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 E
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 10 MONTHS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> OCT-31-2000
<INVESTMENTS-AT-COST> 432663
<INVESTMENTS-AT-VALUE> 430427
<RECEIVABLES> 5878
<ASSETS-OTHER> 2910
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 439215
<PAYABLE-FOR-SECURITIES> 3637 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2124
<TOTAL-LIABILITIES> 5761
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 453517
<SHARES-COMMON-STOCK> 543
<SHARES-COMMON-PRIOR> 481
<ACCUMULATED-NII-CURRENT> 3075
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20902)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2236)
<NET-ASSETS> 433454
<DIVIDEND-INCOME> 953
<INTEREST-INCOME> 24355
<OTHER-INCOME> 0
<EXPENSES-NET> 2464
<NET-INVESTMENT-INCOME> 22844
<REALIZED-GAINS-CURRENT> (2847)
<APPREC-INCREASE-CURRENT> 4814
<NET-CHANGE-FROM-OPS> 24811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 425
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 116497
<NUMBER-OF-SHARES-REDEEMED> 76745
<SHARES-REINVESTED> 22134
<NET-CHANGE-IN-ASSETS> (23630)
<ACCUMULATED-NII-PRIOR> 168
<ACCUMULATED-GAINS-PRIOR> (18035)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1700
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2542
<AVERAGE-NET-ASSETS> 9519
<PER-SHARE-NAV-BEGIN> 18.08
<PER-SHARE-NII> .88
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> .79
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.24
<EXPENSE-RATIO> .89
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>