<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000351601
000 D000000 N
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001 A000000 FRANK RUSSELL INVESTMENT COMPANY
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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
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007 C010100 1
007 C020100 EQUITY I FUND
007 C030100 N
007 C010200 2
007 C020200 EQUITY II FUND
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007 C010300 3
007 C020300 EQUITY III FUND
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007 C010400 4
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007 C010500 5
007 C020500 FIXED II FUND
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007 C010600 6
007 C020600 INTERNATIONAL FUND
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007 C010700 7
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007 C010800 8
007 C020800 DIVERSIFIED EQUITY FUND
007 C030800 N
007 C010900 9
007 C020900 SPECIAL GROWTH FUND
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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
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007 C012700 27
007 C022700 MODERATE STRATEGY FUND
<PAGE> PAGE 3
007 C032700 N
007 C012800 28
007 C022800 CONSERVATIVE STRATEGY FUND
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007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
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007 C015200 52
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007 C015600 56
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<PAGE> PAGE 4
007 C017600 76
007 C017700 77
007 C017800 78
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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 PRICEWATERHOUSE COOPERS 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
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015 A00AA03 WESTPAC BANKING CORPORATION
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015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK
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015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
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015 C01AA05 DHAKA
015 D01AA05 BANGLADESH
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015 A00AA06 GENERALE BANK
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<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
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015 C01AA11 BOGOTA
015 D01AA11 COLUMBIA
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015 A00AA12 BARCLAYS BANK PLC
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015 C01AA12 NICOSIA
015 D01AA12 CYPRUS
015 E04AA12 X
015 A00AA13 DEN DANSKE BANK
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015 C01AA13 COPENHAGEN
015 D01AA13 DENMARK
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015 A00AA14 HONGKONG & SHANGHAI BANKING CORPORATION
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015 C01AA14 SEOUL
015 D01AA14 KOREA
015 E04AA14 X
015 A00AA15 BANQUE PARIBAS
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015 C01AA15 PARIS
015 D01AA15 FRANCE
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015 A00AA17 NATIONAL BANK OF GREECE SA
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015 C01AA17 ATHENS
<PAGE> PAGE 6
015 D01AA17 GREECE
015 E04AA17 X
015 A00AA18 STANDARD CHARTERED BANK
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015 C01AA18 HONG KONG
015 D01AA18 HONG KONG
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015 C01AA19 BUDAPEST
015 D01AA19 HUNGARY
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015 A00AA20 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
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015 C01AA20 ABIDJAN
015 D01AA20 IVORY COAST
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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.
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015 C01AA23 TEL AVIV
015 D01AA23 ISRAEL
015 E04AA23 X
015 A00AA24 BANQUE PARIBAS - MILAN
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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
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015 C01AA27 KUALA LUMPUR
015 D01AA27 MALAYSIA
<PAGE> PAGE 7
015 E04AA27 X
015 A00AA28 CITIBANK MEXICO, S.A.
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
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015 A00AA30 ANZ BANKING GROUP (NEW ZEALAND) LTD.
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015 D01AA30 NEW ZEALAND
015 E04AA30 X
015 A00AA31 CHRISTIANIA BANK OG KREDITKASSE
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015 C01AA31 OSLO
015 D01AA31 NORWAY
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015 A00AA32 DEUTSCHE BANK AG, PAKISTAN
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015 C01AA32 KARACHI
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015 A00AA33 CITIBANK, N.A.
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015 D01AA33 PERU
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015 A00AA34 STANDARD CHARTERED BANK
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015 C01AA34 MANILA
015 D01AA34 PHILIPPINES
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015 A00AA35 BANCO COMERCIAL PORTUGUES
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015 C01AA35 LISBON
015 D01AA35 PORTUGAL
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015 A00AA36 THE DEVELOPMENT BANK OF SINGAPORE, LTD.
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015 D01AA36 SINGAPORE
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015 A00AA37 BANCO SANTANDER, S.A.
