<PAGE>
Exhibit (g)1.15
LETTER AGREEMENT
State Street Bank and Trust Company
P.O. Box 1713
Boston, MA 02105
Dear Sirs:
Pursuant to Section 14 of the Custodian Agreement between Frank Russell
Investment Company ("FRIC") and State Street Bank and Trust Company, dated
October 31, 1988, FRIC advises you that it is creating two new funds to be named
Select Growth Fund and Select Value Fund (each, a "Fund"). FRIC desires for
State Street Bank and Trust Company to serve as Custodian with respect to each
Fund pursuant to the terms and conditions of the Custodian Agreement. The fees
to be charged by the Custodian to each Fund in return for its services are
contained in the current fee schedule to the Custodian Agreement.
Please indicate your acceptance to act as Custodian to each Fund 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 ______________, 2000.
STATE STREET BANK AND TRUST COMPANY
By:_________________________________
Its:________________________________
