S U P P L E M E N T T O P R O S P E C T U S*
April 8, 1998
Rainier Investment Management
Mutual Funds
Rainier Small/Mid Cap Equity Portfolio Investors
The Rainier Small/Mid Cap Equity Portfolio (the "Small/Mid Cap Equity
Portfolio") will close to new shareholder accounts within two business days
after its net assets reach approximately $575 million. (The Portfolio's net
assets were $512 million as of March 25, 1998.) Shareholders who own shares of
the Small/Mid Cap Equity Portfolio when it closes may continue to purchase
shares in their existing accounts after it closes. Employer-sponsored retirement
plans and certain investment advisors, if they are already invested in the
Small/Mid Cap Equity Portfolio, may be able to open additional accounts for plan
participants or clients. Rainier Investment Management, Inc.(R), as the Advisor,
may reopen and close the Small/Mid Cap Equity Portfolio to certain types of new
shareholders in the future.
Exchange Privilege
If you do not own shares of the Small/Mid Cap Equity Portfolio when it
closes, you may not exchange shares from the Core Equity Portfolio, Balanced
Portfolio, Intermediate Fixed Income Portfolio, Firstar Money Market Fund or
Firstar U.S. Government Money Market Fund for shares of the Small/Mid Cap Equity
Portfolio.
RAINIER
INVESTMENT
MANAGEMENT
Mutual Funds
601 Union Street, Suite 2801
Seattle, Washington 98101
(800) 248-6314
* Prospectus dated July 29, 1997.
