<PAGE>
Class C Funds
Frank Russell Investment Company
Supplement Dated February 25, 1998
To the Prospectus dated May 1, 1997
as Revised June 1, 1997
as Supplemented through January 21, 1998
Effective immediately, the Paragraph entitled "Schneider Capital
Management" under MONEY MANAGER PROFILES - DIVERSIFIED EQUITY FUND is
revised to read as follows:
Schneider Capital Management, 460 E. Swedesford Road, Suite 1080, Wayne PA
19087, is an SEC registered investment adviser owned by Arnold Schneider. On
February 17, 1998, an injunction was issued by the Massachusetts Middlesex
County Superior Court prohibiting Arnold Schneider from providing investment
advisory services to any person or entity who or which was a client of
Wellington Capital Management Company or its affiliates on July 12, 1996. The
injunction will be effective as to Frank Russell Investment Company, among
others, on April 17, 1998. The Fund's Board of Trustees will consider what
actions, if any, are appropriate to comply with applicable court orders.
<PAGE>
Class S Funds
Frank Russell Investment Company
Supplement Dated February 25, 1998
To the Prospectus dated May 1, 1997,
as Amended through December 15, 1997
as Supplemented through January 21, 1998
Effective immediately, the Paragraph entitled "Schneider Capital
Management" under MONEY MANAGER PROFILES -- DIVERSIFIED EQUITY FUND
is revised to read as follows:
Schneider Capital Management, 460 E. Swedesford Road, Suite 1080, Wayne, PA
19087, is an SEC registered investment adviser owned by Arnold Schneider. On
February 17, 1998, an injunction was issued by the Massachusetts Middlesex
County Superior Court prohibiting Arnold Schneider from providing investment
advisory services to any person or entity who or which was a client of
Wellington Capital Management Company or its affiliates on July 12, 1996. The
injunction will be effective as to Frank Russell Investment Company, among
others, on April 17, 1998. The Fund's Board of Trustees will consider what
actions, if any, are appropriate to comply with applicable court orders.
<PAGE>
Lifepoints Funds - Class D & Class E
Frank Russell Investment Company
Supplement Dated February 25, 1998
To the Prospectus dated August 18, 1997,
as Amended through December 15, 1998
Effective immediately, the Paragraph entitled "Schneider Capital
Management" under MONEY MANAGER PROFILES -- DIVERSIFIED EQUITY FUND is
revised to read as follows:
Schneider Capital Management, 460 E. Swedesford Road, Suite 1080, Wayne PA
19087, is an SEC registered investment adviser owned by Arnold Schneider. On
February 17, 1998, an injunction was issued by the Massachusetts Middlesex
County Superior Court prohibiting Arnold Schneider from providing investment
advisory services to any person or entity who or which was a client of
Wellington Capital Management Company or its affiliates on July 12, 1996. The
injunction will be effective as to Frank Russell Investment Company, among
others, on April 17, 1998. The Fund's Board of Trustees will consider what
actions, if any, are appropriate to comply with applicable court orders.
<PAGE>
Institutional Funds
Frank Russell Investment Company
Supplement Dated February 25, 1998
To the Prospectus dated May 1, 1997
as Amended through December 15, 1997
as Supplemented through January 21, 1998
Effective immediately, the Paragraph entitled "Schneider Capital
Management" under MONEY MANAGER PROFILES -- EQUITY I FUND is
revised to read as follows:
Schneider Capital Management, 460 E. Swedesford Road, Suite 1080, Wayne, PA
19087, is an SEC registered investment adviser owned by Arnold Schneider. On
February 17, 1998, an injunction was issued by the Massachusetts Middlesex
County Superior Court prohibiting Arnold Schneider from providing investment
advisory services to any person or entity who or which was a client of
Wellington Capital Management Company or its affiliates on July 12, 1996. The
injunction will be effective as to Frank Russell Investment Company, among
others, on April 17, 1998. The Fund's Board of Trustees will consider what
actions, if any, are appropriate to comply with applicable court orders.
