<PAGE>
LifePoints Funds Class D & E Prospectus
Frank Russell Investment Company
Supplement Dated August 29, 1997
to the Prospectus Dated August 18, 1997
Effective August 29, 1997, the following statement is added to the Prospectus:
"CLASS D SHARES OF THE LIFEPOINTS FUNDS ARE NOT CURRENTLY
OFFERED OR AVAILABLE FOR INVESTMENT."
- -- As the third sentence of the first paragraph on page 1
- -- As the second sentence of the second-to-last paragraph on page 2
- -- As the second sentence of the second paragraph on page 5
- -- Immediately following the heading "CLASS D SHARES" on page 6
- -- As the second sentence under "ELIGIBLE INVESTORS" on page 16
- -- As the first sentence under "PURCHASE OF LIFEPOINTS FUND SHARES" on page 30