<PAGE>
Frank Russell Investment Company
Supplement Dated November 17, 2000
To the Statements of Additional Information
Dated October 31, 2000
and
September 29, 2000
The following information restates the section entitled "Money Manager
Information" for the Short Term Bond Fund in its entirety in the Statements of
Additional Information of Frank Russell Investment Company.
MONEY MANAGER INFORMATION
Short Term Bond Fund
BlackRock Financial Management, Inc. ("BlackRock") is a partially owned
independent subsidiary of the PNC Bank, a publicly traded bank. Currently, 14%
of BlackRock stock is publicly held, PNC Bank owns approximately 70%, and
BlackRock's employees own 16%.
Merganser Capital Management L.P. ("Merganser") is controlled by Merganser
Capital Management Corporation, its majority shareholder. Merganser Capital
Management Corporation is wholly-owned and controlled by Ed Bedrosian.
Pacific Investment Management Company, LLC ("PIMCO") is a wholly-owned
subsidiary of PIMCO Advisors LP. PIMCO Advisors LP is approximately 70% owned
by Allianz AG, a publicly traded company, and approximately 30% owned by Pacific
Life Insurance Company, a publicly traded company.
STW Fixed Income Management Ltd. ("STW") is a Bermuda exempted company.
William H. Williams, III is the sole shareholder of STW and controls STW.
