Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 002-71299
File No. 811-03153
INSTITUTIONAL FUNDS
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
Effective August 20, 1998, Frank Russell Investment Company makes the
following changes to the Institutional Funds' Prospectus.
In the section captioned "General Management of the Funds," the following is
added as a new second paragraph:
"On August 10, 1998, Frank Russell Company and The Northwestern
Mutual Life Insurance Company ("Northwestern Mutual") announced
that they had agreed that Northwestern Mutual would acquire Frank
Russell Company, the sole shareholder of Frank Russell Investment
Management Company. Frank Russell Company and Northwestern
Mutual have signed a definitive purchase agreement, and it is
expected that the transaction will be finalized at the end of
1998. Frank Russell Company will retain its identity and
operating independence, and will continue to operate globally as
a separate company."
In the section captioned "How to Purchase Shares---Paying for Shares," the
second paragraph shall be revised to read in its entirety as follows:
"Cash, third party checks and checks drawn on credit card
accounts generally will not be accepted. However exceptions may
be made by prior special arrangement with certain Financial
Intermediaries."
In the section captioned "How to Redeem Shares," the first paragraph shall be
revised to read in its entirety as follows:
"Shares of the Funds may be redeemed on any business day the
Funds are open at the next net asset value per share calculated
after receipt of an order in proper form (defined in the "Written
Instructions" section). Payment will ordinarily be made within
seven days after receipt of your request in proper form. Shares
recently purchased by check may not be available for liquidation
for 15 days following the purchase to assure payment has been
collected."
Equity II Fund will be managed by the following money managers:
Delphi Management, Inc., 30 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 an SEC registered
investment adviser. Its general partners are Robert J. Anslow, Jr. and
Marina L. Marelli.
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, is a wholly-owned subsidiary of United
Asset Management Company, a publicly traded corporation.
Wellington Management Company LLP, 75 State Street, Boston, MA 02109,
is a private Massachusetts limited liability partnership, of which the
following persons are managing partners: Robert W. Doran, Duncan M.
McFarland and John R. Ryan.
Westpeak Investment Advisors, L.P., 1011 Walnut Street, Suite 400,
Boulder, CO 80302, is indirectly controlled by Metropolitan Life
Insurance Company.
The date of this supplement is August 17, 1998.
<PAGE>
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 002-71299
File No. 811-03153
LIFEPOINTS FUNDS
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
Effective August 20, 1998, Frank Russell Investment Company makes the
following changes to the LifePoints Funds' Prospectus.
In the section captioned "General Management of the Underlying Funds and the
LifePoints Funds," the following is added as a new second paragraph:
"On August 10, 1998, Frank Russell Company and The Northwestern
Mutual Life Insurance Company ("Northwestern Mutual") announced
that they had agreed that Northwestern Mutual would acquire Frank
Russell Company, the sole shareholder of Frank Russell Investment
Management Company. Frank Russell Company and Northwestern
Mutual have signed a definitive purchase agreement, and it is
expected that the transaction will be finalized at the end of
1998. Frank Russell Company will retain its identity and
operating independence, and will continue to operate globally as
a separate company."
In the section captioned "How to Purchase LifePoints Funds Shares---Paying
for Shares," the second paragraph shall be revised to read in its entirety as
follows:
"Cash, third party checks and checks drawn on credit card
accounts generally will not be accepted. However exceptions may
be made by prior special arrangement with certain Financial
Intermediaries."
In the section captioned "How to Redeem Shares," the first paragraph shall be
revised to read in its entirety as follows:
"Shares of the Funds may be redeemed on any business day the
Funds are open at the next net asset value per share calculated
after receipt of an order in proper form (defined in the "Written
Instructions" section). Payment will ordinarily be made within
seven days after receipt of your request in proper form. Shares
recently purchased by check may not be available for liquidation
for 15 days following the purchase to assure payment has been
collected."
Special Growth Fund will be managed by the following money managers:
Delphi Management, Inc., 30 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 an SEC registered
investment adviser. Its general partners are Robert J. Anslow, Jr. and
Marina L. Marelli.
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, is a wholly-owned subsidiary of United
Asset Management Company, a publicly traded corporation.
Wellington Management Company LLP, 75 State Street, Boston, MA 02109,
is a private Massachusetts limited liability partnership, of which the
following persons are managing partners: Robert W. Doran, Duncan M.
McFarland and John R. Ryan.
Westpeak Investment Advisors, L.P., 1011 Walnut Street, Suite 400,
Boulder, CO 80302, is indirectly controlled by Metropolitan Life
Insurance Company.
The date of this supplement is August 17, 1998.
<PAGE>
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 002-71299
File No. 811-03153
SPECIALTY FUNDS
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
Effective August 20, 1998, Frank Russell Investment Company makes the
following changes to the Specialty Funds' Prospectus.
