shares’ expenses, the performance would have been different depending on total expenses incurred by the Predecessor Fund. Performance data quoted represents past performance and 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 that quoted.

Expense Ratio

Gross 1.57%
Net 1.40%*

*Includes a 12b-1 fee of 0.25%, of which up to 0.25% is available as a shareholder servicing fee. 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 03/31/2018

ROYAL UNIBREW 2.87%
OC OERLIKON CORP AG-REG 2.80%
TELEPERFORMANCE 2.77%
TECHTRONIC INDUSTRIES CO LTD 2.69%
PIGEON CORP 2.68%
SERIA CO LTD 2.56%
PERSOL HOLDINGS CO LTD 2.46%
DECHRA PHARMACEUTICALS PLC 2.22%
AMBU A/S-B 2.16%
CHR HANSEN HOLDING A/S 2.08%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 03/31/2018

Consumer Discretionary
9.46%
Consumer Staples
10.56%
Energy
2.82%
Financials
11.93%
Health Care
15.56%
Industrials
31.02%
Information Technology
12.79%
Materials
5.86%

Country Allocation

As of 03/31/2018

Japan
18.84%
Denmark
10.17%
United Kingdom
9.54%
Switzerland
8.88%
France
6.12%
Italy
5.22%
Germany
5.13%
India
4.08%
Brazil
3.57%
Malaysia
2.87%
Hong Kong
2.69%
Indonesia
2.68%
Netherlands
2.62%
China
2.53%
Israel
2.53%
Thailand
2.44%
Ireland
2.13%
Canada
1.98%
Belgium
1.63%
Luxembourg
1.32%
Poland
1.13%
Austria
0.99%
Australia
0.68%
Philippines
0.23%

March Fund Holdings

As of 03/31/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0241854 ELEMENTIS PLC GB ELM LN 1,175,435 $4,875,616.18
0405207 HALMA PLC GB HLMA LN 211,705 $3,504,397.34
0766937 ST JAMES'S PLACE PLC GB STJ LN 175,035 $2,668,554.40
0946580 WEIR GROUP PLC/THE GB WEIR LN 106,300 $2,979,755.62
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 216,550 $7,980,199.88
2188283 CANADIAN WESTERN BANK CA CWB CN 94,495 $2,424,077.11
262006208 DREYFUS GVT CSH MANAGEMENT US 41,084,106.81 $41,084,106.81
2866857 LUNDIN MINING CORP CA LUN CN 294,500 $1,931,559.75
316827104 51JOB INC - ADR CN JOBS 37,415 $3,219,186.60
4491235 KINGSPAN GROUP IE 75,985 $3,217,733.02
4612757 OC OERLIKON CORP AG-REG CH OERL SW 569,120 $10,059,478.77
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 17,055 $5,080,489.80
5263574 FLSMIDTH & CO A/S DK FLS DC 42,805 $2,767,576.34
5499238 PFEIFFER VACUUM TECHNOLOGY DE PFV GR 7,340 $1,141,208.08
5633962 NEMETSCHEK SE DE NEM GR 43,765 $4,907,946.82
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 20,200 $2,826,709.99
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 90,605 $5,775,534.57
5999330 TELEPERFORMANCE FR RCF FP 64,170 $9,951,285.51
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 65,100 $5,221,619.79
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 113,200 $6,377,992.89
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,260,200 $5,182,616.40
6250025 DAIFUKU CO LTD JP 6383 JP 76,200 $4,517,708.88
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 2,007,000 $5,862,223.20
6352750 EN-JAPAN INC JP 4849 JP 87,700 $4,987,046.37
6353418 FRUTAROM IL FRUT IT 73,615 $6,768,719.35
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 191,900 $4,260,985.77
6595179 MISUMI GROUP INC JP 9962 JP 122,700 $3,398,255.99
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 75,000 $5,183,814.65
6680718 SERIA CO LTD JP 2782 JP 185,700 $9,181,872.68
6688080 PIGEON CORP JP 7956 JP 213,100 $9,628,252.33
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 59,210 $3,670,793.69
7147892 TEMENOS GROUP AG-REG CH TEMN SW 17,310 $2,075,630.08
7155884 BACHEM HOLDING AG-REG B CH BANB SW 24,135 $3,177,971.15
7271166 WESSANEN NL WES NA 295,167 $5,915,292.54
7339451 ORPEA SA FR ORP FP 54,940 $6,976,730.35
7370063 MELEXIS NV BE MELE BB 58,560 $5,854,275.43
B00KT68 PETRONET LNG LTD IN PLNG IN 1,083,720 $3,868,932.39
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $2,459,365.84
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,648,500 $9,675,196.61
B0704T9 RAIFFEISEN BANK INTERNATIONAL AG AT RBI AV 91,700 $3,571,683.80
B08K3S0 LOCALIZA RENT A CAR BR RENT3 BZ 738,770 $6,381,959.56
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 154,870 $5,684,493.95
B1DN466 NIHON M&A CENTER INC JP 2127 JP 173,600 $6,012,351.24
B1H0DZ5 TP ICAP PLC GB TCAP LN 428,985 $2,693,251.32
B1JTY91 XING SE DE O1BC GR 12,917 $3,765,496.73
B1KL2D6 MY EG SERVICES BHD MY MYEG MK 6,965,000 $5,139,826.07
B234WN9 DIASORIN SPA IT DIA IM 47,225 $4,253,919.41
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 878,835 $3,241,417.50
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 304,800 $8,856,485.14
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 958,600 $2,702,867.40
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,617,263.28
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 134,735 $2,451,307.95
B4X4D29 FLEURY SA BR FLRY3 BZ 441,253 $3,638,070.14
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 18,157,800 $5,027,933.98
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 86,395 $7,477,241.77
B607XS1 VERMILION ENERGY INC CA VET CN 85,701 $2,763,239.45
B677469 ABCAM PLC GB ABC LN 345,420 $5,999,071.04
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 123,800 $2,802,275.97
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 47,644,500 $4,602,664.61
B7T1QT3 VAKRANGEE LTD IN VKI IN 458,332 $1,595,648.81
B98CG57 INDIABULLS HOUSING FINANCE LTD IN IHFL IN 181,190 $3,468,538.83
BBCR9N1 SIMCORP A/S DK SIM DC 44,905 $3,138,454.62
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 212,035 $4,438,467.65
BD0YVN2 DINO POLSKA SA PL DNP PW 159,189 $4,056,974.37
BD9G333 AMBU A/S-B DK AMBUB DC 343,145 $7,766,706.92
BF0LBX7 BIOMERIEUX FR BIM FP 61,525 $5,067,188.89
BFT7KB7 FEDERAL BANK LTD IN FB IN 1,793,155 $2,476,918.32
BGLP232 MONCLER SPA IT MONC IM 189,935 $7,228,595.50
BMM1PP4 STABILUS SA LU STM GR 49,715 $4,745,813.50
BNGN9Z1 FINECOBANK SPA IT FBK IM 605,665 $7,289,960.14
BVFNZH2 ROTORK PLC GB ROR LN 899,690 $3,595,904.76
BX8ZX20 ROYAL UNIBREW DK RBREW DC 155,310 $10,310,855.48
BYXYHM7 WILCON DEPOT INC PH WLCON PM 4,011,632 $840,767.26
BYZWMR9 VAT GROUP AG CH VACN SW 43,060 $7,250,879.21
M3760D101 ELBIT SYSTEMS LTD IL ESLT 19,173 $2,330,861.61
N22717107 CORE LABORATORIES N.V. NL CLB 32,185 $3,483,060.70

Investments will change over time.

Distributions

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


Loading...