<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000351601
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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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 28
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 VOLATILITY CONSTRAINED BOND FUND
007 C031200 N
007 C011300 13
007 C021300 INTERNATIONAL SECURITIES FUND
007 C031300 N
007 C011400 14
007 C021400 LIMITED VOLATILITY 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 C022300 EQUITY T FUND
007 C032300 N
007 C012400 24
007 C022400 EQUITY BALANCED STRATEGY FUND
007 C032400 N
007 C012500 25
007 C022500 AGGRESSIVE STRATEGY FUND
007 C032500 N
007 C012600 26
007 C022600 BALANCED STRATEGY FUND
007 C032600 N
007 C012700 27
007 C022700 MODERATE STRATEGY FUND
<PAGE> PAGE 3
007 C032700 N
007 C012800 28
007 C022800 CONSERVATIVE STRATEGY FUND
007 C032800 N
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
<PAGE> PAGE 4
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
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.
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
<PAGE> PAGE 5
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
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 COLUMBIA 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 A00AA15 BANQUE PARIBAS
015 B00AA15 S
015 C01AA15 PARIS
015 D01AA15 FRANCE
015 E04AA15 X
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
<PAGE> PAGE 6
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 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B00AA20 S
015 C01AA20 ABIDJAN
015 D01AA20 IVORY COAST
015 E04AA20 X
015 A00AA21 STANDARD CHARTERED BANK
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 BANQUE PARIBAS - MILAN
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 MALAYSIA BERHAD
015 B00AA27 S
015 C01AA27 KUALA LUMPUR
015 D01AA27 MALAYSIA
015 E04AA27 X
015 A00AA28 CITIBANK MEXICO, S.A.
015 B00AA28 S
015 C01AA28 MEXICO CITY
015 D01AA28 MEXICO
<PAGE> PAGE 7
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 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA31 S
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.
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 COMERCIAL 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
<PAGE> PAGE 8
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
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.
015 B00AA43 S
015 C01AA43 INSTANBUL
015 D01AA43 TURKEY
015 E04AA43 X
015 A00AA44 STATE STREET BANK AND TRUST COMPANY
015 B00AA44 S
015 C01AA44 LONDON
015 D01AA44 UNITED KINGDOM
015 E04AA44 X
015 A00AA45 CITIBANK, N.A.
015 B00AA45 S
015 C01AA45 MONTEVIDEO
015 D01AA45 URUGUAY
015 E04AA45 X
015 A00AA46 CITIBANK, N.A.
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 LTD.
<PAGE> PAGE 9
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
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
<PAGE> PAGE 10
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
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 DRESDNER BANK AG
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.
015 B00AA67 S
015 C01AA67 QUITO
015 D01AA67 ECUADOR
015 E04AA67 X
015 A00AA68 CREDIT SUISSE FIRST BOSTON
015 B00AA68 S
015 C01AA68 MOSCOW
015 D01AA68 RUSSIA
015 E04AA68 X
015 A00AA69 THE BANK OF BERMUDA LIMITED
<PAGE> PAGE 11
015 B00AA69 S
015 C01AA69 HAMILTON
015 D01AA69 BERMUDA
015 E04AA69 X
015 A00AA70 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA70 S
015 C01AA70 BEIRUT
015 D01AA70 LEBANON
015 E04AA70 X
015 A00AA71 BRITISH BANK OF THE MIDDLE EAST
015 B00AA71 S
015 C01AA71 MANAMA
015 D01AA71 BAHRAIN
015 E04AA71 X
015 A00AA72 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA72 S
015 C01AA72 BOMBAY
015 D01AA72 INDIA
015 E04AA72 X
015 A00AA73 THE FUJI BANK, LTD.
015 B00AA73 S
015 C01AA73 TOKYO
015 D01AA73 JAPAN
015 E04AA73 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 1
019 C00AA00 RLINSFUNDS
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001 1382
020 A000002 MERRILL LYNCH, PIERCE, FENNER, INC.
020 B000002 13-5674085
020 C000002 1252
020 A000003 INVESTMENT TECHNOLOGY GROUP
020 B000003 95-4339369
020 C000003 1146
020 A000004 GOLDMAN SACHS & CO.
020 B000004 13-5108880
020 C000004 993
020 A000005 MORGAN STANLEY & CO., INC.
020 B000005 13-2655998
020 C000005 783
020 A000006 BEAR, STEARNS SECURITIES
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020 C000006 610
020 A000007 S.G. WARBURG
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020 C000007 592
020 A000008 JAMES CAPEL & CO.
020 B000008 52-1348224
<PAGE> PAGE 12
020 C000008 580
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022 A000002 HSBC SECURITIES, INC.
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022 A000003 BARCLAYS DE ZOETE WEDD SECURITIES, INC.
