Prospectuses and Reports Go to: Fund holdings reports | Top 10 holdings All documents are PDFs, which requires Adobe's Acrobat Reader to view. Download the Reader free from Adobe's web site. Fund Class Prospectus Statement of Additional Information Semiannual Report Annual Report Russell Funds Diversified Equity A, C, E, S Prospectus SAI April 2008 October 2007 Emerging Markets A, C, E, S Prospectus SAI April 2008 October 2007 Fixed Income I C, E, S Prospectus SAI April 2008 October 2007 Global Equity A, C, E, S Prospectus SAI April 2008 October 2007 International Securities A, C, E, S Prospectus SAI April 2008 October 2007 Money Market A, S Prospectus SAI April 2008 October 2007 Multistrategy Bond A, C, E, S Prospectus SAI April 2008 October 2007 Quantitative Equity A, C, E, S Prospectus SAI April 2008 October 2007 Real Estate Securities A, C, E, S Prospectus SAI April 2008 October 2007 Select Growth C, E, S Prospectus SAI April 2008 October 2007 Select Value C, E, S Prospectus SAI April 2008 October 2007 Short Duration Bond A, C, E, S Prospectus SAI April 2008 October 2007 Special Growth A, C, E, S Prospectus SAI April 2008 October 2007 Tax Exempt Bond C, E, S Prospectus SAI April 2008 October 2007 Tax-Managed Global Equity C, E, S Prospectus SAI April 2008 October 2007 Tax-Managed Large Cap C, E, S Prospectus SAI April 2008 October 2007 Tax-Managed Mid & Small Cap C, E, S Prospectus SAI April 2008 October 2007 LifePoints® Funds Target Portfolio Series Balanced Strategy A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 Conservative Strategy A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 Equity Growth Strategy A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 Growth Strategy A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 Moderate Strategy A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 LifePoints® Funds Target Date Series (available to DC plans only, effective December 14, 2007) 2010 Strategy A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 2015 Strategy R1, R2, R3 Prospectus SAI April 2008 N/A 2020 Strategy A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 2025 Strategy R1, R2, R3 Prospectus SAI April 2008 N/A 2030 Strategy A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 2035 Strategy R1, R2, R3 Prospectus SAI April 2008 N/A 2040 Strategy A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2007 2045 Strategy R1, R2, R3 Prospectus SAI April 2008 N/A 2050 Strategy R1, R2, R3 Prospectus SAI April 2008 N/A In Retirement R1, R2, R3 Prospectus SAI April 2008 N/A LifePoints® Funds Target Distribution Series 2017 Retirement Distribution Fund - A Shares A Prospectus SAI April 2008 N/A 2017 Retirement Distribution Fund - S Shares S Prospectus SAI April 2008 N/A 2017 Accelerated Distribution Fund - A Shares A Prospectus SAI April 2008 N/A 2017 Accelerated Distribution Fund - S Shares S Prospectus SAI April 2008 N/A 2027 Extended Distribution Fund - A Shares A Prospectus SAI April 2008 N/A 2027 Extended Distribution Fund - S Shares S Prospectus SAI April 2008 N/A Institutional Funds Equity I E, I, Y Prospectus - E,I Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. Prospectus - Y SAI April 2008 October 2007 Equity II E, I, Y Prospectus - E,I Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. Prospectus - Y SAI April 2008 October 2007 Equity Q E, I, Y Prospectus - E,I Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. Prospectus - Y SAI April 2008 October 2007 Fixed Income I E, I, Y Prospectus - E,I Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. Prospectus - Y SAI April 2008 October 2007 Fixed Income III E, I, Y Prospectus - E,I Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. Prospectus - Y SAI April 2008 October 2007 International E, I, Y Prospectus - E,I Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. Prospectus - Y SAI April 2008 October 2007 Select Growth E, I Prospectus SAI April 2008 October 2007 Select Value E, I Prospectus SAI April 2008 October 2007 Class A shares of the Target Date Series were closed to all new investors, effective December 14, 2007. Existing investors may continue to invest in these funds. Class E and S shares are available only to Defined Contribution employee benefit plans. For more information, see the prospectus. Securities products and services offered through Russell Financial Services, Inc. (formerly Russell Fund Distributors, Inc.), member FINRA, part of Russell Investments. For information on the Financial Industry Regulatory Authority, go to www.finra.org. RFD 07-6824

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