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IMPORTANT NEWS REGARDING

THE RAINIER SMALL/MID CAP EQUITY FUND

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.
 
OBJECTIVE
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
Inception Date 5/10/1994 ​5/2/2002
Symbol RIMSX ​RAISX
Gross Expense Ratio 1.33% ​1.00%
Sales Load N/A ​N/A
12b-1 Fees 0.25% ​0.00%
Minimum Investment $2,500 ​$100,000
Minimum through Schwab and Fidelity $2,500 ​$100,000
 
Mutual fund investing involves risk. Principal loss is possible. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.  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 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 Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index.  The Russell 2500™ Index is a subset of the Russell 3000® Index and includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.  The Russell Midcap® Index is a subset of the Russell 1000® Index and includes approximately 800 of the smallest 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. 
 
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 1-800-280-6111 or by clicking here. Please read it carefully before investing.
 
Rainier Funds are distributed by Quasar Distributors, LLC.