S U P P L E M E N T T O P R O S P E C T U S*
May 5, 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") is closed to new shareholder accounts. Shareholders who own shares
of the Small/Mid Cap Equity Portfolio may continue to purchase shares in their
existing accounts. 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 did 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.
