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FRC -- LEGAL DEPT.
External Fee Funds
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT DATED JANUARY 18, 1996
TO THE PROSPECTUS DATED APRIL 1, 1995
(AS SUPPLEMENTED THROUGH DECEMBER 22, 1995)
Effective January 18, 1996, the Fixed Income II Fund will be managed by the
following money managers.
FIXED INCOME II FUND
BlackRock Financial Management, 345 Park Ave., 31st Floor, New York, NY
10154, a wholly-owned subsidiary of PNC Bank.
Standish, Ayer & Wood, Inc., One Financial Center, Boston, MA 02111,
whose ownership is divided among seventeen directors, with no director
having more than a 25% ownership interest.
STW Fixed Income Management Ltd., Trinity Hall, 43 Cedar Avenue,
Hamilton HM LX, Bermuda, is a Bermuda exempted company. William H.
Williams III is the sole shareholder.
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FRC -- LEGAL DEPT.
Internal Fee Funds
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT DATED JANUARY 18, 1996
TO THE PROSPECTUS DATED APRIL 1, 1995
(AS SUPPLEMENTED THROUGH DECEMBER 22, 1995)
Effective January 18, 1996, the Volatility Constrained Bond Fund will be
managed by the following money managers.
VOLATILITY CONSTRAINED BOND FUND
BlackRock Financial Management, 345 Park Ave., 31st Floor, New York, NY
10154, a wholly-owned subsidiary of PNC Bank.
Standish, Ayer & Wood, Inc., One Financial Center, Boston, MA 02111,
whose ownership is divided among seventeen directors, with no director
having more than a 25% ownership interest.
STW Fixed Income Management Ltd., Trinity Hall, 43 Cedar Avenue,
Hamilton HM LX, Bermuda, is a Bermuda exempted company. William H.
Williams III is the sole shareholder.
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