RUSSELL FRANK INVESTMENT CO
NSAR-B, EX-27, 2001-01-03
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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> 5
   <NAME> SHORT TERM BOND FUND - CLASS C
<MULTIPLIER> 1000

<S>                             <C>
<PERIOD-TYPE>                   10 MONTHS
<FISCAL-YEAR-END>                          OCT-31-2000
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<PERIOD-END>                               OCT-31-2000
<INVESTMENTS-AT-COST>                           432663
<INVESTMENTS-AT-VALUE>                          430427
<RECEIVABLES>                                     5878
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<TOTAL-ASSETS>                                  439215
<PAYABLE-FOR-SECURITIES>                          3637                              0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         2124
<TOTAL-LIABILITIES>                               5761
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<PAID-IN-CAPITAL-COMMON>                        453517
<SHARES-COMMON-STOCK>                               37
<SHARES-COMMON-PRIOR>                               44
<ACCUMULATED-NII-CURRENT>                         3075
<OVERDISTRIBUTION-NII>                               0
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<REALIZED-GAINS-CURRENT>                        (2847)
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           33
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          22477
<NUMBER-OF-SHARES-REDEEMED>                      31409
<SHARES-REINVESTED>                               1599
<NET-CHANGE-IN-ASSETS>                         (23630)
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<ACCUMULATED-GAINS-PRIOR>                      (18035)
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<PER-SHARE-NAV-BEGIN>                            18.13
<PER-SHARE-NII>                                    .79
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<EXPENSE-RATIO>                                   1.64
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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