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022 C000003 4541542
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022 A000005 GENERAL ELECTRIC CAP CORP
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022 C000006 888421
022 D000006 740544
022 A000007 GOLDMAN SACHS
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022 C000007 935496
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022 A000008 ASSOCIATES CORP OF NORTH AMERICA
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022 C000008 1463307
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022 C000009 814990
022 D000009 566507
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<PAGE> PAGE 13
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077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
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083 A00AA00 N
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<PAGE> PAGE 14
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086 B010000 0
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086 C010000 0
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086 D020000 0
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008 B000101 A
008 C000101 801-17141
008 D010101 TACOMA
008 D020101 WA
008 D030101 98402
008 A000102 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B000102 S
008 C000102 801-7492
008 D010102 MINNEAPOLIS
008 D020102 MN
008 D030102 55402
008 D040102 4322
008 A000103 BARCLAYS GLOBAL INVESTORS, N.A.
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008 C000103 801-22609
008 D010103 SAN FRANCISCO
008 D020103 CA
008 D030103 94105
008 A000104 PEACHTREE ASSET MANAGEMENT
008 B000104 S
008 C000104 801-3387
008 D010104 ATLANTA
008 D020104 GA
008 D030104 30308
008 A000105 EQUINOX CAPITAL MANAGEMENT, INC.
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008 C000105 801-34524
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008 D020105 NY
008 D030105 10022
008 A000106 INVESCO CAPITAL MANAGEMENT, INC.
008 B000106 S
008 C000106 801-33949
008 D010106 ATLANTA
008 D020106 GA
008 D030106 30309
008 A000107 LINCOLN CAPITAL MANAGEMENT CO.
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008 C000107 801-11417
<PAGE> PAGE 15
008 D010107 CHICAGO
008 D020107 IL
008 D030107 60606
008 A000108 TRINITY INVESTMENT MANAGEMENT CORP.
008 B000108 S
008 C000108 801-11312
008 D010108 BOSTON
008 D020108 MA
008 D030108 02116
008 A000110 SUFFOLK CAPITAL MANAGEMENT, INC.
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008 C000110 801-3631D
008 D010110 NEW YORK
008 D020110 NY
008 D030110 10107
008 A000111 SCHNEIDER CAPITAL MANAGEMENT
008 B000111 S
008 C000111 801-52502
008 D010111 WAYNE
008 D020111 PA
008 D030111 19807
024 000100 Y
025 A000101 BEAR STEARNS COS., INC.
025 B000101 13-3299429
025 C000101 E
025 D000101 668
025 A000102 LEHMAN BROTHERS HOLDINGS, INC.
025 B000102 132518466
025 C000102 E
025 D000102 923
025 A000103 MERRILL LYNCH & CO., INC.
025 B000103 135674085
025 C000103 E
025 D000103 5806
025 A000104 MORGAN STANLEY GROUP, INC.
025 B000104 133224016
025 C000104 E
025 D000104 8842
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<PAGE> PAGE 16
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030 C000100 0.00
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042 C000100 0
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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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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<PAGE> PAGE 28
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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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<PAGE> PAGE 33
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<PAGE> PAGE 35
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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
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<PAGE> PAGE 57
054 B000800 N
054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 N
054 H000800 N
054 I000800 N
054 J000800 N
054 K000800 N
054 L000800 N
054 M000800 N
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067 000800 N
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069 000800 N
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<PAGE> PAGE 58
070 D010800 Y
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070 P020800 N
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070 Q020800 N
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
054 L000900 N
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<PAGE> PAGE 64
070 I010900 N
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
048 J011000 0
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<PAGE> PAGE 69
067 001000 N
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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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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074 R021100 0
