<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000351601
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FRANK RUSSELL INVESTMENT COMPANY
001 B000000 811-3153
001 C000000 2066277001
002 A000000 909 A STREET
002 B000000 TACOMA
002 C000000 WA
002 D010000 98402
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 22
007 C010100 1
007 C020100 EQUITY I FUND
007 C030100 N
007 C010200 2
007 C020200 EQUITY II FUND
007 C030200 N
007 C010300 3
007 C020300 EQUITY III FUND
007 C030300 N
007 C010400 4
007 C020400 FIXED I FUND
007 C030400 N
007 C010500 5
007 C020500 FIXED II FUND
007 C030500 N
007 C010600 6
007 C020600 INTERNATIONAL FUND
007 C030600 N
007 C010700 7
007 C020700 MONEY MARKET FUND
007 C030700 N
007 C010800 8
007 C020800 DIVERSIFIED EQUITY FUND
007 C030800 N
007 C010900 9
007 C020900 SPECIAL GROWTH FUND
007 C030900 N
007 C011000 10
007 C021000 EQUITY INCOME FUND
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 DIVERSIFIED BOND FUND
007 C031100 N
007 C011200 12
007 C021200 VOLALITILITY CONSTRAINED BOND FUND
007 C031200 N
007 C011300 13
007 C021300 INTERNATIONAL SECURITIES FUND
007 C031300 N
007 C011400 14
007 C021400 LIMITED VOLITLITY TAX FREE FUND
007 C031400 N
007 C011500 15
007 C021500 US GOVERNMENT MONEY MARKET FUND
007 C031500 N
007 C011600 16
007 C021600 EQUITY Q FUND
007 C031600 N
007 C011700 17
007 C021700 QUANTITATIVE EQUITY FUND
007 C031700 N
007 C011800 18
007 C021800 TAX FREE MONEY MARKET FUND
007 C031800 N
007 C011900 19
007 C021900 REAL ESTATE SECURITIES FUND
007 C031900 N
007 C012000 20
007 C022000 FIXED INCOME III FUND
007 C032000 N
007 C012100 21
007 C022100 EMERGING MARKETS FUND
007 C032100 N
007 C012200 22
007 C022200 MULTISTRATEGY BOND FUND
007 C032200 N
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
011 A00AA01 RUSSELL FUND DISTRIBUTORS, INC.
011 B00AA01 8-21771
011 C01AA01 TACOMA
011 C02AA01 WA
011 C03AA01 98402
012 A00AA01 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
<PAGE> PAGE 3
012 B00AA01 84-01626
012 C01AA01 TACOMA
012 C02AA01 WA
012 C03AA01 98402
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 FRANK RUSSELL SECURITIES, INC.
