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> 4 MONTHS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> APR-30-2000
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<INVESTMENTS-AT-VALUE> 160481
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333
<TOTAL-LIABILITIES> 975
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153007
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<SHARES-COMMON-PRIOR> 5064
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<OVERDISTRIBUTION-GAINS> 6925
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<NET-ASSETS> 160241
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<NET-INVESTMENT-INCOME> 520
<REALIZED-GAINS-CURRENT> (9920)
<APPREC-INCREASE-CURRENT> (1441)
<NET-CHANGE-FROM-OPS> (10841)
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 599
<NUMBER-OF-SHARES-REDEEMED> 1123
<SHARES-REINVESTED> 36
<NET-CHANGE-IN-ASSETS> (28798)
<ACCUMULATED-NII-PRIOR> 51
<ACCUMULATED-GAINS-PRIOR> 3997
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 410
<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 164445
<PER-SHARE-NAV-BEGIN> 36.92
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (2.12)
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> .21
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<PER-SHARE-NAV-END> 34.61
<EXPENSE-RATIO> 1.12
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
