<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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076 000400 0.00
SIGNATURE ERIC BANHAZL
TITLE ASSISTANT TREASURER
[ARTICLE] 6
[CIK] 0000917125
[NAME] RAINIER INVESTMENT MANGEMENT MUTUAL FUNDS
[SERIES]
[NUMBER] 1
[NAME] SMALL/MID CAP EQUITY PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-START] APR-01-1998
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 437784062
[INVESTMENTS-AT-VALUE] 428466643
[RECEIVABLES] 7144868
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 30511
[TOTAL-ASSETS] 435642022
[PAYABLE-FOR-SECURITIES] 5023160
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 591312
[TOTAL-LIABILITIES] 5614472
[SENIOR-EQUITY] 426773437
[PAID-IN-CAPITAL-COMMON] 467970423
[SHARES-COMMON-STOCK] 21706014
[SHARES-COMMON-PRIOR] 20690233
[ACCUMULATED-NII-CURRENT] 5158
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (28630612)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (9317419)
[NET-ASSETS] 430027550
[DIVIDEND-INCOME] 5974359
[INTEREST-INCOME] 323397
[OTHER-INCOME] 0
[EXPENSES-NET] 6501538
[NET-INVESTMENT-INCOME] (203782)
[REALIZED-GAINS-CURRENT] (28570141)
[APPREC-INCREASE-CURRENT] (79168758)
[NET-CHANGE-FROM-OPS] (107942681)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 42403
[DISTRIBUTIONS-OF-GAINS] 19938706
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 12280568
[NUMBER-OF-SHARES-REDEEMED] 12232763
[SHARES-REINVESTED] 967976
[NET-CHANGE-IN-ASSETS] (85654541)
[ACCUMULATED-NII-PRIOR] 35473
[ACCUMULATED-GAINS-PRIOR] 19612652
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 4406813
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 6501538
[AVERAGE-NET-ASSETS] 518381070
[PER-SHARE-NAV-BEGIN] 24.92
[PER-SHARE-NII] .01
[PER-SHARE-GAIN-APPREC] 4.24
[PER-SHARE-DIVIDEND] .01
[PER-SHARE-DISTRIBUTIONS] .85
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 19.81
[EXPENSE-RATIO] 1.25
</TABLE>
[ARTICLE] 6
[CIK] 0000917125
[NAME] RAINIER INVESTMENT MANAGEMENT MUTUAL FUNDS
[SERIES]
[NUMBER] 2
[NAME] CORE EQUITY PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-START] APR-01-1998
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 764527127
[INVESTMENTS-AT-VALUE] 909767164
[RECEIVABLES] 4646975
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 79006
[TOTAL-ASSETS] 914493145
[PAYABLE-FOR-SECURITIES] 2347011
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1558688
[TOTAL-LIABILITIES] 3905699
[SENIOR-EQUITY] 904171847
[PAID-IN-CAPITAL-COMMON] 750345981
[SHARES-COMMON-STOCK] 35930533
[SHARES-COMMON-PRIOR] 28318564
[ACCUMULATED-NII-CURRENT] 95100
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 14906328
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 145240037
[NET-ASSETS] 910587446
[DIVIDEND-INCOME] 10324729
[INTEREST-INCOME] 607293
[OTHER-INCOME] 0
[EXPENSES-NET] 9104026
[NET-INVESTMENT-INCOME] 1827996
[REALIZED-GAINS-CURRENT] 31449581
[APPREC-INCREASE-CURRENT] 37171114
[NET-CHANGE-FROM-OPS] 70448691
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2181041
[DISTRIBUTIONS-OF-GAINS] 42700545
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 17068322
[NUMBER-OF-SHARES-REDEEMED] 11335251
[SHARES-REINVESTED] 1878898
[NET-CHANGE-IN-ASSETS] 211922890
[ACCUMULATED-NII-PRIOR] 476171
[ACCUMULATED-GAINS-PRIOR] 26129266
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 6039183
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 9104026
[AVERAGE-NET-ASSETS] 806575577
[PER-SHARE-NAV-BEGIN] 24.67
[PER-SHARE-NII] .05
[PER-SHARE-GAIN-APPREC] 1.95
[PER-SHARE-DIVIDEND] .07
[PER-SHARE-DISTRIBUTIONS] 1.26
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 25.34
[EXPENSE-RATIO] 1.13
</TABLE>
[ARTICLE] 6
[CIK] 0000917125
[NAME] RAINIER INVESTMENT MANAGEMENT MUTUAL FUNDS
[SERIES]
[NUMBER] 3
[NAME] BALANCED PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-START] APR-01-1998
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 85914724
[INVESTMENTS-AT-VALUE] 96474119