014 B00AA01 8-000329
014 A00AA02 RUSSELL FUND DISTRIBUTORS, INC.
014 B00AA02 8-21771
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 CITIBANK, N.A., ARGENTINA
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE BANK
015 B00AA06 S
015 C01AA06 BRUSSELS
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 CITIBANK, N.A., BRAZIL
015 B00AA07 S
015 C01AA07 SAO PAULO
015 D01AA07 BRAZIL
015 E04AA07 X
015 A00AA08 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA08 S
015 C01AA08 TORONTO
<PAGE> PAGE 4
015 D01AA08 CANADA
015 E04AA08 X
015 A00AA09 CITIBANK, N.A., CHILE
015 B00AA09 S
015 C01AA09 SANTIAGO
015 D01AA09 CHILE
015 E04AA09 X
015 A00AA10 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA10 S
015 C01AA10 SHANGHAI - SHENZHEN
015 D01AA10 CHINA
015 E04AA10 X
015 A00AA11 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA11 S
015 C01AA11 BOGOTA
015 D01AA11 COLUMBIA
015 E04AA11 X
015 A00AA12 BARCLAYS BANK PLC
015 B00AA12 S
015 C01AA12 NICOSIA
015 D01AA12 CYPRUS
015 E04AA12 X
015 A00AA13 DEN DANSKE BANK
015 B00AA13 S
015 C01AA13 COPENHAGEN
015 D01AA13 DENMARK
015 E04AA13 X
015 A00AA14 DELETE
015 A00AA15 BANQUE PARIBAS
015 B00AA15 S
015 C01AA15 PARIS
015 D01AA15 FRANCE
015 E04AA15 X
015 A00AA16 DELETE
015 A00AA17 NATIONAL BANK OF GREECE SA
015 B00AA17 S
015 C01AA17 ATHENS
015 D01AA17 GREECE
015 E04AA17 X
015 A00AA18 STANDARD CHARTERED BANK
015 B00AA18 S
015 C01AA18 HONG KONG
015 D01AA18 HONG KONG
015 E04AA18 X
015 A00AA19 CITIBANK BUDAPEST RT.
015 B00AA19 S
015 C01AA19 BUDAPEST
015 D01AA19 HUNGARY
015 E04AA19 X
015 A00AA20 DELETE
015 A00AA21 STANDARD CHARTERED BANK
<PAGE> PAGE 5
015 B00AA21 S
015 C01AA21 JAKARTA
015 D01AA21 INDONESIA
015 E04AA21 X
015 A00AA22 BANK OF IRELAND
015 B00AA22 S
015 C01AA22 DUBLIN
015 D01AA22 IRELAND
015 E04AA22 X
015 A00AA23 BANK HAPOALIM B.M.
015 B00AA23 S
015 C01AA23 TEL AVIV
015 D01AA23 ISRAEL
015 E04AA23 X
015 A00AA24 MORGAN GUARANTY TRUST COMPANY
015 B00AA24 S
015 C01AA24 MILAN
015 D01AA24 ITALY
015 E04AA24 X
015 A00AA25 SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA25 S
015 C01AA25 TOKYO
015 D01AA25 JAPAN
015 E04AA25 X
015 A00AA26 SEOULBANK
015 B00AA26 S
015 C01AA26 SEOUL
015 D01AA26 KOREA
015 E04AA26 X
015 A00AA27 STANDARD CHARTERED BANK
015 B00AA27 S
015 C01AA27 KUALA LUMPUR
015 D01AA27 MALAYSIA
015 E04AA27 X
015 A00AA28 CITIBANK N.A., MEXICO
015 B00AA28 S
015 C01AA28 MEXICO CITY
015 D01AA28 MEXICO
015 E04AA28 X
015 A00AA29 MEESPIERSON N.V.
015 B00AA29 S
015 C01AA29 AMSTERDAM
015 D01AA29 NETHERLANDS
015 E04AA29 X
015 A00AA30 ANZ BANKING GROUP (NEW ZEALAND) LTD.
015 B00AA30 S
015 C01AA30 WELLINGTON
015 D01AA30 NEW ZEALAND
015 E04AA30 X
015 A00AA31 CHRISTIANA BANK OG KREDITKASSE
015 B00AA31 S
<PAGE> PAGE 6
015 C01AA31 OSLO
015 D01AA31 NORWAY
015 E04AA31 X
015 A00AA32 DEUTSCHE BANK AG, PAKISTAN
015 B00AA32 S
015 C01AA32 KARACHI
015 D01AA32 PAKISTAN
015 E04AA32 X
015 A00AA33 CITIBANK, N.A., PERU
015 B00AA33 S
015 C01AA33 LIMA
015 D01AA33 PERU
015 E04AA33 X
015 A00AA34 STANDARD CHARTERED BANK
015 B00AA34 S
015 C01AA34 MANILA
015 D01AA34 PHILIPPINES
015 E04AA34 X
015 A00AA35 BANCO COMERICAL PORTUGUES
015 B00AA35 S
015 C01AA35 LISBON
015 D01AA35 PORTUGAL
015 E04AA35 X
015 A00AA36 THE DEVELOPMENT BANK OF SINGAPORE, LTD.
015 B00AA36 S
015 C01AA36 SINGAPORE
015 D01AA36 SINGAPORE
015 E04AA36 X
015 A00AA37 BANCO SANTANDER, S.A.
015 B00AA37 S
015 C01AA37 MADRID
015 D01AA37 SPAIN
015 E04AA37 X
015 A00AA38 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA38 S
015 C01AA38 COLUMBIA
015 D01AA38 SRI LANKA
015 E04AA38 X
015 A00AA39 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA39 S
015 C01AA39 STOCKHOLM
015 D01AA39 SWEDEN
015 E04AA39 X
015 A00AA40 UNION BANK OF SWITZERLAND
015 B00AA40 S
015 C01AA40 ZURICH
015 D01AA40 SWITZERLAND
015 E04AA40 X
015 A00AA41 CENTRAL TRUST OF CHINA
015 B00AA41 S
015 C01AA41 TAIPEI
<PAGE> PAGE 7
015 D01AA41 TAIWAN