074 R031100 56
074 R041100 1278
074 S001100 0
074 T001100 689800
074 U011100 29329
074 U021100 103
074 V011100 23.43
074 V021100 24.06
074 W001100 0.0000
074 X001100 5797
074 Y001100 8480
075 A001100 0
075 B001100 616312
076 001100 0.00
008 A001201 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001201 A
008 C001201 801-17141
008 D011201 TACOMA
008 D021201 WA
008 D031201 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 77
008 B001204 S
008 C001204 801-584
008 D011204 BOSTON
008 D021204 MA
008 D031204 02111
008 A001205 STW FIXED INCOME MANAGEMENT
008 B001205 S
008 C001205 801-48761
008 D011205 HAMILTON
008 D051205 BERMUDA
008 D061205 HMKX
024 001200 Y
025 A001201 LEHMAN BROTHERS
025 B001201 13-2518466
025 C001201 D
025 D001201 1801
025 A001202 MERRILL LYNCH & CO., INC.
025 B001202 135674085
025 C001202 D
025 D001202 946
025 A001203 SALOMON BROTHERS
025 B001203 13-3082694
025 C001203 D
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025 A001204 DELETE
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<PAGE> PAGE 78
028 F021200 709
028 F031200 0
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028 G011200 38866
028 G021200 3503
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028 G041200 32820
028 H001200 0
029 001200 N
030 A001200 0
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030 C001200 0.00
031 A001200 0
031 B001200 0
032 001200 0
033 001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 N
041 001200 N
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
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044 001200 0
045 001200 Y
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047 001200 Y
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048 B011200 0
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<PAGE> PAGE 79
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 N
054 A001200 N
054 B001200 N
054 C001200 N
054 D001200 N
054 E001200 N
054 F001200 N
054 G001200 N
054 H001200 N
054 I001200 N
054 J001200 N
054 K001200 N
054 L001200 N
054 M001200 N
054 N001200 N
054 O001200 N
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 8.2
062 M001200 17.4
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062 O001200 0.4
062 P001200 21.2
062 Q001200 52.8
062 R001200 0.0
063 A001200 0
063 B001200 2.8
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
<PAGE> PAGE 80
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 Y
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 Y
070 Q021200 N
070 R011200 Y
070 R021200 N
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071 C001200 152347
071 D001200 197
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<PAGE> PAGE 81
072 J001200 136
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072 N001200 48
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072 R001200 22
072 S001200 1
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072 V001200 0
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072 X001200 1265
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074 P001200 111
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<PAGE> PAGE 82
074 U011200 9074
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008 A001301 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001301 A
008 C001301 801-17141
008 D011301 TACOMA
008 D021301 WA
008 D031301 98402
008 A001303 J.P. MORGAN INVESTMENT MANAGEMENT, INC.
008 B001303 S
008 C001303 801-21011
008 D011303 LONDON
008 D051303 ENGLAND
008 D061303 SW1Y6XA
008 A001304 SANFORD C. BERNSTEIN & CO., INC.
008 B001304 S
008 C001304 801-10488
008 D011304 NEW YORK
008 D021304 NY
008 D031304 10153
008 A001305 OECHSLE INTERNATIONAL ADVISORS
008 B001305 S
008 C001305 801-28111
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008 D031305 02110
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008 D031306 21202
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008 D061307 WC2H9EA
008 A001308 THE BOSTON COMPANY ASSET MANAGEMENT, INC.
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008 C001308 801-06829
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<PAGE> PAGE 83
008 D031308 02108
008 D041308 4402
008 A001309 MASTHOLM ASSET MANAGEMENT, LLC
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008 C001309 801-54834
008 D011309 BELLEVUE
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008 D031309 98004
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025 A001301 DAIWA BANK
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030 A001300 0
<PAGE> PAGE 84
030 B001300 0.00
030 C001300 0.00
031 A001300 0
031 B001300 0
032 001300 0
033 001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
042 A001300 0
042 B001300 0
042 C001300 0
042 D001300 0
042 E001300 0
042 F001300 100
042 G001300 0
042 H001300 0
043 001300 3
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045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.950
048 A011300 0
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048 D021300 0.000
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048 E021300 0.000
048 F011300 0
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048 G011300 0
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048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
<PAGE> PAGE 85
053 A001300 N
054 A001300 N
054 B001300 Y
054 C001300 N
054 D001300 N
054 E001300 N
054 F001300 N
054 G001300 N
054 H001300 N
054 I001300 N
054 J001300 N
054 K001300 N
054 L001300 N
054 M001300 N
054 N001300 N
054 O001300 N
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
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062 H001300 0.0
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062 J001300 0.0
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062 L001300 0.0
062 M001300 0.0
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062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 N