[RECEIVABLES] 989087
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 25891
[TOTAL-ASSETS] 97489097
[PAYABLE-FOR-SECURITIES] 60037
[SENIOR-LONG-TERM-DEBT] 32663521
[OTHER-ITEMS-LIABILITIES] 585181
[TOTAL-LIABILITIES] 645218
[SENIOR-EQUITY] 62666751
[PAID-IN-CAPITAL-COMMON] 84985444
[SHARES-COMMON-STOCK] 5799268
[SHARES-COMMON-PRIOR] 4333474
[ACCUMULATED-NII-CURRENT] (8273)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1307313
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 10559395
[NET-ASSETS] 96843879
[DIVIDEND-INCOME] 719665
[INTEREST-INCOME] 1797695
[OTHER-INCOME] 0
[EXPENSES-NET] 1006632
[NET-INVESTMENT-INCOME] 1510728
[REALIZED-GAINS-CURRENT] 4358246
[APPREC-INCREASE-CURRENT] 2497259
[NET-CHANGE-FROM-OPS] 8366233
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1518814
[DISTRIBUTIONS-OF-GAINS] 5222707
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2295716
[NUMBER-OF-SHARES-REDEEMED] 1241975
[SHARES-REINVESTED] 412053
[NET-CHANGE-IN-ASSETS] 24119731
[ACCUMULATED-NII-PRIOR] 1985
[ACCUMULATED-GAINS-PRIOR] 2167220
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 592133
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1033636
[AVERAGE-NET-ASSETS] 84696080
[PER-SHARE-NAV-BEGIN] 16.78
[PER-SHARE-NII] .28
[PER-SHARE-GAIN-APPREC] .85
[PER-SHARE-DIVIDEND] .28
[PER-SHARE-DISTRIBUTIONS] .93
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.7
[EXPENSE-RATIO] 1.19
</TABLE>
[ARTICLE] 6
[CIK] 0000917125
[NAME] RAINIER INVESTMENT MANAGEMENT MUTUAL FUNDS
[SERIES]
[NUMBER] 4
[NAME] INTERMEDIATE FIXED INCOME PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-START] APR-01-1998
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 20088563
[INVESTMENTS-AT-VALUE] 20193004
[RECEIVABLES] 334741
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 1863
[TOTAL-ASSETS] 20529608
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 18821696
[OTHER-ITEMS-LIABILITIES] 124456
[TOTAL-LIABILITIES] 124456
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 20303828
[SHARES-COMMON-STOCK] 1666530
[SHARES-COMMON-PRIOR] 1603713
[ACCUMULATED-NII-CURRENT] (3836)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 719
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 104441
[NET-ASSETS] 20405152
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 1106051
[OTHER-INCOME] 0
[EXPENSES-NET] 103357
[NET-INVESTMENT-INCOME] 1002694
[REALIZED-GAINS-CURRENT] 422596
[APPREC-INCREASE-CURRENT] (301373)
[NET-CHANGE-FROM-OPS] 1123917
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1002770
[DISTRIBUTIONS-OF-GAINS] 450583
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 705059
[NUMBER-OF-SHARES-REDEEMED] 758029
[SHARES-REINVESTED] 115787
[NET-CHANGE-IN-ASSETS] 444087
[ACCUMULATED-NII-PRIOR] 13112
[ACCUMULATED-GAINS-PRIOR] 11834
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 92971
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 193545
[AVERAGE-NET-ASSETS] 18594296
[PER-SHARE-NAV-BEGIN] 12.45
[PER-SHARE-NII] .68
[PER-SHARE-GAIN-APPREC] .11
[PER-SHARE-DIVIDEND] .68
[PER-SHARE-DISTRIBUTIONS] .32
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.24
[EXPENSE-RATIO] .55
</TABLE>
Independent Auditors' Report
The Board of Trustees and Shareholders
Rainier Investment Management Mutual Funds:
In planning and performing our audit of the financial statements of Rainier
Investment Management Mutual Funds (comprised of the Small/Mid Cap Equity
Portfolio, Core Equity Portfolio, Balanced Portfolio, and Intermediate Fixed
Income Portfolio) for the year ended March 31, 1999, we considered its
internal control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of Rainier Investment Management Mutual Funds is responsible
for establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Rainier Investment Management Mutual Funds and the
Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties and should not be used
for any other purposes.
KPMG LLP
May 17, 1999
