<PAGE>
Russell Insurance Funds
Supplement Dated July 15, 1999
To the Statement of Additional Information Dated April 30, 1999
As Supplemented through May 24, 1999
Effective immediately, Russell Insurance Funds makes the following changes to
its Statement of Additional Information
The following restates the subsection entitled "Multi-Style Equity Fund" under
the "MONEY MANAGER INFORMATION" section:
MONEY MANAGER INFORMATION
Multi-Style Equity Fund
Alliance Capital Management, L.P. 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
company holds 60.5% of The Equitable.
Equinox Capital Management, Inc. is a registered investment adviser
with majority ownership held by Ron Ulrich.
Lincoln Capital Management Company is a division of Lincoln Capital
Management Company, and is registered investment adviser with majority
ownership held by John Croghan, Parker Hall, Ken Meyer, Tim Ubben and Ray
Zemon.
Peachtree Asset Management is division of SSBC Fund Management Inc.
SSBC Fund Management is owned 100% by Salomon Smith Barney Inc. which is a
wholly-owned subsidiary of Citigroup Inc.
Sanford C. Bernstein & Co., Inc. is a registered investment adviser.
Founded in 1967, Bernstein is controlled by its Board of Directors which
consists of the following individuals: Andrew S. Adleson, Zalman C
Bernstein, Kevin P Rine, Charles C. Cahn, Jr., Marilyn Goldstein Fedak,
Michael L. Goldstein, Roger Hertog, Lewis A. Sanders and Francis H.
Trainer, Jr.
Westpeak Investment Advisors, L.P. is indirectly controlled by
Metropolitan Life Insurance Company.