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 Y
067 001300 N
068 A001300 N
068 B001300 Y
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
<PAGE> PAGE 86
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 Y
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 Y
070 N011300 Y
070 N021300 Y
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 Y
070 Q021300 N
070 R011300 Y
070 R021300 N
071 A001300 640429
071 B001300 546060
071 C001300 742545
071 D001300 74
072 A001300 12
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<PAGE> PAGE 87
072 P001300 0
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072 R001300 43
072 S001300 3
072 T001300 7
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072 X001300 10319
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072EE001300 46187
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074 O001300 4659
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<PAGE> PAGE 88
074 Y001300 9388
075 A001300 0
075 B001300 817279
076 001300 0.00
008 A001401 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001401 A
008 C001401 801-17141
008 D011401 TACOMA
008 D021401 WA
008 D031401 98402
008 A001403 MFS INSTITUTIONAL ADVISORS, INC.
008 B001403 S
008 C001403 801-46433
008 D011403 BOSTON
008 D021403 MA
008 D031403 02116
008 D041403 3741
008 A001404 T. ROWE PRICE ASSOCIATES, INC.
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008 C001404 801-856
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008 D021404 MD
008 D031404 21202
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025 D001401 0
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<PAGE> PAGE 89
028 E041400 946
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028 G011400 23302
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030 C001400 0.00
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033 001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 N
041 001400 N
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042 B001400 0
042 C001400 0
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
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045 001400 Y
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047 001400 Y
048 001400 0.500
048 A011400 0
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048 G021400 0.000
<PAGE> PAGE 90
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 N
054 A001400 N
054 B001400 N
054 C001400 N
054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 N
054 H001400 N
054 I001400 N
054 J001400 N
054 K001400 N
054 L001400 N
054 M001400 N
054 N001400 N
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<PAGE> PAGE 91
067 001400 N
068 A001400 N
068 B001400 N
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070 A011400 Y
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070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 N
070 M011400 Y
070 M021400 N
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070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
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070 Q011400 Y
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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008 B001501 A
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008 D011501 TACOMA
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<PAGE> PAGE 94
028 G011500 337365
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<PAGE> PAGE 95
048 J021500 0.000
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052 001500 N
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054 A001500 N
054 B001500 N
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054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 N
054 H001500 N
054 I001500 N
054 J001500 N
054 K001500 N
054 L001500 N
054 M001500 N
054 N001500 N
054 O001500 N
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067 001500 N
068 A001500 N
068 B001500 N
<PAGE> PAGE 96
069 001500 N
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<PAGE> PAGE 98
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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 105
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<PAGE> PAGE 107
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<PAGE> PAGE 117
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070 I021900 N
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070 J021900 N
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070 K021900 Y
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070 M021900 N
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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008 A002001 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B002001 A
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008 D012001 TACOMA
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008 A002003 BEA ASSOCIATES, INC.
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008 B002004 S
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<PAGE> PAGE 120
008 D032005 02111
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025 A002002 SALOMON, INC.
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025 B002003 135674085
025 C002003 D
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025 A002004 MORGAN STANLEY GROUP, INC.
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025 A002005 BEAR STEARNS CAPITAL
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<PAGE> PAGE 121
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<PAGE> PAGE 122
048 I012000 0
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052 002000 N
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054 D002000 N
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054 F002000 N
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054 H002000 N
054 I002000 N
054 J002000 N
054 K002000 N
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<PAGE> PAGE 123
068 B002000 N
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070 J022000 N
070 K012000 Y
070 K022000 Y
070 L012000 Y
070 L022000 Y
070 M012000 Y
070 M022000 Y
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070 Q022000 N
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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050 002100 N
