Rainier Small/Mid Cap Equity Fund, Original Shares (RIMSX)
Rainier Small/Mid Cap Equity Fund, Institutional Shares (RAISX)
On June 1, 2017, the Board of Trustees of the Rainier Investment Management Mutual Funds approved a proposal that would reorganize the Rainier Small/Mid Cap Equity Fund (“the Fund”) into the Hennessey Cornerstone Mid Cap 30 Fund. Hennessey Fund Advisors, Inc. is the investment adviser of the Hennessey Cornerstone Mid Cap 30 Fund.
Completion of the proposed reorganization is subject to approval by the shareholders of the Fund. The proposed reorganization would be a tax-free reorganization and, if approved by shareholders, could be completed during the third quarter of 2017. Proxy materials related to a special meeting of shareholders of the Fund are expected to be sent to shareholders in July/August 2017. Those materials will describe the proposed transaction in more detail and the reasons for the Board’s approval.
The Small/Mid Cap Equity Fund seeks to provide investors with maximum long-term capital appreciation. Rainier selects investments which are either included in the Russell 2000®, 2500™ or Midcap® Index or have equity capitalizations within the ranges of these Indices at the time of purchase. Highly speculative or illiquid stocks are not candidates for the strategy. To control risk, extreme overweighting or underweighting of the strategy relative to the Russell 2500™ Index is normally avoided. To thoroughly diversify, the Fund consists of 75 to 150 different stocks, each making up a relatively small portion of the Fund.
Rainier employs a Growth at a Reasonable Price (GARP) investment philosophy in the management of its Small/Mid Cap Equity Fund. The GARP approach provides an opportunity to invest in companies with superior earnings growth whose equities are selling at attractive valuations.
Available Investment Vehicles
||Mutual Fund - Original
||Mutual Fund - Institutional|
|Gross Expense Ratio
|Minimum through Schwab and Fidelity