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Important news regarding MN Rainier Intermediate Fixed Income Fund

MN Rainier Intermediate Fixed Income Fund, Original Shares (RIMFX)
MN Rainier Intermediate Fixed Income Fund, Institutional Shares (RAIFX)
Manning & Napier Advisors, LLC, Rainier Investment Management, LLC and the Board of Trustees of the Rainier Funds have made the decision to liquidate the MN Rainier Intermediate Fixed Income Fund (the “Fund”) as of May 1, 2017.   Effective March 3, 2017, the Fund was closed to new investors and effective March 24, 2017, the Fund will no longer accept purchases or automatic investments from existing shareholders.
 Available Investment Vehicles
Mutual Fund - Original ​Mutual Fund - Institutional
Inception Date 5/10/1994 ​2/2/2015
Gross Expense Ratio 0.81% 0.71%
​Net Expense Ratio ​0.55%* ​0.45%*
Sales Load N/A ​N/A
12b-1 Fees 0.10% ​0.00%
Minimum Investment $2,500 ​$100,000
Minimum through Schwab and Fidelity $2,500 ​$100,000
 * Contractual fee waivers through 7/31/2017.
Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities may involve additional risks such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Diversification does not assure a profit or protect against loss in a declining market.
The Fund's investment objectives, risk, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company and may be obtained by calling 800-248-6314 or by clicking here. Please read it carefully before investing.
Barclays Capital U.S. Intermediate Government/Credit Bond Index is an unmanaged index composed of all bonds covered by the Barclays Capital U.S. Intermediate Government/Credit Bond Index with a maturity between one and 9.99 years. It is not possible to invest directly in an index.
Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity.  Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.

The Fund’s (strategy’s) investment adviser is Manning & Napier Advisors, LLC, 290 Woodcliff Drive, Fairport, New York 14450 (the “Adviser”).  The Adviser is registered as an investment adviser with the SEC. As of December 31, 2015, the Adviser managed $35.4 billion for individual and institutional investors.  The Adviser is responsible for the day-to-day portfolio management of the Fund.  Rainier generally oversees the Fund’s overall business affairs, service providers and officers.
Rainier Funds are distributed by Quasar Distributors, LLC.