Independent Auditors' Report on Internal
Accounting Controls
To the Board of Trustees and Shareholders
Rainier Investment Management Mutual Funds:
In planning and performing our audits of the
financial statements of Rainier Investment
Management Mutual Funds (comprised of the
Small/Mid Cap Equity, Core Equity, Balanced
and Intermediate Fixed Income Portfolios) for
the year ended March 31, 2000, we considered
their internal control, including control activities
for safeguarding securities, in order to determine
our auditing procedures for the purposes 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 made 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 may 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, 2000.
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.
KPMG, LLP
May 5, 2000
