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 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.
†Three rating agencies are used: Moody’s, S&P and Fitch. Typically there are three ratings on every bond. If the three ratings are not identical, Rainier will use the following procedures: 1) If one of the three ratings is different, we will use the dominant rating (the rating that is the same from two rating agencies), 2) If all ratings are different, we will use the middle rating, and 3) If there are only two ratings, we will use the higher rating.
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. Barclays Capital U.S. Intermediate Government/Credit Bond Index (formerly known as the Lehman Index) is an unmanaged index composed of all bonds covered by the Barclays Capital U.S. Government/Credit Index with maturities between one and 9.99 years. The Citigroup 3-Month Treasury Bill Index (91-Day U.S. Treasury Bill Index) is an unmanaged index of equal dollar amounts of three-month Treasury bills purchased at the beginning of each of three consecutive months. The U.S. Treasury Index includes public obligations of the U.S. Treasury. The U.S. Mortgage Backed Securities (MBS) Index covers agency mortgage-backed pass-through securities (both fixed-rate and hybrid ARM) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). These Indices are not available for investment and do not incur charges or expenses A basis point is 0.01%. The principal and interest payments of government securities are guaranteed, while the Fund offers no such guarantee. Fund holdings and sector weightings are subject to change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation by the Fund or the Advisor to buy and sell securities.
Source: Rainier Intermediate Fixed Income Composite and Barclays Capital.
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