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<PAGE> PAGE 8
015 A00AA38 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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015 C01AA38 COLUMBIA
015 D01AA38 SRI LANKA
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015 A00AA39 SKANDINAVISKA ENSKILDA BANKEN
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015 D01AA39 SWEDEN
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015 D01AA40 SWITZERLAND
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015 A00AA41 CENTRAL TRUST OF CHINA
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015 C01AA41 TAIPEI
015 D01AA41 TAIWAN
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015 A00AA42 STANDARD CHARTERED BANK
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015 C01AA42 BANGKOK
015 D01AA42 THAILAND
015 E04AA42 X
015 A00AA43 CITIBANK, N.A.
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015 C01AA43 INSTANBUL
015 D01AA43 TURKEY
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015 D01AA44 UNITED KINGDOM
015 E04AA44 X
015 A00AA45 CITIBANK, N.A.
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015 C01AA45 MONTEVIDEO
015 D01AA45 URUGUAY
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015 A00AA46 CITIBANK, N.A.
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015 D01AA46 VENEZUELA
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015 A00AA47 CESKOSLOVENSKA OBCHODNI BANKA A.S.
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015 C01AA47 PRAGUE
015 D01AA47 CZECH REPUBLIC
015 E04AA47 X
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<PAGE> PAGE 9
015 B00AA48 S
015 C01AA48 CAIRO
015 D01AA48 EGYPT
015 E04AA48 X
015 A00AA49 BARCLAYS BANK OF BOTSWANA LTD.
015 B00AA49 S
015 C01AA49 GABORONE
015 D01AA49 BOTSWANA
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015 A00AA50 CITIBANK POLAND S.A.
015 B00AA50 S
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015 D01AA50 POLAND
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015 A00AA51 STANDARD BANK OF SOUTH AFRICA LTD.
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015 D01AA51 SOUTH AFRICA
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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
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015 C01AA53 NEW YORK
015 C02AA53 NY
015 C03AA53 10286
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015 A00AA54 BARCLAYS BANK OF GHANA LTD.
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015 E04AA54 X
015 A00AA55 THE BRITISH BANK OF THE MIDDLE EAST
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015 C01AA55 AMMAN
015 D01AA55 JORDAN
015 E04AA55 X
015 A00AA56 BARCLAYS BANK OF KENYA LTD.
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015 E04AA56 X
015 A00AA57 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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<PAGE> PAGE 10
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015 C01AA58 BRATISLAVA
015 D01AA58 SLOVAK REPUBLIC
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015 A00AA59 BARCLAYS BANK OF SWAZILAND LTD.
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015 D01AA65 JAPAN
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015 A00AA66 BANQUE COMMERCIALE DU MAROC
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<PAGE> PAGE 11
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015 C01AA68 MOSCOW
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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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
051 000300 N
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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 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 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 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
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050 000800 N
051 000800 N
052 000800 N
053 A000800 N
054 A000800 N
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
054 N000800 N
054 O000800 N
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<PAGE> PAGE 58
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066 D000800 N
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066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 Y
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<PAGE> PAGE 59
070 K020800 Y
070 L010800 Y
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070 P010800 Y
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<PAGE> PAGE 60
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008 A000901 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B000901 A
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008 A000904 JACOBS LEVY EQUITY MANAGEMENT, INC.
<PAGE> PAGE 61
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008 D020904 NJ
008 D030904 07068
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008 D030905 02109
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
054 I000900 N
054 J000900 N
054 K000900 N
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<PAGE> PAGE 64
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070 H020900 N
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070 K020900 Y
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<PAGE> PAGE 65
070 P020900 N
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<PAGE> PAGE 66
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008 A001001 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001001 A
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<PAGE> PAGE 67
008 D031005 02116
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<PAGE> PAGE 68
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<PAGE> PAGE 69
054 D001000 N
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054 F001000 N
054 G001000 N
054 H001000 N
054 I001000 N
054 J001000 N
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
008 A001101 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B001101 A
008 C001101 801-17141
008 D011101 TACOMA
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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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071 B001100 650946
071 C001100 706583
071 D001100 186
072 A001100 6
072 B001100 21809
072 C001100 2485
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072 H001100 0
072 I001100 172
072 J001100 170
072 K001100 0
072 L001100 0
072 M001100 2
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072 P001100 0
072 Q001100 0
072 R001100 16
072 S001100 2
072 T001100 9
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072 X001100 2058
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072BB001100 1729
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072EE001100 581
073 A011100 0.5820
073 A021100 0.8315
073 B001100 0.0188
073 C001100 0.0000
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074 C001100 104146
074 D001100 756416
<PAGE> PAGE 77
074 E001100 2092
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074 L001100 12346
074 M001100 0
074 N001100 887592
074 O001100 103860
074 P001100 331
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074 R041100 324
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074 T001100 783053
074 U011100 32903
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074 Y001100 20007
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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.
