Spiders will only "read" what is on the page it hits which only includes the frameset definition.
If you want to get an idea of the spiders will see I suggest either downloading the Lynx browser:
http://www.vordweb.co.uk/standards/download_lynx.htm)
or use the "Lynx View" link on the following site:
http://www.vordweb.co.uk/standards/download_lynx.htm