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052 002100 N
053 A002100 N
054 A002100 N
054 B002100 Y
054 C002100 N
054 D002100 N
054 E002100 N
054 F002100 N
054 G002100 N
054 H002100 N
054 I002100 N
054 J002100 N
054 K002100 N
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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008 A002201 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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<PAGE> PAGE 135
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<PAGE> PAGE 136
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<PAGE> PAGE 137
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<PAGE> PAGE 138
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<PAGE> PAGE 139
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<PAGE> PAGE 140
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<PAGE> PAGE 141
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<PAGE> PAGE 142
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<PAGE> PAGE 144
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<PAGE> PAGE 145
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<PAGE> PAGE 146
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<PAGE> PAGE 147
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<PAGE> PAGE 148
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<PAGE> PAGE 149
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<PAGE> PAGE 150
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<PAGE> PAGE 151
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<PAGE> PAGE 152
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<PAGE> PAGE 154
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<PAGE> PAGE 155
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<PAGE> PAGE 156
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SIGNATURE MARK SWANSON
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NET-INVESTMENT-INCOME> 3241
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<APPREC-INCREASE-CURRENT> 8353
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<DISTRIBUTIONS-OF-INCOME> 3287
<DISTRIBUTIONS-OF-GAINS> 52197
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<NUMBER-OF-SHARES-REDEEMED> 1899
<SHARES-REINVESTED> 912
<NET-CHANGE-IN-ASSETS> 32036
<ACCUMULATED-NII-PRIOR> 873
<ACCUMULATED-GAINS-PRIOR> 20883
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<PER-SHARE-NAV-BEGIN> 40.22
<PER-SHARE-NII> .69
<PER-SHARE-GAIN-APPREC> 12.11
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 41.08
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 16
<NAME> EQUITY Q FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 853147
<INVESTMENTS-AT-VALUE> 1110229
<RECEIVABLES> 12581
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<TOTAL-ASSETS> 1122810
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<OTHER-ITEMS-LIABILITIES> 132589
<TOTAL-LIABILITIES> 135050
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 712127
<SHARES-COMMON-STOCK> 27518
<SHARES-COMMON-PRIOR> 27160
<ACCUMULATED-NII-CURRENT> 49
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18106
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 257478
<NET-ASSETS> 987760
<DIVIDEND-INCOME> 18620
<INTEREST-INCOME> 73
<OTHER-INCOME> 0
<EXPENSES-NET> 6847
<NET-INVESTMENT-INCOME> 11846
<REALIZED-GAINS-CURRENT> 180923
<APPREC-INCREASE-CURRENT> 93779
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<DISTRIBUTIONS-OF-GAINS> 185330
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<NUMBER-OF-SHARES-SOLD> 8963
<NUMBER-OF-SHARES-REDEEMED> 11469
<SHARES-REINVESTED> 5186
<NET-CHANGE-IN-ASSETS> 169479
<ACCUMULATED-NII-PRIOR> 3076
<ACCUMULATED-GAINS-PRIOR> 78226
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 6847
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<PER-SHARE-NAV-BEGIN> 32.94
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<PER-SHARE-NAV-END> 35.90
<EXPENSE-RATIO> .68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 4
<NAME> FIXED I FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 827540
<INVESTMENTS-AT-VALUE> 849028
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<TOTAL-ASSETS> 896777
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1485
<TOTAL-LIABILITIES> 98525
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 784005
<SHARES-COMMON-STOCK> 37104
<SHARES-COMMON-PRIOR> 33318
<ACCUMULATED-NII-CURRENT> 1141
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8458)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21564
<NET-ASSETS> 798252
<DIVIDEND-INCOME> 4224
<INTEREST-INCOME> 46097
<OTHER-INCOME> 0
<EXPENSES-NET> 3046
<NET-INVESTMENT-INCOME> 47275
<REALIZED-GAINS-CURRENT> 5135
<APPREC-INCREASE-CURRENT> 14104
<NET-CHANGE-FROM-OPS> 66514
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 47931
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 13732
<NUMBER-OF-SHARES-REDEEMED> 10090
<SHARES-REINVESTED> 1876
<NET-CHANGE-IN-ASSETS> 135353
<ACCUMULATED-NII-PRIOR> 11593
<ACCUMULATED-GAINS-PRIOR> (14472)
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.51
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 5
<NAME> FIXED II FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 226406
<INVESTMENTS-AT-VALUE> 226716
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<OTHER-ITEMS-LIABILITIES> 964
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 236256
<SHARES-COMMON-STOCK> 12507
<SHARES-COMMON-PRIOR> 12833
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7705)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 310
<NET-ASSETS> 229470
<DIVIDEND-INCOME> 889
<INTEREST-INCOME> 14201
<OTHER-INCOME> 0
<EXPENSES-NET> 1563
<NET-INVESTMENT-INCOME> 13527
<REALIZED-GAINS-CURRENT> (118)
<APPREC-INCREASE-CURRENT> 487
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<SHARES-REINVESTED> 641
<NET-CHANGE-IN-ASSETS> 6487
<ACCUMULATED-NII-PRIOR> 3448
<ACCUMULATED-GAINS-PRIOR> (7598)
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1563
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<PER-SHARE-NAV-BEGIN> 18.36
<PER-SHARE-NII> 1.08
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 1.09
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.35
<EXPENSE-RATIO> .66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 7
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 924554
