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 Dated May 18, 1998
                          To the Prospectus Dated May 1, 1998

Effective  May 18, 1998,  Frank Russell  Investment  Company makes the following
change to its Class S Funds Prospectus:

The Diversified  Equity Fund will be managed by the following  additional  money
manager:


    Morgan Stanley Asset Management, Inc., 1221 Avenue of the Americas, New
    York, NY 10020,  is a wholly owned  subsidiary  of Morgan  Stanley Dean
    Witter & Co., a publicly held corporation.


a:fr-supsc.ed



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