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RUSSELL INSURANCE FUNDS
Supplement Dated May 24, 1999
To the Prospectus Dated April 30, 1999
Effective immediately, Russell Insurance Funds makes the following changes to
its Prospectus:
. the following statement is added to the end of the last paragraph
of the Prospectus section entitled "Risk/Return Summary--Principal
Investment Strategies" for the Multi-Style Equity Fund:
"Additionally, the Fund invests its liquidity reserves in one or more
money market funds of Frank Russell Investment Company ("FRIC"), a
registered investment company that employs the same investment
adviser and administrator as Russell Insurance Funds."
. the following statement is added to the end of the second-to-last
paragraph of the Prospectus section entitled "Risk/Return Summary--
Principal Investment Strategies" for each of the Aggressive Equity Fund
and the Non-U.S. Fund:
"Additionally, the Fund invests its liquidity reserves in one or more
money market funds of FRIC."
. Under the Prospectus section entitled "Money Manager Information,"
Montgomery Asset Management LLC, 101 California Street, San Francisco,
CA 94111, is added to the list of money managers of the Non-U.S. Fund.
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RUSSELL INSURANCE FUNDS
Supplement Dated May 24, 1999
To the Statement of Additional Information Dated April 30, 1999
Effective immediately, Russell Insurance Funds makes the following changes to
its Statement of Additional Information:
The following new sub-section will be added to the "INVESTMENT
POLICIES"section, immediately following the "Other Investment Practices"
subsection:
Cash Reserves. Each Fund, and its money managers, may elect to invest the
Fund's cash reserves in one or more Frank Russell Investment Company
("FRIC") money market funds. FRIC is a mutual fund for which FRIMCo serves
as adviser and administrator. Those FRIC money market funds and the RIF
Funds investing in them treat such investments as the purchase and
redemption of the FRIC money market funds' shares. Any RIF Fund investing
in a FRIC money market fund pursuant to this procedure participates
equally on a pro rata basis in all income, capital gains and net assets of
the money market fund, and will have all rights and obligations of a FRIC
money market fund shareholder as provided in FRIC's Master Trust
Agreement, including voting rights. However, shares of FRIC money market
funds issued to RIF Funds will be voted by FRIC's Board of Trustees in the
same proportion as the shares of such money market funds that are held by
shareholders that are not RIF Funds. RIF Funds investing in a FRIC money
market fund do not pay duplicative management fees, as FRIMCo waives a
portion of its management fees due from those RIF Funds in an amount that
offsets the advisory and administrative fees it receives from the
applicable FRIC money market fund in respect of those investments.
The following restates the subsection entitled "Non-U.S. Fund" under the
"MONEY MANAGER INFORMATION" section:
Non-U.S. Fund
J.P. Morgan Investment Management, Inc. is a wholly owned subsidiary of
J.P. Morgan & Co., Inc., a publicly held bank holding company.
Montgomery Asset Management LLC is a Delaware limited liability company
with majority ownership held by Commerzbank AG, a foreign banking
organization.
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Oechsle International Advisors is a Delaware limited liability company
that is controlled by its Member Manager, Oechsle Group, LLC, also a
Delaware limited liability company. Oechsle Group, LLC is controlled by
the following members: S. Dewey Keesler, Stephen P. Langer, L. Sean Roche,
Warren R. Walker.
The Boston Company Asset Management, Inc. is 100% owned by Mellon Bank
Corporation, a publicly held corporation.