<INVESTMENTS-AT-VALUE> 924554
<RECEIVABLES> 6663
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 931217
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4934
<TOTAL-LIABILITIES> 4934
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 926283
<SHARES-COMMON-STOCK> 926283
<SHARES-COMMON-PRIOR> 709950
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 926283
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 41325
<OTHER-INCOME> 0
<EXPENSES-NET> 557
<NET-INVESTMENT-INCOME> 40768
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<APPREC-INCREASE-CURRENT> 0
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<DISTRIBUTIONS-OF-INCOME> 40768
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 8643688
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<SHARES-REINVESTED> 1300
<NET-CHANGE-IN-ASSETS> 429351
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2168
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .056
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .056
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 22
<NAME> MULTISTRATEGY BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 487273
<INVESTMENTS-AT-VALUE> 493656
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<ASSETS-OTHER> 440
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 508707
<PAYABLE-FOR-SECURITIES> 69981
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 71395
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 429925
<SHARES-COMMON-STOCK> 42609
<SHARES-COMMON-PRIOR> 35218
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<OVERDISTRIBUTION-NII> 9
<ACCUMULATED-NET-GAINS> 658
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6738
<NET-ASSETS> 437312
<DIVIDEND-INCOME> 4832
<INTEREST-INCOME> 19762
<OTHER-INCOME> 0
<EXPENSES-NET> 2925
<NET-INVESTMENT-INCOME> 21669
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<APPREC-INCREASE-CURRENT> 4081
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<DISTRIBUTIONS-OF-GAINS> 6734
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<ACCUMULATED-NII-PRIOR> 1753
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3051
<AVERAGE-NET-ASSETS> 365586
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> .61
<PER-SHARE-DISTRIBUTIONS> .17
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<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 19
<NAME> REAL ESTATE SECURITIES FUND - CLASS S
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 486771
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<RECEIVABLES> 11048
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<TOTAL-ASSETS> 624149
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1015
<TOTAL-LIABILITIES> 8278
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 481441
<SHARES-COMMON-STOCK> 615483
<SHARES-COMMON-PRIOR> 17135
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 9
<ACCUMULATED-NET-GAINS> 8305
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126134
<NET-ASSETS> 615871
<DIVIDEND-INCOME> 29176
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 5323
<NET-INVESTMENT-INCOME> 23853
<REALIZED-GAINS-CURRENT> 44736
<APPREC-INCREASE-CURRENT> 27721
<NET-CHANGE-FROM-OPS> 96310
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<DISTRIBUTIONS-OF-INCOME> 24665
<DISTRIBUTIONS-OF-GAINS> 40156
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<NUMBER-OF-SHARES-SOLD> 7685
<NUMBER-OF-SHARES-REDEEMED> 4804
<SHARES-REINVESTED> 1796
<NET-CHANGE-IN-ASSETS> 170150
<ACCUMULATED-NII-PRIOR> 5825
<ACCUMULATED-GAINS-PRIOR> 18348
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 5323
<AVERAGE-NET-ASSETS> 521428
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<PER-SHARE-NII> 1.36
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<PER-SHARE-NAV-END> 30.86
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 18
<NAME> TAX FREE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 137731
<INVESTMENTS-AT-VALUE> 137731
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138854
<PAYABLE-FOR-SECURITIES> 7703
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<OTHER-ITEMS-LIABILITIES> 426
<TOTAL-LIABILITIES> 8129
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 130725
<SHARES-COMMON-STOCK> 130725
<SHARES-COMMON-PRIOR> 92123
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 130725
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4092
<OTHER-INCOME> 0
<EXPENSES-NET> 299
<NET-INVESTMENT-INCOME> 3793
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3793
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<DISTRIBUTIONS-OF-INCOME> 3793
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 267747
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<SHARES-REINVESTED> 1922
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<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-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<TOTAL-LIABILITIES> 855
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<ACCUM-APPREC-OR-DEPREC> 0
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<NET-INVESTMENT-INCOME> 11788
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 12
<NAME> VOLATILITY CONSTRAINED BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<OTHER-ITEMS-LIABILITIES> 175
<TOTAL-LIABILITIES> 773
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182400
<SHARES-COMMON-STOCK> 9074
<SHARES-COMMON-PRIOR> 8573
<ACCUMULATED-NII-CURRENT> 708
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10088)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (44)
<NET-ASSETS> 172976
<DIVIDEND-INCOME> 568
<INTEREST-INCOME> 9879
<OTHER-INCOME> 0
<EXPENSES-NET> 1265
<NET-INVESTMENT-INCOME> 9182
<REALIZED-GAINS-CURRENT> (141)
<APPREC-INCREASE-CURRENT> 325
<NET-CHANGE-FROM-OPS> 9366
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9388
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4532
<NUMBER-OF-SHARES-REDEEMED> 4334
<SHARES-REINVESTED> 319
<NET-CHANGE-IN-ASSETS> 9779
<ACCUMULATED-NII-PRIOR> 1222
<ACCUMULATED-GAINS-PRIOR> (9976)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1265
<AVERAGE-NET-ASSETS> 162939
<PER-SHARE-NAV-BEGIN> 19.07
<PER-SHARE-NII> 1.07
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> 1.10
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.06
