Exhibit (d)5.5
                                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 one new fund to be named the Russell
Multi-Manager Principal Protected Fund (the "Fund") and that the 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 is hereby amended to
include the Fund, with an annual administrative fee of 0.05% of average daily
net assets of the Russell Multi-Manager Principal Protected 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:___________________________
   Mark E. Swanson
   Treasurer

Accepted this ____ day of ________, 2002

FRANK RUSSELL INVESTMENT MANAGEMENT COMPANY


By:___________________________
   Leonard P. Brennan
   President