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

$22.25

Daily $ Change

-$0.11

Daily % Change

-0.49%

as of 07/19/2018

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

Performance

As of 06/30/2018

YTD

2.33%

1 Year

20.91%

3 Year

10.75%

5 Year

12.93%

10 Year

---

Inception
(03/28/2012)

14.69%

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. 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 1.57%
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 06/30/2018

ROYAL UNIBREW 3.71%
TELEPERFORMANCE 3.30%
AMBU A/S-B 3.11%
PIGEON CORP 3.00%
CHR HANSEN HOLDING A/S 2.72%
TECHTRONIC INDUSTRIES CO LTD 2.70%
DECHRA PHARMACEUTICALS PLC 2.67%
ORPEA SA 2.56%
ROCKWOOL INTL A/S- B SHS 2.10%
ABCAM PLC 2.03%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Consumer Discretionary 9.53%
Consumer Staples 12.74%
Energy 3.68%
Financials 8.50%
Health Care 20.32%
Industrials 27.70%
Information Technology 13.72%
Materials 3.81%

Country Allocation

As of 06/30/2018

Japan 16.09%
Denmark 13.36%
United Kingdom 10.98%
Switzerland 9.00%
France 8.60%
Germany 6.88%
Italy 5.83%
China 3.54%
Netherlands 3.22%
Canada 2.80%
Hong Kong 2.70%
Ireland 2.46%
India 2.05%
Thailand 1.77%
Australia 1.56%
Indonesia 1.43%
Luxembourg 1.41%
Belgium 1.39%
Malaysia 1.16%
Poland 1.14%
South Korea 0.89%
Brazil 0.77%
New Zealand 0.53%
Philippines 0.44%