<EXPENSE-RATIO> .78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 33
<NAME> BALANCED STRATEGY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> SEP-16-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3730
<SHARES-COMMON-STOCK> 376
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 17
<ACCUM-APPREC-OR-DEPREC> (165)
<NET-ASSETS> 3554
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 22
<EXPENSES-NET> 1
<NET-INVESTMENT-INCOME> 21
<REALIZED-GAINS-CURRENT> 175
<APPREC-INCREASE-CURRENT> (165)
<NET-CHANGE-FROM-OPS> 31
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21
<DISTRIBUTIONS-OF-GAINS> 186
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 359
<NUMBER-OF-SHARES-REDEEMED> 3
<SHARES-REINVESTED> 19
<NET-CHANGE-IN-ASSETS> 3554
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65
<AVERAGE-NET-ASSETS> 1619
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> .56
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.46
<EXPENSE-RATIO> .25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 27
<NAME> DIVERSIFIED BOND FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 724531
<INVESTMENTS-AT-VALUE> 742141
<RECEIVABLES> 39275
<ASSETS-OTHER> 398
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 781814
<PAYABLE-FOR-SECURITIES> 90355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1659
<TOTAL-LIABILITIES> 92014
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 680533
<SHARES-COMMON-STOCK> 103
<SHARES-COMMON-PRIOR> 69
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 100
<ACCUMULATED-NET-GAINS> (8311)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17678
<NET-ASSETS> 689800
<DIVIDEND-INCOME> 3820
<INTEREST-INCOME> 39015
<OTHER-INCOME> 0
<EXPENSES-NET> 3727
<NET-INVESTMENT-INCOME> 39108
<REALIZED-GAINS-CURRENT> 4407
<APPREC-INCREASE-CURRENT> 11285
<NET-CHANGE-FROM-OPS> 54800
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 45
<DISTRIBUTIONS-OF-GAINS> 8
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<NUMBER-OF-SHARES-SOLD> 72
<NUMBER-OF-SHARES-REDEEMED> 11
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 134035
<ACCUMULATED-NII-PRIOR> 3169
<ACCUMULATED-GAINS-PRIOR> (10505)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2755
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3727
<AVERAGE-NET-ASSETS> 1631
<PER-SHARE-NAV-BEGIN> 22.98
<PER-SHARE-NII> 1.22
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> .72
<PER-SHARE-DISTRIBUTIONS> .08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.06
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 30
<NAME> DIVERSIFIED EQUITY FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> MAY-27-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 858173
<INVESTMENTS-AT-VALUE> 1030137
<RECEIVABLES> 20985
<ASSETS-OTHER> 286
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1051408
<PAYABLE-FOR-SECURITIES> 2942
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3007
<TOTAL-LIABILITIES> 5949
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 874121
<SHARES-COMMON-STOCK> 65
<SHARES-COMMON-PRIOR> 28
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 777
<ACCUM-APPREC-OR-DEPREC> 172115
<NET-ASSETS> 1045459
<DIVIDEND-INCOME> 15032
<INTEREST-INCOME> 167
<OTHER-INCOME> 0
<EXPENSES-NET> 8137
<NET-INVESTMENT-INCOME> 7062
<REALIZED-GAINS-CURRENT> 179083
<APPREC-INCREASE-CURRENT> 46630
<NET-CHANGE-FROM-OPS> 232775
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2
<DISTRIBUTIONS-OF-GAINS> 477
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<NUMBER-OF-SHARES-SOLD> 66
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 345768
<ACCUMULATED-NII-PRIOR> 1844
<ACCUMULATED-GAINS-PRIOR> 66428
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8137
<AVERAGE-NET-ASSETS> 1035
<PER-SHARE-NAV-BEGIN> 45.55
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 7.97
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 9.87
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 43.64
<EXPENSE-RATIO> 1.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 8
<NAME> DIVERSIFIED EQUITY FUND - CLASS S
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 858173
<INVESTMENTS-AT-VALUE> 1030137
<RECEIVABLES> 20985
<ASSETS-OTHER> 286
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1051408
<PAYABLE-FOR-SECURITIES> 2942
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3007
<TOTAL-LIABILITIES> 5949
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 874121
<SHARES-COMMON-STOCK> 23890
<SHARES-COMMON-PRIOR> 18550
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 777
<ACCUM-APPREC-OR-DEPREC> 172115
<NET-ASSETS> 1045459
<DIVIDEND-INCOME> 15032
<INTEREST-INCOME> 167
<OTHER-INCOME> 0
<EXPENSES-NET> 8137
<NET-INVESTMENT-INCOME> 7062
<REALIZED-GAINS-CURRENT> 179083
<APPREC-INCREASE-CURRENT> 46630
<NET-CHANGE-FROM-OPS> 232775
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7083
<DISTRIBUTIONS-OF-GAINS> 193162
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8086
<NUMBER-OF-SHARES-REDEEMED> 4802
<SHARES-REINVESTED> 3726
<NET-CHANGE-IN-ASSETS> 345768
<ACCUMULATED-NII-PRIOR> 1844
<ACCUMULATED-GAINS-PRIOR> 66428
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8137
<AVERAGE-NET-ASSETS> 885620
<PER-SHARE-NAV-BEGIN> 41.45
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> 12.06
<PER-SHARE-DIVIDEND> .37
<PER-SHARE-DISTRIBUTIONS> 9.87
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 43.64
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 21
<NAME> EMERGING MARKETS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 330571
<INVESTMENTS-AT-VALUE> 326677
<RECEIVABLES> 8401
<ASSETS-OTHER> 6617
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 341695
<PAYABLE-FOR-SECURITIES> 4413
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4230
<TOTAL-LIABILITIES> 8643
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 351430
<SHARES-COMMON-STOCK> 28254
<SHARES-COMMON-PRIOR> 26030
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 862
<ACCUMULATED-NET-GAINS> (13576)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3940)
<NET-ASSETS> 333052
<DIVIDEND-INCOME> 9112
<INTEREST-INCOME> 139
<OTHER-INCOME> (509)
<EXPENSES-NET> 5712
<NET-INVESTMENT-INCOME> 3030
<REALIZED-GAINS-CURRENT> (4838)
<APPREC-INCREASE-CURRENT> (18122)
