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0000912057-95-007034.txt : 199508300000912057-95-007034.hdr.sgml : 19950830ACCESSION NUMBER:0000912057-95-007034CONFORMED SUBMISSION TYPE:N-30DPUBLIC DOCUMENT COUNT:1CONFORMED PERIOD OF REPORT:19950630FILED AS OF DATE:19950829SROS:NASD

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:RUSSELL FRANK INVESTMENT COCENTRAL INDEX KEY:0000351601STANDARD INDUSTRIAL CLASSIFICATION:UNKNOWN SIC - 0000 [0000]IRS NUMBER:911151059STATE OF INCORPORATION:WAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:N-30DSEC ACT:1940 ActSEC FILE NUMBER:811-03153FILM NUMBER:95568165

BUSINESS ADDRESS:STREET 1:909 A ST 6TH FLCITY:TACOMASTATE:WAZIP:98402BUSINESS PHONE:2066277001

N-30D1N-30D

FRANK RUSSELL INVESTMENT COMPANY

Frank Russell Investment Company is a "series mutual fund" with 22 different investment portfolios. These financial statements report on ten Funds, each of which has distinct investment objectives and strategies.

FRANK RUSSELL INVESTMENT MANAGEMENT COMPANY

Responsible for overall management and administration of the Funds.

FRANK RUSSELL COMPANY

Consultant to Frank Russell Investment Management Company.

TABLE OF CONTENTS

PAGE

EQUITY I FUND . . . . . . . . . . . . . . . . . . . . . 3

EQUITY II FUND. . . . . . . . . . . . . . . . . . . . . 15

EQUITY III FUND . . . . . . . . . . . . . . . . . . . . 29

EQUITY Q FUND . . . . . . . . . . . . . . . . . . . . . 37

INTERNATIONAL FUND. . . . . . . . . . . . . . . . . . . 49

EMERGING MARKETS FUND . . . . . . . . . . . . . . . . . 69

FIXED INCOME I FUND . . . . . . . . . . . . . . . . . . 81

FIXED INCOME II FUND. . . . . . . . . . . . . . . . . . 95

FIXED INCOME III FUND . . . . . . . . . . . . . . . . . 103

MONEY MARKET FUND . . . . . . . . . . . . . . . . . . . 115

NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . 121

ADDITIONAL INFORMATION. . . . . . . . . . . . . . . . . 131

MANAGER AND MONEY MANAGERS. . . . . . . . . . . . . . . 133

FRANK RUSSELL INVESTMENT COMPANY - EXTERNAL FEE FUNDSCopyright -C- Frank Russell Company 1995. All rights reserved. This materialis proprietary and may not be reproduced, transferred, or distributed in anyform without prior written permission from Frank Russell Company. It isdelivered on an "as is" basis without warranty. The Russell logo is a trademarkand service mark of Frank Russell Company. Frank Russell Company and Standard &Poor's Corporation are the owners of the trademarks, service marks, andcopyrights related to their respective indexes. This material must beaccompanied or preceded by a current Frank Russell Investment Company Prospectuscontaining complete information concerning the investment objectives andoperations of the Company, charges, and expenses. The Prospectus should be readcarefully before an investment is made. The performance as of April 1, 1995 isreported gross of investment advisory fees. For periods thereafter, performanceand yields are reported net of investment advisory fees but gross of investmentservices fees, descriptions of which can be obtained from the investmentadvisor. Investment services fees and other account expenses will reduceperformance (e.g., an investment services fee of 0.2% of average managed assetswill reduce a 10.0% annual return to 9.8%). The performance quoted representspast performance and, except for a money market fund, the investment return andprincipal value of an investment will fluctuate so that shares, when redeemed,may be worth more or less than their original cost. An investment in a moneymarket fund is neither insured nor guaranteed by the US government. There canbe no assurance that a money market fund will be able to maintain a stable netasset value of $1.00 per share. Investments in securities of non-US issuers andforeign currencies involve investment risks different than those of US issuers;the Prospectus contains further information and details regarding these risks.Russell Fund Distributors, Inc., is the distributor of Frank Russell InvestmentCompany.

EQUITY I FUND

STATEMENT OF NET ASSETS

June 30, 1995 (Unaudited)

NUMBER MARKET OF VALUE SHARES (000) ------ ------

COMMON STOCKS - 93.7%BASIC INDUSTRIES - 7.0%Air Products & Chemicals, Inc. 14,000 $ 781Albemarle Corp. 44,700 698Alco Standard Corp. 4,700 375Allegheny Ludlum Corp. 14,100 278Alumax, Inc. (a) 44,100 1,373Aluminum Co. of America 77,000 3,860Bethlehem Steel Corp. (a) 53,500 869Boise Cascade Corp. 12,600 510Cabot Corp. 15,600 823Champion International Corp. 26,300 1,371Cyprus Amax Minerals Co. 9,100 259De Beers Consolidated Mines, Ltd. - ADR 10,600 274Dow Chemical Co. 44,700 3,213du Pont (E.I.) de Nemours & Co. 16,700 1,148Engelhard Corp. 6,700 287Ethyl Corp. 26,100 277Ferro Corp. 11,600 307FMC Corp. New (a) 11,600 780Foamex International, Inc. 80,000 570Fuller (H.B.) Co. 7,400 270Goodrich (B.F.) Co. 37,300 2,000Great Lakes Chemical Corp. 64,700 3,898Illinois Tool Works, Inc. 12,300 677IMC Fertilizer Group, Inc. 10,600 574International Paper Co. 29,200 2,504International Specialty Products 33,000 281James River Corp. of Virginia 10,000 276Kimberly-Clark Corp. 21,300 1,275Lawter International, Inc. 23,200 278Loctite Corp. 6,200 282Lone Star Technologies, Inc. (a) 30,000 240Lukens, Inc. 8,700 281Magma Copper Co. New (a) 24,700 401MAXXAM, Inc. (a) 5,000 179Minnesota Mining & Manufacturing Co. 55,500 3,177Monsanto Co. 3,300 297Morton International, Inc. 4,700 137Nalco Chemical Co. 13,400 487NCH Corp. 5,200 299Olin Corp. 8,625 444P.H. Glatfelter Co. 14,200 286Phelps Dodge Corp. 4,900 289Potash Corp. of Saskatchewan, Inc. 8,400 469Potlatch Corp. 10,000 418PPG Industries, Inc. 6,800 292Precision Castparts Corp. 6,600 232Premark International, Inc. 26,000 1,349Reynolds Metals Co.