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Exhibit (h)4.1
October 30, 2000
Mr. Mark E. Swanson
Treasurer
Frank Russell Investment Company
909 A Street
Tacoma, WA 98402
RE: Frank Russell Investment Company Select Growth Fund
Dear Mark:
Frank Russell Investment Management Company ("FRIMCo"), as adviser,
administrator and transfer agent to Frank Russell Investment Company ("FRIC"),
agrees to waive, until February 28, 2002, up to the full amount of its 0.85%
combined advisory and administrative fees and to reimburse the Fund to the
extent that Fund-level expenses exceed 0.83% of the average daily net assets of
that Fund on an annual basis. In addition, after applying the foregoing waiver,
FRIMCo also agrees to waive, until February 28, 2002, (1) up to the full amount
of its transfer agency fees in an amount necessary to ensure that "Total Net
Fund Operating Expenses" for Class I Shares of the Select Growth Fund do not
exceed 0.89% and (2) a portion of its transfer agency fees for Class Y Shares of
the Select Growth Fund to the extent that those fees would affect "Other
Expenses" of Class Y Shares of the Fund by one basis point or more. This waiver
and reimbursement arrangement, which supercedes any prior voluntary waiver or
reimbursement arrangements for that Fund, may, at FRIMCo's option, continue
after that date, but may be revised or eliminated at any time thereafter without
notice. If this arrangement is acceptable to you, please sign below to indicate
your acceptance and agreement and return a copy of this letter to me.
Sincerely,
FRANK RUSSELL INVESTMENT
MANAGEMENT COMPANY
By:________________________________
Lynn L. Anderson
Chairman of the Board
Accepted and Agreed:
FRANK RUSSELL INVESTMENT COMPANY
By:________________________________
Mark E. Swanson
Treasurer
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October 30, 2000
Mr. Mark E. Swanson
Treasurer
Frank Russell Investment Company
909 A Street
Tacoma, WA 98402
RE: Frank Russell Investment Company Select Value Fund
Dear Mark:
Frank Russell Investment Management Company ("FRIMCo"), as adviser,
administrator and transfer agent to Frank Russell Investment Company ("FRIC"),
agrees to waive, until February 28, 2002, up to the full amount of its 0.75%
combined advisory and administrative fees and to reimburse the Fund to the
extent that Fund-level expenses exceed 0.73% of the average daily net assets of
that Fund on an annual basis. In addition, after applying the foregoing waiver,
FRIMCo also agrees to waive, until February 28, 2002, (1) up to the full amount
of its transfer agency fees in an amount necessary to ensure that "Total Net
Fund Operating Expenses" for Class I Shares of the Select Value Fund do not
exceed 0.79% and (2) a portion of its transfer agency fees for Class Y Shares of
the Select Value Fund to the extent that those fees would affect "Other
Expenses" of Class Y Shares of the Fund by one basis point or more. This waiver
and reimbursement arrangement, which supercedes any prior voluntary waiver or
reimbursement arrangements for that Fund, may, at FRIMCo's option, continue
after that date, but may be revised or eliminated at any time thereafter without
notice. If this arrangement is acceptable to you, please sign below to indicate
your acceptance and agreement and return a copy of this letter to me.
Sincerely,
FRANK RUSSELL INVESTMENT
MANAGEMENT COMPANY
By:_____________________________
Lynn L. Anderson
Chairman of the Board
Accepted and Agreed:
FRANK RUSSELL INVESTMENT COMPANY
By:_____________________________
Mark E. Swanson
Treasurer