In the section captioned "General Management of the Funds," the following is
added as a new second paragraph:
"On August 10, 1998, Frank Russell Company and The Northwestern
Mutual Life Insurance Company ("Northwestern Mutual") announced
that they had agreed that Northwestern Mutual would acquire Frank
Russell Company, the sole shareholder of Frank Russell Investment
Management Company. Frank Russell Company and Northwestern
Mutual have signed a definitive purchase agreement, and it is
expected that the transaction will be finalized at the end of
1998. Frank Russell Company will retain its identity and
operating independence, and will continue to operate globally as
a separate company."
In the section captioned "How to Purchase Shares---Paying for Shares," the
second paragraph shall be revised to read in its entirety as follows:
"Cash, third party checks and checks drawn on credit card
accounts generally will not be accepted. However exceptions may
be made by prior special arrangement with certain Financial
Intermediaries."
In the section captioned "How to Redeem Shares," the first paragraph shall be
revised to read in its entirety as follows:
"Shares of the Funds may be redeemed on any business day the
Funds are open at the next net asset value per share calculated
after receipt of an order in proper form (defined in the "Written
Instructions" section). Payment will ordinarily be made within
seven days after receipt of your request in proper form. Shares
recently purchased by check may not be available for liquidation
for 15 days following the purchase to assure payment has been
collected."
Limited Volatility Tax Free Fund will be managed by the following money
managers:
MFS Institutional Advisors, Inc., 500 Boylston Street, Boston, MA
02116, is a wholly-owned, indirect subsidiary of Sun Life Assurance
Company of Canada (US), a mutual insurance company.
Standish, Ayer & Wood, Inc., One Financial Center, Boston, MA 02111, is
a company whose ownership is divided among seventeen directors, with no
director having more than a 25% ownership interest.
The date of this supplement is August 17, 1998.
<PAGE>
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 002-71299
File No. 811-03153
CLASS S FUNDS
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
Effective August 20, 1998, Frank Russell Investment Company makes the
following changes to the Class S Funds' Prospectus.
In the section captioned "General Management of the Funds," the following is
added as a new second paragraph:
"On August 10, 1998, Frank Russell Company and The Northwestern
Mutual Life Insurance Company ("Northwestern Mutual") announced
that they had agreed that Northwestern Mutual would acquire Frank
Russell Company, the sole shareholder of Frank Russell Investment
Management Company. Frank Russell Company and Northwestern
Mutual have signed a definitive purchase agreement, and it is
expected that the transaction will be finalized at the end of
1998. Frank Russell Company will retain its identity and
operating independence, and will continue to operate globally as
a separate company."
In the section captioned "How to Purchase Shares---Paying for Shares," the
second paragraph shall be revised to read in its entirety as follows:
"Cash, third party checks and checks drawn on credit card
accounts generally will not be accepted. However exceptions may
be made by prior special arrangement with certain Financial
Intermediaries."
In the section captioned "How to Redeem Shares," the first paragraph shall be
revised to read in its entirety as follows:
"Shares of the Funds may be redeemed on any business day the
Funds are open at the next net asset value per share calculated
after receipt of an order in proper form (defined in the "Written
Instructions" section). Payment will ordinarily be made within
seven days after receipt of your request in proper form. Shares
recently purchased by check may not be available for liquidation
for 15 days following the purchase to assure payment has been
collected."
Special Growth Fund will be managed by the following money managers:
Delphi Management, Inc., 30 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 an SEC registered
investment adviser. Its general partners are Robert J. Anslow, Jr. and
Marina L. Marelli.
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, is a wholly-owned subsidiary of United
Asset Management Company, a publicly traded corporation.
Wellington Management Company LLP, 75 State Street, Boston, MA 02109,
is a private Massachusetts limited liability partnership, of which the
following persons are managing partners: Robert W. Doran, Duncan M.
McFarland and John R. Ryan.
Westpeak Investment Advisors, L.P., 1011 Walnut Street, Suite 400,
Boulder, CO 80302, is indirectly controlled by Metropolitan Life
Insurance Company.
The date of this supplement is August 17, 1998.
<PAGE>
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 002-71299
File No. 811-03153
CLASS E FUNDS
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
Effective August 20, 1998, Frank Russell Investment Company makes the
following changes to the Class E Funds' Prospectus.
In the section captioned "General Management of the Funds," the following is
added as a new second paragraph:
"On August 10, 1998, Frank Russell Company and The Northwestern
Mutual Life Insurance Company ("Northwestern Mutual") announced
that they had agreed that Northwestern Mutual would acquire Frank
Russell Company, the sole shareholder of Frank Russell Investment
Management Company. Frank Russell Company and Northwestern
Mutual have signed a definitive purchase agreement, and it is
expected that the transaction will be finalized at the end of
1998. Frank Russell Company will retain its identity and
operating independence, and will continue to operate globally as
a separate company."