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
<PAGE> PAGE 78
008 D051205 BERMUDA
008 D061205 HMKX
024 001200 Y
025 A001201 LEHMAN BROTHERS
025 B001201 13-2518466
025 C001201 D
025 D001201 1954
025 A001202 MERRILL LYNCH & CO., INC.
025 B001202 135674085
025 C001202 D
025 D001202 950
025 A001203 SALOMON BROTHERS
025 B001203 13-3082694
025 C001203 D
025 D001203 1379
025 A001204 GENERAL ELECTRIC CORP
025 C001204 D
025 D001204 4026
025 A001205 BEAR STEARNS INC
025 B001205 13-3299429
025 C001205 D
025 D001205 1426
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 9095
028 A021200 0
028 A031200 0
028 A041200 4409
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028 B021200 1023
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028 C021200 539
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028 D021200 555
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028 E011200 10266
028 E021200 567
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028 F011200 9177
028 F021200 585
028 F031200 0
028 F041200 9599
028 G011200 51101
028 G021200 3270
<PAGE> PAGE 79
028 G031200 0
028 G041200 38881
028 H001200 0
029 001200 N
030 A001200 0
030 B001200 0.00
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
043 001200 0
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
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048 I021200 0.000
048 J011200 0
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<PAGE> PAGE 80
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
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062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
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062 H001200 0.0
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062 Q001200 47.9
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063 B001200 4.5
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
<PAGE> PAGE 81
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 Y
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 B001200 115470
071 C001200 170180
071 D001200 137
072 A001200 6
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072 G001200 0
072 H001200 0
072 I001200 113
072 J001200 86
072 K001200 0
072 L001200 0
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<PAGE> PAGE 82
072 O001200 0
072 P001200 0
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072 S001200 2
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072 X001200 707
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074 T001200 188657
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<PAGE> PAGE 83
074 X001200 2022
074 Y001200 0
075 A001200 0
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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