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0241854 ELEMENTIS PLC GB ELM LN 1,325,280 $4,409,104.35
0405207 HALMA PLC GB HLMA LN 215,930 $3,888,096.47
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 811,320 $5,721,362.85
0766937 ST JAMES'S PLACE PLC GB STJ LN 196,815 $2,969,563.85
0946580 WEIR GROUP PLC/THE GB WEIR LN 155,115 $4,073,664.39
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 297,070 $10,871,917.12
2188283 CANADIAN WESTERN BANK CA CWB CN 230,175 $6,066,682.20
262006208 DREYFUS GVT CSH MANAGEMENT US 33,074,189.67 $33,074,189.67
316827104 51JOB INC - ADR CN JOBS 67,565 $6,597,046.60
4491235 KINGSPAN GROUP IE 90,725 $4,543,083.70
4612757 OC OERLIKON CORP AG-REG CH OERL SW 520,065 $7,923,052.95
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 21,920 $8,544,547.33
5633962 NEMETSCHEK SE DE NEM GR 50,080 $6,002,427.29
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 26,785 $3,987,519.78
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 108,275 $7,388,022.88
5999330 TELEPERFORMANCE FR TEP FP 75,985 $13,411,038.29
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 85,800 $7,385,390.63
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 109,200 $4,608,978.12
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,158,800 $4,702,903.18
6250025 DAIFUKU CO LTD JP 6383 JP 54,100 $2,363,720.15
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 1,921,000 $5,575,959.59
6352750 EN-JAPAN INC JP 4849 JP 127,700 $6,426,189.87
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 248,100 $5,208,952.34
6595179 MISUMI GROUP INC JP 9962 JP 168,000 $4,887,928.99
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 95,900 $4,983,673.00
6680718 SERIA CO LTD JP 2782 JP 108,300 $5,190,220.26
6688080 PIGEON CORP JP 7956 JP 250,900 $12,193,023.32
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 86,670 $6,285,837.80
7155884 BACHEM HOLDING AG-REG B CH BANB SW 31,290 $4,124,599.36
7271166 WESSANEN NL WES NA 343,060 $7,196,914.12
7339451 ORPEA SA FR ORP FP 78,335 $10,434,086.43
7370063 MELEXIS NV BE MELE BB 61,220 $5,667,549.08
7391763 SIEGRIED HOLDING AG-REG CH SFZN SW 9,975 $3,987,540.55
B00KT68 PETRONET LNG LTD IN PLNG IN 1,164,665 $3,735,285.01
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $1,861,744.26
B0166J7 BUMRUNGRAD HOSPITAL PCL NVDR TH BH-R TB 10,900 $54,801.66
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,980,500 $10,999,484.85
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 182,360 $7,989,359.91
B1DN466 NIHON M&A CENTER INC JP 2127 JP 190,900 $5,530,839.78
B1HKRM0 KORIAN FR KORI FP 145,215 $4,895,357.38
B1JTY91 XING SE DE O1BC GR 19,507 $6,282,157.42
B234WN9 DIASORIN SPA IT DIA IM 69,645 $7,914,796.92
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 730,970 $3,141,295.90
B39Q399 KOH YOUNG TECHNOLOGY INC KR 39,820 $3,640,331.49
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 299,400 $6,667,756.42
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 800,800 $2,028,471.96
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,249,658.69
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 313,695 $6,328,891.69
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 9,567,300 $1,632,817.15
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 120,420 $11,085,972.43
B607XS1 VERMILION ENERGY INC CA VET CN 147,806 $5,330,302.71
B677469 ABCAM PLC GB ABC LN 470,340 $8,262,529.67
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 186,200 $3,147,252.02
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 47,260,800 $4,188,500.77
B98CG57 INDIABULLS HOUSING FINANCE LTD IN IHFL IN 88,065 $1,472,452.54
BBCR9N1 SIMCORP A/S DK SIM DC 86,335 $6,972,934.73
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 232,340 $5,470,286.65
BD0YVN2 DINO POLSKA SA PL DNP PW 168,514 $4,652,974.52
BD9G333 AMBU A/S-B DK AMBUB DC 375,980 $12,647,788.58
BF0LBX7 BIOMERIEUX FR BIM FP 69,735 $6,265,579.36
BGLP232 MONCLER SPA IT MONC IM 177,735 $8,064,743.01
BMM1PP4 STABILUS SA LU STM GR 63,975 $5,747,079.83
BNGN9Z1 FINECOBANK SPA IT FBK IM 685,970 $7,722,014.22
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 1,236,000 $2,219,511.21
BVFNZH2 ROTORK PLC GB ROR LN 1,015,335 $4,471,686.92
BWSRTS7 A2 MILK CO LTD NZ A2M AU 275,720 $2,141,652.44
BX8ZX20 ROYAL UNIBREW DK RBREW DC 190,085 $15,105,662.40
BYT9340 SCOUT24 AG DE G24 GR 81,850 $4,332,251.27
BYXYHM7 WILCON DEPOT INC PH WLCON PM 8,004,132 $1,783,109.59
BYZWMR9 VAT GROUP AG CH VACN SW 47,475 $6,321,445.77
N22717107 CORE LABORATORIES N.V. NL CLB 46,815 $5,908,521.15

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

$22.25

Daily $ Change

-$0.11

Daily % Change

-0.49%

as of 07/19/2018

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

Performance

As of 06/30/2018

YTD

2.33%

1 Year

20.91%

3 Year

10.75%

5 Year

12.93%

10 Year

---

Inception
(03/28/2012)

14.69%

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. 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 1.57%
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 06/30/2018

ROYAL UNIBREW 3.71%
TELEPERFORMANCE 3.30%
AMBU A/S-B 3.11%
PIGEON CORP 3.00%
CHR HANSEN HOLDING A/S 2.72%
TECHTRONIC INDUSTRIES CO LTD 2.70%
DECHRA PHARMACEUTICALS PLC 2.67%
ORPEA SA 2.56%
ROCKWOOL INTL A/S- B SHS 2.10%
ABCAM PLC 2.03%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 06/30/2018

Consumer Discretionary
9.53%
Consumer Staples
12.74%
Energy
3.68%
Financials
8.50%
Health Care
20.32%
Industrials
27.70%
Information Technology
13.72%
Materials
3.81%