<NET-CHANGE-FROM-OPS> (19930)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3615
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14336
<NUMBER-OF-SHARES-REDEEMED> 8321
<SHARES-REINVESTED> 248
<NET-CHANGE-IN-ASSETS> 61562
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (659)
<OVERDISTRIB-NII-PRIOR> 2022
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4167
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<GROSS-EXPENSE> 5712
<AVERAGE-NET-ASSETS> 347878
<PER-SHARE-NAV-BEGIN> 12.35
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> (.56)
<PER-SHARE-DIVIDEND> .14
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> 1.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 1
<NAME> EQUITY I FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 927759
<INVESTMENTS-AT-VALUE> 1138801
<RECEIVABLES> 12968
<ASSETS-OTHER> 842
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1152611
<PAYABLE-FOR-SECURITIES> 2766
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13472
<TOTAL-LIABILITIES> 16238
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 917578
<SHARES-COMMON-STOCK> 37245
<SHARES-COMMON-PRIOR> 30936
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7329
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 211466
<NET-ASSETS> 1136373
<DIVIDEND-INCOME> 17680
<INTEREST-INCOME> 230
<OTHER-INCOME> 0
<EXPENSES-NET> 7531
<NET-INVESTMENT-INCOME> 10379
<REALIZED-GAINS-CURRENT> 250266
<APPREC-INCREASE-CURRENT> 31174
<NET-CHANGE-FROM-OPS> 291819
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10405
<DISTRIBUTIONS-OF-GAINS> 260727
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9572
<NUMBER-OF-SHARES-REDEEMED> 12433
<SHARES-REINVESTED> 8403
<NET-CHANGE-IN-ASSETS> 174420
<ACCUMULATED-NII-PRIOR> 2730
<ACCUMULATED-GAINS-PRIOR> 102619
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6457
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7531
<AVERAGE-NET-ASSETS> 1077307
<PER-SHARE-NAV-BEGIN> 30.34
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> 8.89
<PER-SHARE-DIVIDEND> .34
<PER-SHARE-DISTRIBUTIONS> 8.72
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.51
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 23
<NAME> EQUITY T
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 99782
<INVESTMENTS-AT-VALUE> 114043
<RECEIVABLES> 604
<ASSETS-OTHER> 18
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<TOTAL-ASSETS> 114665
<PAYABLE-FOR-SECURITIES> 4818
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112
<TOTAL-LIABILITIES> 4930
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95384
<SHARES-COMMON-STOCK> 7897
<SHARES-COMMON-PRIOR> 4414
<ACCUMULATED-NII-CURRENT> 20
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<ACCUMULATED-NET-GAINS> 39
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14292
<NET-ASSETS> 109735
<DIVIDEND-INCOME> 1070
<INTEREST-INCOME> 7
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<EXPENSES-NET> 561
<NET-INVESTMENT-INCOME> 516
<REALIZED-GAINS-CURRENT> 65
<APPREC-INCREASE-CURRENT> 13594
<NET-CHANGE-FROM-OPS> 14175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 496
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 6152
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<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> 89804
<ACCUMULATED-NII-PRIOR> 182
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 607
<AVERAGE-NET-ASSETS> 56096
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 3.28
<PER-SHARE-DIVIDEND> .07
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<PER-SHARE-NAV-END> 13.90
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 20
<NAME> FIXED INCOME III FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 426957
<INVESTMENTS-AT-VALUE> 433263
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<TOTAL-ASSETS> 461730
<PAYABLE-FOR-SECURITIES> 78453
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 79297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 374967
<SHARES-COMMON-STOCK> 36713
<SHARES-COMMON-PRIOR> 32068
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 28
<ACCUMULATED-NET-GAINS> 881
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6613
<NET-ASSETS> 382433
<DIVIDEND-INCOME> 3893
<INTEREST-INCOME> 19135
<OTHER-INCOME> 0
<EXPENSES-NET> 2363
<NET-INVESTMENT-INCOME> 20665
<REALIZED-GAINS-CURRENT> 6722
<APPREC-INCREASE-CURRENT> 4087
<NET-CHANGE-FROM-OPS> 31474
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 1962
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<NUMBER-OF-SHARES-REDEEMED> 10407
<SHARES-REINVESTED> 2097
<NET-CHANGE-IN-ASSETS> 90356
<ACCUMULATED-NII-PRIOR> 4895
<ACCUMULATED-GAINS-PRIOR> (2749)
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<AVERAGE-NET-ASSETS> 336885
<PER-SHARE-NAV-BEGIN> 10.17
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<PER-SHARE-NAV-END> 10.42
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NAME> INTERNATIONAL SECURITIES FUND - CLASS C
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 13
<NAME> INTERNATIONAL SECURITIES FUND - CLASS S
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 14
<NAME> LIMITED VOLATILITY TAX FREE FUND
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<S> <C>
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<PERIOD-START> JAN-01-1997
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 25
<NAME> QUANTITATIVE EQUITY FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 17
<NAME> QUANTITATIVE EQUITY FUND - CLASS S
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> JAN-01-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 29
<NAME> REAL ESTATE SECURITIES FUND - CLASS C
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 24
<NAME> SPECIAL GROWTH FUND - CLASS C
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NAME> SPECIAL GROWTH FUND - CLASS S
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NUMBER> 32
<NAME> AGGRESSIVE STRATEGY FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 35
<NAME> CONSERVATIVE STRATEGY FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 31
<NAME> EQUITY BALANCED STRATEGY FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 34
<NAME> MODERATE STRATEGY FUND
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<S> <C>
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