SUPPLEMENT TO PROSPECTUS*
March 19, 1999
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") has reopened to new shareholder accounts effective March 19, 1999.
See page 15 of the Prospectus for more information under "Purchasing Shares."
Rainier Investment Management, Inc.(R), as the Advisor, may close and reopen the
Small/Mid Cap Equity Portfolio to certain types of new shareholders in the
future.
EXCHANGE PRIVILEGE
You may now exchange shares from any Portfolio for shares of the Small/Mid
Cap Equity Portfolio. For more information, see "Exchange Privilege" on page 19
of the Prospectus.
RAINIER
INVESTMENT
MANAGEMENT
Mutual Funds
601 Union Street, Suite 2801
Seattle, Washington 98101
(800) 248-6314
* Prospectus Dated June 30, 1998.
