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 - CLASS E
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MONTHS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 1395768
<INVESTMENTS-AT-VALUE> 1658427
<RECEIVABLES> 33533
<ASSETS-OTHER> 1718
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1693678
<PAYABLE-FOR-SECURITIES> 29910
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6974
<TOTAL-LIABILITIES> 36884
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1242915
<SHARES-COMMON-STOCK> 1308
<SHARES-COMMON-PRIOR> 1314
<ACCUMULATED-NII-CURRENT> 640
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 147561
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 265678
<NET-ASSETS> 1656794
<DIVIDEND-INCOME> 7602
<INTEREST-INCOME> 83
<OTHER-INCOME> 0
<EXPENSES-NET> 3810
<NET-INVESTMENT-INCOME> 3875
<REALIZED-GAINS-CURRENT> 34788
<APPREC-INCREASE-CURRENT> (95429)
<NET-CHANGE-FROM-OPS> (56766)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 108
<DISTRIBUTIONS-OF-GAINS> 852
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 142
<NUMBER-OF-SHARES-REDEEMED> 175
<SHARES-REINVESTED> 26
<NET-CHANGE-IN-ASSETS> (25273)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 141842
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2981
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3810
<AVERAGE-NET-ASSETS> 48955
<PER-SHARE-NAV-BEGIN> 37.51
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (1.40)
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> .63
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.45
<EXPENSE-RATIO> .95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>