In the section captioned "How to Purchase Shares---Paying for Shares," the
second paragraph shall be revised to read in its entirety as follows:
"Cash, third party checks and checks drawn on credit card
accounts generally will not be accepted. However exceptions may
be made by prior special arrangement with certain Financial
Intermediaries."
In the section captioned "How to Redeem Shares," the first paragraph shall be
revised to read in its entirety as follows:
"Shares of the Funds may be redeemed on any business day the
Funds are open at the next net asset value per share calculated
after receipt of an order in proper form (defined in the "Written
Instructions" section). Payment will ordinarily be made within
seven days after receipt of your request in proper form. Shares
recently purchased by check may not be available for liquidation
for 15 days following the purchase to assure payment has been
collected."
Special Growth Fund will be managed by the following money managers:
Delphi Management, Inc., 30 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 an SEC registered
investment adviser. Its general partners are Robert J. Anslow, Jr. and
Marina L. Marelli.
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, is a wholly-owned subsidiary of United
Asset Management Company, a publicly traded corporation.
Wellington Management Company LLP, 75 State Street, Boston, MA 02109,
is a private Massachusetts limited liability partnership, of which the
following persons are managing partners: Robert W. Doran, Duncan M.
McFarland and John R. Ryan.
Westpeak Investment Advisors, L.P., 1011 Walnut Street, Suite 400,
Boulder, CO 80302, is indirectly controlled by Metropolitan Life
Insurance Company.
The date of this supplement is August 17, 1998.
<PAGE>
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 002-71299
File No. 811-03153
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
In the section captioned "Trustees and Officers" under "Structure and
Governance," effective August 20, 1998, the Treasurer and Chief Accounting
Officer will be the following person:
Mark E. Swanson, 34, Treasurer and Chief Accounting Officer. Treasurer
and Chief Accounting Officer, Russell Insurance Funds; Interim
Director, Finance and Operations, Frank Russell Trust Company; Senior
Vice President and Assistant Fund Treasurer, SSgA Funds (investment
company); Interim Director of Fund Administration and Accounting, Frank
Russell Investment Management Company; Manager, Funds Accounting and
Taxes, Russell Fund Distributors, Inc. April 1996 to August 1998,
Assistant Treasurer, Frank Russell Investment Company; August 1996 to
August 1998, Assistant Treasurer, Russell Insurance Funds. November
1995 to July 1998, Assistant Secretary, the Seven Seas Series Fund.
February 1997 to July 1998, Manager, Funds Accounting and Taxes, Frank
Russell Investment Management Company.
In the section captioned "Consultant" under "Operation of the Investment
Company," the following is added as a new second paragraph:
"On August 10, 1998, Frank Russell Company and The Northwestern Mutual
Life Insurance Company ("Northwestern Mutual") announced that they had
agreed that Northwestern Mutual would acquire Frank Russell Company,
the sole shareholder of Frank Russell Investment Management Company.
Frank Russell Company and Northwestern Mutual have signed a definitive
purchase agreement, and it is expected that the transaction will be
finalized at the end of 1998. Frank Russell Company will retain its
identity and operating independence, and will continue to operate
globally as a separate company."
The date of this supplement is August 17, 1998.
<PAGE>
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 002-71299
File No. 811-03153
FRANK RUSSELL INVESTMENT COMPANY
SUPPLEMENT TO THE
LIFEPOINTS FUNDS
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
In the section captioned "Trustees and Officers" under "Structure and
Governance," effective August 20, 1998, the Treasurer and Chief Accounting
Officer will be the following person:
Mark E. Swanson, 34, Treasurer and Chief Accounting Officer. Treasurer
and Chief Accounting Officer, Russell Insurance Funds; Interim
Director, Finance and Operations, Frank Russell Trust Company; Senior
Vice President and Assistant Fund Treasurer, SSgA Funds (investment
company); Interim Director of Fund Administration and Accounting, Frank
Russell Investment Management Company; Manager, Funds Accounting and
Taxes, Russell Fund Distributors, Inc. April 1996 to August 1998,
Assistant Treasurer, Frank Russell Investment Company; August 1996 to
August 1998, Assistant Treasurer, Russell Insurance Funds. November
1995 to July 1998, Assistant Secretary, the Seven Seas Series Fund.
February 1997 to July 1998, Manager, Funds Accounting and Taxes, Frank
Russell Investment Management Company.
In the section captioned "Consultant" under "Operation of the Investment
Company," the following is added as a new second paragraph:
"On August 10, 1998, Frank Russell Company and The Northwestern Mutual
Life Insurance Company ("Northwestern Mutual") announced that they had
agreed that Northwestern Mutual would acquire Frank Russell Company,
the sole shareholder of Frank Russell Investment Management Company.
Frank Russell Company and Northwestern Mutual have signed a definitive
purchase agreement, and it is expected that the transaction will be
finalized at the end of 1998. Frank Russell Company will retain its
identity and operating independence, and will continue to operate
globally as a separate company."
The date of this supplement is August 17, 1998.
a:frk-sup
