Global Equity Fund Focusing on fundamentals Class S March 31, 2008 About the fund For this fund, Russell has created a diversified equity portfolio with the goal of providing global diversification by investing in the common and preferred stocks of companies located in developed countries, investing in companies located in countries with emerging markets, and investing in companies that derive a majority of their revenues from operations in such countries. In selecting managers of the fund, a preference is given to those not currently used in Russell's other equity funds. Because returns from these global managers are not perfectly correlated with those of other equity managers, the fund can be used as a source of additional diversification in portfolios. However, the fund is not designed to be a core holding within a portfolio because it has higher relative risk compared to Russell's core U.S. and non-U.S. funds. The fund invests primarily in mid- and large-capitalization companies, but it may also invest in small-cap companies with stock selection based on the relative attractiveness of the investment opportunity and not on the cap size of the company. — Phil Hoffman, Portfolio Manager Investment strategy   Seeks to provide long-term capital growth. Invests in companies (securities) located around the world, including the United States. Blends growth, market-oriented and value styles. Invests primarily in mid- and large-cap stocks. Fund highlights   Provides exposure to managers who seek attractive equity investments around the world. Offers an alternative way for investors to access global capital markets. Focuses on companies which are believed to be undervalued and have favorable growth prospects. Benchmarked against the MSCI World Index. Managing money differently The Russell approach has been trusted for decades by many of the world's largest investors; our mutual funds allow you to employ that same approach. We identify investment managers we believe have exceptional capabilities, blend them to help manage risk through diversification, and constantly monitor them. Regardless of market conditions, Russell's investment approach remains constant. Allocation of fund assets     % Allocated   Year assigned Growth         Gartmore Global Partners   10%   2007 T. Rowe Price International, Inc.   35%   2007 Market-oriented         ClariVest Asset Management, LLC   40%   2007 Value         Harris Associates, L.P.   15%   2008 Money managers listed are current as of 03/31/2008. Subject to the fund's Board approval, Russell has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an exemptive order from the Securities and Exchange Commission. Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries. Global allocations   % of total equity Asia   13 Europe/Middle East/Africa   34 Latin America   12 Other   41 Total   100  Top ten holdings   % of fund Telefonica SA Google, Inc. America Movil SA de CV Hewlett-Packard Co. McDonald's Corp. American Tower Corp. JPMorgan Chase & Co. Transocean, Inc. Intel Corp. Goldman Sachs Group, Inc.   2.1 2.1 1.6 1.5 1.4 1.4 1.2 1.2 1.2 1.1     14.8 *The top ten holdings list does not reflect the investment of cash reserves and cash collateral received in securities lending transactions in one or more of RIC's money market funds. Performance review | as of March 31, 2008 Global Equity Fund - Class S         Annualized returns QTR   YTD   1 yr   3 yrs   5 yrs   Since inception 09/05/85 -10.64   -10.64   -5.05   --   --   -3.61 Fund Fees and Expenses Annual Fund Operating Expenses Total Net 1.34% 1.34% Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current to the most recent month-end performance for Russell mutual funds is available by visiting: www.russell.com/us/fundperformance. Characteristics Total market value   Net asset value $1,118.19 million   $9.32     Class A   Class C   Class E   Class S Cusip   782478143   782478135   782478127   782478119 Ticker   RGEAX   RGECX   RGEEX   RGESX The fund offers other classes of shares with higher fees and expenses. These other classes may charge up to a 0.75% distribution fee and a 0.25% shareholder servicing fee which will result in a higher expense ratio and lower performance than that shown above. For a full description of other available classes, please see the prospectus. Fund objectives, risks, charges and expenses should be carefully considered before investing. For a prospectus containing this and other important information call Russell at 1-866-676-7680 or go to the prospectus and reports page to download one. Please read the prospectus carefully before investing. Fund performance is reported net of fund advisory and administrative fees, and gross of financial intermediary fees. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. For more information on Russell Funds, contact your investment professional or plan administrator for assistance. Russell Investment Group is a Washington, USA corporation, which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company. The Russell logo is a trademark and service mark of Russell Investments. 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. Copyright © Russell Investments 2007-2008. All rights reserved. First used July 2007. RFD 07-6903 (0264) Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.			Other Russell funds Diversified Equity Emerging Markets Fixed Income I Global Equity International Securities Money Market Quantitative Equity Real Estate Securities Select Growth Select Value Special Growth Multistrategy Bond Short Duration Bond Tax Exempt Bond Tax-Managed Large Cap Tax-Managed Mid & Small Cap Tax-Managed Global Equity Daily prices & performance   Download fund documents Prospectus Semiannual report Annual report Statement of additional information Tax information Month end holdings Printable fact sheet   Printer friendly version of this page Send feedback or comments Site Search

WWW.RUSSELL.COM     INSTITUTIONAL INVESTORS     FINANCIAL PROFESSIONALS     INDEXES     SITE MAP    

© Russell Investments 1995-2008. All rights reserved.
Legal Information.    Privacy Statement.