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK
015 B00AA42 S
015 C01AA42 BANGKOK
015 D01AA42 THAILAND
015 E04AA42 X
015 A00AA43 CITIBANK, N.A., TURKEY
015 B00AA43 S
015 C01AA43 INSTANBUL
015 D01AA43 TURKEY
015 E04AA43 X
015 A00AA44 STATE STREET BANK AND TRUST CO., LONDON, UK
015 B00AA44 S
015 C01AA44 LONDON
015 D01AA44 UNITED KINGDOM
015 E04AA44 X
015 A00AA45 CITIBANK, N.A., URUGUAY
015 B00AA45 S
015 C01AA45 MONTEVIDEO
015 D01AA45 URUGUAY
015 E04AA45 X
015 A00AA46 CITIBANK, N.A., VENEZUELA
015 B00AA46 S
015 C01AA46 CARACAS
015 D01AA46 VENEZUELA
015 E04AA46 X
015 A00AA47 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA47 S
015 C01AA47 PRAGUE
015 D01AA47 CZECH REPUBLIC
015 E04AA47 X
015 A00AA48 NATIONAL BANK OF EGYPT
015 B00AA48 S
015 C01AA48 CAIRO
015 D01AA48 EGYPT
015 E04AA48 X
015 A00AA49 BARCLAYS BANK OF BOTSWANA
015 B00AA49 S
015 C01AA49 GABORONE
015 D01AA49 BOTSWANA
015 E04AA49 X
015 A00AA50 CITIBANK POLAND S.A.
015 B00AA50 S
015 C01AA50 WARSAW
015 D01AA50 POLAND
015 E04AA50 X
015 A00AA51 STANDARD BANK OF SOUTH AFRICA LTD.
015 B00AA51 S
015 C01AA51 JOHANNESBURG
015 D01AA51 SOUTH AFRICA
<PAGE> PAGE 8
015 E04AA51 X
015 A00AA52 CHEMICAL BANK
015 B00AA52 C
015 C01AA52 NEW YORK
015 C02AA52 NY
015 C03AA52 10017
015 E01AA52 X
015 A00AA53 BANK OF NEW YORK
015 B00AA53 C
015 C01AA53 NEW YORK
015 C02AA53 NY
015 C03AA53 10286
015 E01AA53 X
015 A00AA54 BARCLAYS BANK OF GHANA LTD.
015 B00AA54 S
015 C01AA54 ACCRA
015 D01AA54 GHANA
015 E04AA54 X
015 A00AA55 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA55 S
015 C01AA55 AMMAN
015 D01AA55 JORDAN
015 E04AA55 X
015 A00AA56 BARCLAYS BANK OF KENYA LTD.
015 B00AA56 S
015 C01AA56 NAIROBI
015 D01AA56 KENYA
015 E04AA56 X
015 A00AA57 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B00AA57 S
015 C01AA57 PORT LOUIS
015 D01AA57 MAURITIUS
015 E04AA57 X
015 A00AA58 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA58 S
015 C01AA58 BRATISLAVA
015 D01AA58 SLOVAK REPUBLIC
015 E04AA58 X
015 A00AA59 BARCLAYS BANK OF SWAZILAND LTD.
015 B00AA59 S
015 C01AA59 MBABANE
015 D01AA59 SWAZILAND
015 E04AA59 X
015 A00AA60 BARCLAYS BANK OF ZAMBIA LTD.
015 B00AA60 S
015 C01AA60 LUSKA
015 D01AA60 ZAMBIA
015 E04AA60 X
015 A00AA61 BARCLAYS BANK OF ZIMBABWE LTD.
015 B00AA61 S
015 C01AA61 HARARE
<PAGE> PAGE 9
015 D01AA61 ZIMBABWE
015 E04AA61 X
015 A00AA62 DEUTSCHE BANK, AG
015 B00AA62 S
015 C01AA62 BOMBAY
015 D01AA62 INDIA
015 E04AA62 X
015 A00AA63 MERITA BANK, LTD.
015 B00AA63 S
015 C01AA63 HELSINKI
015 D01AA63 FINLAND
015 E04AA63 X
015 A00AA64 BHF - BANK AKTIENGESELLSCHAFT
015 B00AA64 S
015 C01AA64 FRANKFURT
015 D01AA64 GERMANY
015 E04AA64 X
015 A00AA65 THE DAIWA BANK, LTD.
015 B00AA65 S
015 C01AA65 TOKYO
015 D01AA65 JAPAN
015 E04AA65 X
015 A00AA66 BANQUE COMMERCIALE DU MAROC
015 B00AA66 S
015 C01AA66 CASABLANCA
015 D01AA66 MOROCCO
015 E04AA66 X
015 A00AA67 CITIBANK, N.A., ECUADOR
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015 C01AA67 QUITO
015 D01AA67 ECUADOR
015 E04AA67 X
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019 A00AA00 N
019 B00AA00 0
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001 684
020 A000002 INVESTMENT TECHNOLOGY GROUP
020 B000002 95-4339369
020 C000002 452
020 A000003 SALOMON BROTHERS, INC.
020 B000003 13-3082694
020 C000003 446
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004 398
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000005 13-5674085
020 C000005 369
020 A000006 GOLDMAN SACHS & CO.
<PAGE> PAGE 10
020 B000006 13-5108880
020 C000006 338
020 A000007 BEAR, STEARNS SECURITIES
020 B000007 13-3299429
020 C000007 333
020 A000008 DAIWA SECURITIES
020 B000008 13-5680329
020 C000008 308
020 A000009 INSTINET CORP.
020 B000009 13-3343395
020 C000009 295
020 A000010 PAINEWEBBER, INC.
020 B000010 13-2638166
020 C000010 239
021 000000 9707
022 A000001 CHASE SECURITIES, INC.
022 B000001 13-3112953
022 C000001 10667802
