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Overview of Markets and Economy Q1 2017
Mutual fund investing involves risk. Principal loss is possible.  Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investment in IPOs can be volatile and can fluctuate considerably.  IPOs can have a magnified impact on funds with a small asset base.  Investments in foreign securities and emerging markets countries involve greater volatility and political, economic and currency risks and differences in accounting methods.  These risks are greater for emerging markets.  Investment in REIT securities involve risks such as declines in the value of real estate and increased susceptibility to adverse economic regulatory expenses.  Investments in derivatives may be more volatile than investing directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed.  Participatory notes involve risks associated with direct investments in underlying securities, but also carry counterparty risk. Investments in debt securities typically decrease in value when interest rates rise.  This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities.  Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. 
Performance data quoted represent past performance, which 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 quoted.  Performance data current to the most recent month-end can be obtained by calling 800.280.6111. Performance data and top ten holdings current to the most recent quarter-end can be obtained by clicking on the following fund name: Large Cap Equity Fund; Mid Cap Equity Fund; Small/Mid Cap Equity FundIntermediate Fixed Income FundInternational Discovery Fund.
Fund holdings and sector allocations are subject to change at anytime and should not be considered a recommendation to buy or sell any security.

Indexes referenced in the video are as follows: The S&P 500® Index is an unmanaged index composed of 500 industrial, utility, transportation and financial companies of the U.S. markets. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of
their market cap and current index membership. Index vendor sources may vary, resulting in slight variations in the index returns that are displayed in performance reporting for the Rainier Funds. The Indices are not available for investment and do not incur charges or expenses.
Rainier Funds are distributed by Quasar Distributors, LLC.