Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended.
File No. 033-18030
File No. 811-5371
RUSSELL INSURANCE FUNDS
SUPPLEMENT TO THE PROSPECTUS
DATED MAY 1, 1998
AS SUPPLEMENTED THROUGH AUGUST 17, 1998
Effective August 20, 1998, Frank Russell Investment Management Company makes the
following changes to the Russell Insurance Funds' Prospectus.
In the section captioned "General Management of RIF," 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. 033-18030
File No. 811-5371
RUSSELL INSURANCE FUNDS
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.
a:ric-sup
