<PAGE>
Exhibit (d)5.3
LETTER AGREEMENT
Frank Russell Investment Management Company
P.O. Box 1591
Tacoma, WA 98401-1591
Dear Sirs:
This Letter Agreement relates to the Administrative Agreement between Frank
Russell Investment Company and Frank Russell Investment Management Company dated
December 1, 1998 ("Administrative Agreement"). Frank Russell Investment Company
advises you that it is creating two new funds to be named the Select Growth Fund
and the Select Value Fund (each, a "Fund") and that each Fund desires Frank
Russell Investment Management Company to provide administrative services to the
Fund pursuant to the terms and conditions of the Administrative Agreement.
Section 6A of the Administrative Agreement hereby to include each Fund, with an
annual administrative fee of 0.05% of average daily net assets of the Select
Growth Fund and 0.05% of average daily net assets of the Select Value Fund,
payable as set forth in that Section.
Please indicate your acceptance of the amendment to the Administrative Agreement
by executing the acceptance copy of this letter agreement and returning it to
the undersigned.
Sincerely,
FRANK RUSSELL INVESTMENT COMPANY
By:_________________________________
Lynn L. Anderson
President
Accepted this ____ day of ________, ____.
FRANK RUSSELL INVESTMENT MANAGEMENT COMPANY
By:_________________________________
Len P. Brennan
President