022 D000001 7881
022 A000002 HSBC SECURITIES, INC.
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022 C000002 6507683
022 D000002 4820
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022 C000003 4081898
022 D000003 152846
022 A000004 BARCLAYS DE ZOETE WEDD, INC.
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022 C000004 3301283
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022 C000005 2548583
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022 A000006 SANWA BANK, LTD.
022 B000006 13-3046258
022 C000006 2699527
022 D000006 22865
022 A000007 ASSOC. CORP OF NORTH AMERICA
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022 C000007 2655688
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022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
022 C000008 1873011
022 D000008 385939
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000009 13-5674085
022 C000009 1190862
022 D000009 860362
<PAGE> PAGE 11
022 A000010 FUJI BANK
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023 D000000 8309144
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026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 Y
026 F000000 Y
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026 H000000 N
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030 B00AA00 0.00
030 C00AA00 0.00
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035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
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<PAGE> PAGE 12
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
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082 B00AA00 25
083 A00AA00 N
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084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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008 D030101 98402
008 A000102 ALLIANCE CAPITAL MANAGEMENT L.P.
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008 D010102 MINNEAPOLIS
008 D020102 MN
008 D030102 55402
008 A000103 SYSTEMATIC FINANCIAL MANAGEMENT L.P.
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008 D010103 FORT LEE
008 D020103 NJ
008 D030103 07024
008 A000104 COLUMBUS CIRCLE INVESTORS
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008 D030105 10022
008 A000106 INVESCO CAPITAL MANAGEMENT, INC.
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<PAGE> PAGE 13
008 D020106 GA
008 D030106 30309
008 A000107 LINCOLN CAPITAL MANAGEMENT CO.
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008 D030107 60606
008 A000108 TRINITY INVESTMENT MANAGEMENT CORP.
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008 D030108 02116
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008 C000109 801-17157
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008 D030109 98402
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008 D030111 19482
024 000100 Y
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<PAGE> PAGE 14
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<PAGE> PAGE 15
048 J020100 0.000
048 K010100 0
048 K020100 0.000
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050 000100 N
051 000100 N
052 000100 N
053 A000100 N
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<PAGE> PAGE 16
070 H010100 Y
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070 I020100 N
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<PAGE> PAGE 17
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<PAGE> PAGE 18
008 A000202 DELPHI MANAGEMENT, INC.
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
070 K020200 Y
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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008 D030403 02111
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<PAGE> PAGE 28
008 D010405 NEWPORT BEACH
008 D020405 CA
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025 A000401 BEAR STEARNS CO., INC.
