Fund Updates In this unusually difficult environment for investors, we are committed to keeping you informed. Updates on Russell Funds Q&A - Russell Funds' Exposure (PDF) As of September 16, 2008 This piece aims to provide some specific information on financial services companies that have recently been in the news. Russell Mutual Fund Holdings As of September 16, 2008 Current and future portfolio holdings are subject to risk. Update on Lehman Brothers (PDF) As of September 15, 2008 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. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The Russell Money Market Fund is participating in the U.S. Treasury's Temporary Guarantee Program for Money Market Funds which will guarantee to shareholders that they will receive $1.00 for each money market fund share held as of the close of business on September 19, 2008. Any increase in the number of shares held in an account after the close of business on September 19, 2008 will not be guaranteed. If a shareholder closes the account, any future investment in the fund will not be guaranteed. If the number of shares held in an account fluctuates, shareholders will be covered for either the number of shares held as of the close of business on September 19, 2008 or the amount held on the date the guarantee is triggered, whichever is less. Currently, the guarantee program extends through December 18, 2008. Please see the fund’s prospectus for additional information. 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. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Copyright © Russell Investments 2008. All rights reserved 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. 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 1127. First used: September 2008			Market Commentary Read the Latest Market Updates & Perspectives   Work with a Financial Professional In challenging markets and good ones, we believe working with an investment professional is the best way to reach your financial goals. Find an investment professional who can help.

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