<PAGE> 1
Internal Fee Funds
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT DATED DECEMBER 22, 1995
TO THE PROSPECTUS DATED APRIL 1, 1995
(AS SUPPLEMENTED THROUGH AUGUST 21, 1995)
Effective December 22, 1995, the Special Growth Fund will be managed by the
following money managers.
SPECIAL GROWTH FUND
Delphi Management, Inc., 50 Rowes Wharf, Suite 440, Boston, MA 02110,
is 100% owned by Scott Black.
Fiduciary International, Inc., 2 World Trade Center, New York, NY 10048,
an investment adviser registered with the SEC, is an indirect wholly-
owned subsidiary of Fiduciary Trust Company International, a New York
State chartered bank.
GlobeFlex Capital, L.P., 4365 Executive Drive, Suite 720, San Diego, CA
92121, is a California limited partnership and a SEC registered
investment adviser. Its general partners are Robert J. Anslow, Jr.
and Marina L. Marrelli.
Jacobs Levy Equity Management, Inc., 280 Corporate Center, 3 ADP
Boulevard, Roseland, NJ 07068, is 100% owned by Bruce Jacobs and
Kenneth Levy.
Sirach Capital Management, Inc., One Union Square, Suite 3323, 600 Union
Street, Seattle, WA 98101, a wholly-owned subsidiary of United Asset
Management Company, a publicly traded corporation.
Wellington Management Company, 75 State Street, Boston, MA 02109, is a
private Massachusetts general partnership, of which the following
persons are managing partners: Robert W. Doran, Duncan W. McFarland,
and John B. Neff.
<PAGE> 2
Internal Fee Funds
Effective December 31, 1995, the Limited Volatility Tax Free and Quantitative
Equity Funds will be managed by the following money managers.
Limited Volatility Tax Free Fund
MFS Asset Management, Inc., 500 Boylston Street, Boston, MA 02116, a
wholly owned, indirect subsidiary of Sun Life Assurance Company of
Canada (US), a mutual insurance company.
T. Rowe Price Associates, Inc., 100 E. Pratt Street, Baltimore, MD
21202, whose stock is publicly traded, a large portion of which is held
by active employees.
Quantitative Equity Fund
Franklin Portfolio Associates Trust, One Post Office Square, Suite 3660,
Boston, MA 02109, a Massachusetts business trust owned by Mellon
Financial Services Corporation, a holding company of Mellon Bank
Corporation.
J.P. Morgan Investment Management Inc., 522 Fifth Ave., 14th Floor, New
York, NY 10036, is a wholly owned subsidiary of J.P. Morgan & Co., Inc.,
a publicly held bank holding company.
BZW Barclays Global Fund Advisors, 45 Fremont St., 17th Floor, San
Francisco, CA 94105, is an indirect, wholly owned subsidiary of
Barclays Bank PLC.
-2-
<PAGE> 3
EXTERNAL FEE FUNDS
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT DATED DECEMBER 22, 1995
TO THE PROSPECTUS DATED APRIL 1, 1995
(AS SUPPLEMENTED THROUGH AUGUST 21, 1995)
Effective December 22, 1995, the Equity II Fund will be managed by the
following money managers.
EQUITY II FUND
Delphi Management, Inc., 50 Rowes Wharf, Suite 440, Boston, MA 02110,
is 100% owned by Scott Black.
Fiduciary International, Inc., 2 World Trade Center, New York, NY 10048,
an investment adviser registered with the SEC, is an indirect
wholly-owned subsidiary of Fiduciary Trust Company International, a New
York State chartered bank.
GlobeFlex Capital, L.P., 4365 Executive Drive, Suite 720, San Diego, CA
92121, is a California limited partnership and a SEC registered
investment adviser. Its general partners are Robert J. Anslow, Jr. and
Marina L. Marrelli.
Jacobs Levy Equity Management, Inc., 280 Corporate Center, 3 ADP
Boulevard, Roseland, NJ 07068, is 100% owned by Bruce Jacobs and Kenneth
Levy.
Sirach Capital Management, Inc., One Union Square, Suite 3323, 600 Union
Street, Seattle, WA 98101, a wholly-owned subsidiary of United Asset
Management Company, a publicly traded corporation.
Wellington Management Company, 75 State Street, Boston, MA 02109, is a
private Massachusetts general partnership, of which the following
persons are managing partners: Robert W. Doran, Duncan W. McFarland, and
John B. Neff.
<PAGE> 4
External Fee Funds
Effective December 31, 1995, the Equity Q Fund will be managed by the following
money managers.
Equity Q Fund
Franklin Portfolio Associates Trust, One Post Office Square, Suite
3660, Boston, MA 02109, a Massachusetts business trust owned by Mellon
Financial Services Corporation, a holding company of Mellon Bank
Corporation.
J.P. Morgan Investment Management Inc., 522 Fifth Ave., 14th Floor,
New York, NY 10036, is a wholly owned subsidiary of J.P. Morgan & Co.,
Inc., a publicly held bank holding company.
BZW Barclays Global Fund Advisors, 45 Fremont St., 17th Floor, San
Francisco, CA 94105, is an indirect, wholly owned subsidiary of
Barclays Bank PLC.
-2-
<PAGE> 5
Specialty Funds
Frank Russell Investment Company
Supplement Dated December 22, 1995
to the Prospectus Dated June 30, 1995
Effective December 31, 1995, the Limited Volatility Tax Free Fund will be
managed by the following money managers.
Limited Volatility Tax Free Fund
MFS Asset Management, Inc., 500 Boylston Street, Boston, MA 02116, a
wholly owned, indirect subsidiary of Sun Life Assurance Company of
Canada (US), a mutual insurance company.
T. Rowe Price Associates, Inc., 100 E. Pratt Street, Baltimore, MD
21202, whose stock is publicly traded, a large portion of which is held
by active employees.