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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008 A000501 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
072 R000900 13
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<PAGE> PAGE 57
075 B000900 272449
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008 A001001 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001001 A
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008 D011001 TACOMA
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008 D031001 98402
008 A001002 FRANK RUSSELL CO.
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008 D011003 NEW YORK
008 D021003 NY
008 D031003 10022
008 A001004 BRANDYWINE ASSET MANAGEMENT, INC.
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008 D021004 DE
008 D031004 19801
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008 C001005 801-11312
008 D011005 BOSTON
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<PAGE> PAGE 58
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<PAGE> PAGE 59
052 001000 N
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070 H021000 N
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070 J021000 N
<PAGE> PAGE 60
070 K011000 Y
070 K021000 Y
070 L011000 Y
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070 Q021000 N
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<PAGE> PAGE 61
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008 A001101 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001101 A
008 C001101 801-17141
008 D011101 TACOMA
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008 D031101 98402
008 A001102 FRANK RUSSELL CO.
008 B001102 S
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008 D011102 TACOMA
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008 D031102 98402
<PAGE> PAGE 62
008 A001103 STANDISH, AYER & WOOD, INC.
008 B001103 S
008 C001103 801-584
008 D011103 BOSTON
008 D021103 MA
008 D031103 02111
008 A001104 LINCOLN CAPITAL MANAGEMENT CO.
008 B001104 S
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008 D031104 60606
008 A001105 PACIFIC INVESTMENT MANAGEMENT CO.
008 B001105 S
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008 D011105 NEWPORT BEACH
008 D021105 CA
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024 001100 Y
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025 A001102 GOLDMAN SACHS GROUP, L.P.
025 B001102 135108880
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
070 N021100 N
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<PAGE> PAGE 66
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008 A001201 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001201 A
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008 D011201 TACOMA
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008 D031201 98402
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008 B001202 S
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008 D011202 TACOMA
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008 D031202 98402
008 A001203 BLACKROCK FINANCIAL MANAGEMENT
008 B001203 S
008 C001203 801-32183
008 D011203 NEW YORK
008 D021203 NY
008 D031203 10154
008 A001204 STANDISH, AYER & WOOD, INC.
<PAGE> PAGE 67
008 B001204 S
008 C001204 801-584
008 D011204 BOSTON
008 D021204 MA
008 D031204 02111
024 001200 Y
025 A001201 GOLDMAN SACHS GROUP, L.P.
025 B001201 133082694
025 C001201 D
025 D001201 1470
025 A001202 MERRILL LYNCH & CO., INC.
025 B001202 135674085
025 C001202 D
025 D001202 1765
025 A001203 SALOMON, INC.
025 B001203 133082694
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025 D001203 2735
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<PAGE> PAGE 68
028 G021200 4417
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<PAGE> PAGE 69
062 Q001200 47.2
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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008 A001301 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
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008 C001301 801-17141
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008 D031301 98402
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008 D031302 98402
008 A001303 J.P. MORGAN INVESTMENT MANAGEMENT, INC.
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008 C001303 801-21011
008 D011303 LONDON
008 D051303 ENGLAND
008 D061303 SW1Y6XA
008 A001304 GRANTHAM, MAYO, VAN OTTERLOO & CO.
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008 C001304 801-15028
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008 D031304 02110
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008 C001305 801-28111
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<PAGE> PAGE 72
008 C001306 801-14713
008 D011306 BALTIMORE
008 D021306 MD
008 D031306 21202
008 A001307 MARATHON ASSET MANAGEMENT LTD.
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008 C001307 801-36717
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<PAGE> PAGE 73
028 G011300 89430
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
049 001400 N
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<PAGE> PAGE 79
070 J021400 N
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<PAGE> PAGE 80
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<PAGE> PAGE 81
008 D031502 98402
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<PAGE> PAGE 82
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<PAGE> PAGE 83
070 F021500 N
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
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<PAGE> PAGE 98
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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<PAGE> PAGE 102
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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
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<PAGE> PAGE 110
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<PAGE> PAGE 111
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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SIGNATURE KENNETH W. LAMB
TITLE ASSISTANT TREASURER
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 9
<NAME> SPECIAL GROWTH FUND
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 10
<NAME> EQUITY INCOME FUND
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 11
<NAME> DIVERSIFIED BOND FUND
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<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 12
<NAME> VOLATILITY CONSTRAINED BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 13
<NAME> INTERNATIONAL SECURITIES FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 14
<NAME> LIMITED VOLATILITY TAX FREE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 15
<NAME> U.S. GOVERNMENT MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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<NET-ASSETS> 149941
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 7881
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 16
<NAME> EQUITY Q FUND
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 17
<NAME> QUANTITATIVE EQUITY FUND
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<S> <C>
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<PERIOD-END> DEC-31-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 18
<NAME> TAX FREE MONEY MARKET FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 19
<NAME> REAL ESTATE SECURITIES FUND
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> JAN-01-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 20
<NAME> FIXED INCOME III FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 21
<NAME> EMERGING MARKETS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000351601
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 22
<NAME> MULTISTRATEGY BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
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</TABLE>