Country Allocation

As of 06/30/2018

Japan
16.09%
Denmark
13.36%
United Kingdom
10.98%
Switzerland
9.00%
France
8.60%
Germany
6.88%
Italy
5.83%
China
3.54%
Netherlands
3.22%
Canada
2.80%
Hong Kong
2.70%
Ireland
2.46%
India
2.05%
Thailand
1.77%
Australia
1.56%
Indonesia
1.43%
Luxembourg
1.41%
Belgium
1.39%
Malaysia
1.16%
Poland
1.14%
South Korea
0.89%
Brazil
0.77%
New Zealand
0.53%
Philippines
0.44%

June Fund Holdings

As of 06/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
0241854 ELEMENTIS PLC GB ELM LN 1,325,280 $4,409,104.35
0405207 HALMA PLC GB HLMA LN 215,930 $3,888,096.47
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 811,320 $5,721,362.85
0766937 ST JAMES'S PLACE PLC GB STJ LN 196,815 $2,969,563.85
0946580 WEIR GROUP PLC/THE GB WEIR LN 155,115 $4,073,664.39
0963318 DECHRA PHARMACEUTICALS PLC GB DPH LN 297,070 $10,871,917.12
2188283 CANADIAN WESTERN BANK CA CWB CN 230,175 $6,066,682.20
262006208 DREYFUS GVT CSH MANAGEMENT US 33,074,189.67 $33,074,189.67
316827104 51JOB INC - ADR CN JOBS 67,565 $6,597,046.60
4491235 KINGSPAN GROUP IE 90,725 $4,543,083.70
4612757 OC OERLIKON CORP AG-REG CH OERL SW 520,065 $7,923,052.95
4713490 ROCKWOOL INTL A/S- B SHS DK ROCKB DC 21,920 $8,544,547.33
5633962 NEMETSCHEK SE DE NEM GR 50,080 $6,002,427.29
5843329 SARTORIUS AG-VORZUG DE SRT3 GR 26,785 $3,987,519.78
5922961 CARL ZEISS MEDITEC AG - BR DE AFX GR 108,275 $7,388,022.88
5999330 TELEPERFORMANCE FR TEP FP 75,985 $13,411,038.29
6049632 ARIAKE JAPAN CO LTD JP 2815 JP 85,800 $7,385,390.63
6108179 HARMONIC DRIVE SYSTEMS INC JP 6324 JP 109,200 $4,608,978.12
6188193 MALAYSIA AIRPORTS HLDGS BHD MY MAHB MK 2,158,800 $4,702,903.18
6250025 DAIFUKU CO LTD JP 6383 JP 54,100 $2,363,720.15
6321954 TRAVELSKY TECHNOLOGY LTD-H CN 696 HK 1,921,000 $5,575,959.59
6352750 EN-JAPAN INC JP 4849 JP 127,700 $6,426,189.87
6565031 TAKEUCHI MFG CO LTD JP 6432 JP 248,100 $5,208,952.34
6595179 MISUMI GROUP INC JP 9962 JP 168,000 $4,887,928.99
6644974 NISSEI ASB MACHINE CO LTD JP 6284 JP 95,900 $4,983,673.00
6680718 SERIA CO LTD JP 2782 JP 108,300 $5,190,220.26
6688080 PIGEON CORP JP 7956 JP 250,900 $12,193,023.32
7123104 VONTOBEL HOLDING AG-REG CH VONN SW 86,670 $6,285,837.80
7155884 BACHEM HOLDING AG-REG B CH BANB SW 31,290 $4,124,599.36
7271166 WESSANEN NL WES NA 343,060 $7,196,914.12
7339451 ORPEA SA FR ORP FP 78,335 $10,434,086.43
7370063 MELEXIS NV BE MELE BB 61,220 $5,667,549.08
7391763 SIEGRIED HOLDING AG-REG CH SFZN SW 9,975 $3,987,540.55