008 D011305 BOSTON
008 D021305 MA
008 D031305 02110
008 A001306 ROWE PRICE-FLEMING INTERNATIONAL, INC.
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008 C001306 801-14713
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008 D031306 21202
008 A001307 MARATHON ASSET MANAGEMENT LTD.
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008 C001307 801-36717
008 D011307 LONDON
008 D051307 ENGLAND
008 D061307 WC2H9EA
008 A001308 THE BOSTON COMPANY ASSET MANAGEMENT, INC.
008 B001308 S
008 C001308 801-06829
008 D011308 BOSTON
008 D021308 MA
008 D031308 02108
008 D041308 4402
008 A001309 MASTHOLM ASSET MANAGEMENT, LLC
008 B001309 S
008 C001309 801-54834
<PAGE> PAGE 84
008 D011309 BELLEVUE
008 D021309 WA
008 D031309 98004
024 001300 Y
025 A001301 HSBC
025 C001301 E
025 D001301 711
025 A001302 DELETE
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025 D001303 0
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
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028 B011300 30648
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028 E011300 31592
028 E021300 0
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028 G011300 185412
028 G021300 2612
028 G031300 0
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028 H001300 0
029 001300 N
030 A001300 0
030 B001300 0.00
030 C001300 0.00
031 A001300 0
031 B001300 0
032 001300 0
<PAGE> PAGE 85
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
044 001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.950
048 A011300 0
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048 B011300 0
048 B021300 0.000
048 C011300 0
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048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
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
053 A001300 N
054 A001300 N
054 B001300 Y
054 C001300 N
054 D001300 N
<PAGE> PAGE 86
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
062 I001300 0.0
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062 K001300 0.0
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062 O001300 0.0
062 P001300 0.0
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062 R001300 0.0
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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
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
<PAGE> PAGE 87
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 343343
071 B001300 310489
071 C001300 872982
071 D001300 72
072 A001300 6
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072 C001300 13794
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<PAGE> PAGE 88
072 U001300 0
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072BB001300 38292
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072EE001300 3180
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075 B001300 949587
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008 A001401 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
<PAGE> PAGE 89
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 90
028 G011400 42002
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038 001400 0
039 001400 N
040 001400 N
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042 D001400 0
042 E001400 0
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<PAGE> PAGE 91
048 J021400 0.000
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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
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054 M001400 N
054 N001400 N
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067 001400 N
068 A001400 N
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<PAGE> PAGE 92
070 A021400 N
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070 B021400 N
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070 C021400 N
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070 H021400 N
070 I011400 N
070 I021400 N
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070 J021400 N
070 K011400 Y
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070 L021400 N
070 M011400 Y
070 M021400 N
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070 P011400 Y
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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008 C001501 801-17141
008 D011501 TACOMA
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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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<PAGE> PAGE 118
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<PAGE> PAGE 119
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<PAGE> PAGE 120
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008 A002001 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B002001 A
008 C002001 801-17141
008 D012001 TACOMA
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008 D032001 98402
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<PAGE> PAGE 121
008 A002005 STANDISH, AYER & WOOD, INC.
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025 A002006 LEHMAN BROTHERS
025 B002006 13-2518466
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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054 J002000 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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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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008 A002201 FRANK RUSSELL INVESTMENT MANAGEMENT CO.
008 B002201 A
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008 D012201 TACOMA
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<PAGE> PAGE 132
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008 D032203 10022
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008 B002204 S
008 C002204 801-48187
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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 139
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<PAGE> PAGE 141
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<PAGE> PAGE 142
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<PAGE> PAGE 143
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<PAGE> PAGE 144
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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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TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NAME> CONSERVATIVE STRATEGY FUND D
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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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<NAME> CONSERVATIVE STRATEGY FUND E
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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> DIVERSIFIED BOND FUND - CLASS E
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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>
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<NAME> DIVERSIFIED BOND 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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<NAME> DIVERSIFIED EQUITY FUND - CLASS E
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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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<NAME> DIVERSIFIED EQUITY 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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<NAME> EQUITY BALANCED STRATEGY FUND D
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NAME> EQUITY BALANCED STRATEGY FUND E
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NAME> EMERGING MARKETS 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> 1
<NAME> EQUITY I 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>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 2
<NAME> EQUITY II FUND
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<S> <C>
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<PERIOD-START> JAN-01-1998
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<OVERDISTRIBUTION-GAINS> 0
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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> 3
<NAME> EQUITY III FUND
<MULTIPLIER> 1000
<S> <C>
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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> 10
<NAME> EQUITY INCOME FUND - CLASS E
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-COST> 233808
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<OVERDISTRIBUTION-GAINS> 0
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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> 10
<NAME> EQUITY INCOME FUND - CLASS S
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-COST> 233808
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<ACCUM-APPREC-OR-DEPREC> 41073
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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> 16
<NAME> EQUITY Q FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<ACCUMULATED-NET-GAINS> 77306
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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> 23
<NAME> EQUITY T
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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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> 4
<NAME> FIXED I 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>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
<SERIES>
<NUMBER> 5
<NAME> FIXED II 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>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NUMBER> 20
<NAME> FIXED INCOME III 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>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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<NAME> U.S. GOVERNMENT 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>
<FRANK RUSSELL INVESTMENT COMPANY
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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 E
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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> 14
<NAME> LIMITED VOLATILITY TAX FREE 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
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> FRANK RUSSELL INVESTMENT COMPANY
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK>
<NAME> FRANK RUSSELL INVESTMENT COMPANY
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> FRANK RUSSELL INVESTMENT COMPANY
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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