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Class S
Frank Russell Investment Company
Supplement Dated April 16, 1997
to the Prospectus dated July 8, 1996
as Supplemented through March 10, 1997
Effective April 16, 1997, Frank Russell Investment Company makes the following
change to the Class S prospectus:
In the section captioned "INVESTMENT OBJECTIVES, RESTRICTIONS, POLICIES, AND
RISKS," under the subsection - Investment Objectives - Volatility Constrained
Bond Fund, the second paragraph shall be revised to read in its entirety as
follows:
The Fund will invest primarily in fixed-income securities, emphasizing
those which mature in two years or less from the date of acquisition or
which have similar volatility characteristics. To minimize credit risk and
fluctuations in net asset value per share, the Fund intends to maintain an
average portfolio maturity of less than five years. The Fund's money
managers will seek to identify and invest in a managed portfolio of high-
quality debt securities denominated in the US dollar and a range of foreign
currencies.
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Class C
Frank Russell Investment Company
Supplement Dated April 16, 1997
to the Prospectus dated July 8, 1996
as Supplemented through March 10, 1997
Effective April 16, 1997, Frank Russell Investment Company makes the following
change to the Class C prospectus:
In the section captioned "INVESTMENT OBJECTIVES, RESTRICTIONS, POLICIES, AND
RISKS," under the subsection - Investment Objectives - Volatility Constrained
Bond Fund, the second paragraph shall be revised to read in its entirety as
follows:
The Fund will invest primarily in fixed-income securities, emphasizing
those which mature in two years or less from the date of acquisition or which
have similar volatility characteristics. To minimize credit risk and
fluctuations in net asset value per share, the Fund intends to maintain an
average portfolio maturity of less than five years. The Fund's money managers
will seek to identify and invest in a managed portfolio of high-quality debt
securities denominated in the US dollar and a range of foreign currencies.
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External Fee Funds
Frank Russell Investment Company
Supplement Dated April 16, 1997
to the Prospectus dated July 8, 1996
as Supplemented through March 10, 1997
Effective April 16, 1997, Frank Russell Investment Company makes the following
change to the External Fee Funds prospectus:
In the section captioned "INVESTMENT OBJECTIVES, RESTRICTIONS, POLICIES, AND
RISKS," under the subsection - Investment Objectives - Fixed Income II Bond
Fund, the second paragraph shall be revised to read in its entirety as follows:
The Fund will invest primarily in fixed-income securities, emphasizing
those which mature in two years or less from the date of acquisition or
which have similar volatility characteristics. To minimize credit risk and
fluctuations in net asset value per share, the Fund intends to maintain an
average portfolio maturity of less than five years. The Fund's money
managers will seek to identify and invest in a managed portfolio of high-
quality debt securities denominated in the US dollar and a range of foreign
currencies.
