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Russell Insurance Funds
Supplement Dated January 27, 1998
To the Prospectus Dated May 1, 1997
As Amended through June 23, 1997
Effective January 27, 1998, the Multi-Style Equity Fund will be managed by the
following money managers.
Alliance Capital Management L.P., 601 2nd Ave. South, Suite 5000,
Minneapolis, MN 55402-4322, is a limited partnership whose (i) general
partner is a wholly owned subsidiary of The Equitable Companies
Incorporated ("The Equitable") and (ii) majority unit holder is ACM, Inc.,
a wholly owned subsidiary of The Equitable. Axa, a French insurance
holding company, owns 60.5% of The Equitable.
Equinox Capital Management Inc., 590 Madison Ave. 41st Floor, New York, NY
10022. Equinox is a registered investment adviser with majority ownership
held by Ron Ulrich.
Westpeak Investment Advisors, LP, 1011 Walnut Street, Suite 400, Boulder,
CO 80302, is indirectly controlled by Metropolitan Life Insurance Company.