B00KT68 PETRONET LNG LTD IN PLNG IN 1,164,665 $3,735,285.01
B0166D1 BUMRUNGRAD HOSPITAL PUB CO TH BH TB 370,300 $1,861,744.26
B0166J7 BUMRUNGRAD HOSPITAL PCL NVDR TH BH-R TB 10,900 $54,801.66
B0190C7 TECHTRONIC INDUSTRIES CO LTD HK 669 HK 1,980,500 $10,999,484.85
B18ZRK2 LOGITECH INTERNATIONAL - REG CH LOGN SW 182,360 $7,989,359.91
B1DN466 NIHON M&A CENTER INC JP 2127 JP 190,900 $5,530,839.78
B1HKRM0 KORIAN FR KORI FP 145,215 $4,895,357.38
B1JTY91 XING SE DE O1BC GR 19,507 $6,282,157.42
B234WN9 DIASORIN SPA IT DIA IM 69,645 $7,914,796.92
B291KM9 EDELWEISS FINANCIAL SERVICES IN EDEL IN 730,970 $3,141,295.90
B39Q399 KOH YOUNG TECHNOLOGY INC KR 39,820 $3,640,331.49
B3CY709 PERSOL HOLDINGS CO LTD JP 2181 JP 299,400 $6,667,756.42
B3KFW10 TISCO FINANCIAL GROUP-NVDR TH TISCO-R TB 800,800 $2,028,471.96
B3L0Q89 TISCO FINANCIAL GROUP PCL TH TISCO TB 1,282,900 $3,249,658.69
B3R1D52 CORPORATE TRAVEL MANAGEMENT AU CTD AU 313,695 $6,328,891.69
B548673 BANK TABUNGAN NEGARA PERSERO ID BBTN IJ 9,567,300 $1,632,817.15
B573M11 CHR HANSEN HOLDING A/S DK CHR DC 120,420 $11,085,972.43
B607XS1 VERMILION ENERGY INC CA VET CN 147,806 $5,330,302.71
B677469 ABCAM PLC GB ABC LN 470,340 $8,262,529.67
B7FQV64 RAIA DROGASIL S.A. BR RADL3 BZ 186,200 $3,147,252.02
B7JW351 ACE HARDWARE INDONESIA ID ACES IJ 47,260,800 $4,188,500.77
B98CG57 INDIABULLS HOUSING FINANCE LTD IN IHFL IN 88,065 $1,472,452.54
BBCR9N1 SIMCORP A/S DK SIM DC 86,335 $6,972,934.73
BBQ3850 KEYWORDS STUDIOS PLC IE KWS LN 232,340 $5,470,286.65
BD0YVN2 DINO POLSKA SA PL DNP PW 168,514 $4,652,974.52
BD9G333 AMBU A/S-B DK AMBUB DC 375,980 $12,647,788.58
BF0LBX7 BIOMERIEUX FR BIM FP 69,735 $6,265,579.36
BGLP232 MONCLER SPA IT MONC IM 177,735 $8,064,743.01
BMM1PP4 STABILUS SA LU STM GR 63,975 $5,747,079.83
BNGN9Z1 FINECOBANK SPA IT FBK IM 685,970 $7,722,014.22
BSBMKM2 CHINA MAPLE LEAF EDUCATIONAL CN 1317 HK 1,236,000 $2,219,511.21
BVFNZH2 ROTORK PLC GB ROR LN 1,015,335 $4,471,686.92
BWSRTS7 A2 MILK CO LTD NZ A2M AU 275,720 $2,141,652.44
BX8ZX20 ROYAL UNIBREW DK RBREW DC 190,085 $15,105,662.40
BYT9340 SCOUT24 AG DE G24 GR 81,850 $4,332,251.27
BYXYHM7 WILCON DEPOT INC PH WLCON PM 8,004,132 $1,783,109.59
BYZWMR9 VAT GROUP AG CH VACN SW 47,475 $6,321,445.77
N22717107 CORE LABORATORIES N.V. NL CLB 46,815 $5,908,521.15

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 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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