Prospectuses and reports All documents are PDFs, which requires Adobe's Acrobat Reader to view. Download the Reader free from Adobe's web site. Fund Prospectus Statement of additional information Semiannual report Annual report Quarterly holdings report* U.S. equity funds Russell U.S. Core Equity Class A, C, E, I, S, Y Prospectus - A,C,E,S Prospectus - 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 2008 January 2009 Russell U.S. Quantitative Equity Class A, C, E, I, S, Y Prospectus - A,C,E,S Prospectus - 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 2008 January 2009 Russell U.S. Growth Class C, E, I, S Prospectus - C,E,S Prospectus - I SAI April 2008 October 2008 January 2009 Russell U.S. Value Class C, E, I, S Prospectus - C,E,S Prospectus - I SAI April 2008 October 2008 January 2009 Russell U.S. Small & Mid Cap Class A, C, E, I, S, Y Prospectus - A,C,E,S Prospectus - 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 2008 January 2009 International & global equity funds Russell International Developed Markets Class A, C, E, I, S, Y Prospectus Prospectus - 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 2008 January 2009 Russell Global Equity Class A, C, E, S, Y Prospectus 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 2008 January 2009 Russell Emerging Markets Class A, C, E, S, Y Prospectus 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 2008 January 2009 Fixed income funds Russell Strategic Bond Class A, C, E, I, S, Y Prospectus - A,C,E,S Prospectus - 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 2008 January 2009 Russell Investment Grade Bond Class C, E, I, S, Y Prospectus - C,E,S Prospectus - 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 2008 January 2009 Russell Short Duration Bond Class A, C, E, S, Y Prospectus - A,C,E,S 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 2008 January 2009 Russell Tax Exempt Bond Class C, E, S Prospectus SAI April 2008 October 2008 January 2009 Tax-managed equity funds Russell Tax-Managed U.S. Large Cap Class C, E, S Prospectus SAI April 2008 October 2008 January 2009 Russell Tax-Managed U.S. Mid & Small Cap Class C, E, S Prospectus SAI April 2008 October 2008 January 2009 Russell Tax-Managed Global Equity Class C, E, S Prospectus SAI April 2008 October 2008 January 2009 Specialty funds Russell Real Estate Securities Class A, C, E, S, Y Prospectus 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 2008 January 2009 Money market fund Russell Money Market Class A, S, Y Prospectus 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 2008 January 2009 LifePoints® Funds Target Portfolio Series Balanced Strategy Class A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 Conservative Strategy Class A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 Equity Growth Strategy Class A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 Growth Strategy Class A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 Moderate Strategy Class A, C, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 LifePoints® Funds Target Date Series (available to DC plans only) 2010 Strategy Class A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 2015 Strategy Class R1, R2, R3 Prospectus SAI April 2008 October 2008 January 2009 2020 Strategy Class A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 2025 Strategy Class R1, R2, R3 Prospectus SAI April 2008 October 2008 January 2009 2030 Strategy Class A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 2035 Strategy Class R1, R2, R3 Prospectus SAI April 2008 October 2008 January 2009 2040 Strategy Class A, E, R1, R2, R3, S Prospectus SAI April 2008 October 2008 January 2009 2045 Strategy Class R1, R2, R3 Prospectus SAI April 2008 October 2008 January 2009 2050 Strategy Class R1, R2, R3 Prospectus SAI April 2008 October 2008 January 2009 In Retirement Class R1, R2, R3 Prospectus SAI April 2008 October 2008 January 2009 LifePoints® Funds Target Distribution Series 2017 Retirement Distribution Fund - A Shares Prospectus SAI April 2008 October 2008 December 2008 -- 2017 Retirement Distribution Fund - S Shares Prospectus SAI April 2008 October 2008 December 2008 -- 2017 Accelerated Distribution Fund - A Shares Prospectus SAI April 2008 October 2008 December 2008 -- 2017 Accelerated Distribution Fund - S Shares Prospectus SAI April 2008 October 2008 December 2008 -- 2027 Extended Distribution Fund - A Shares Prospectus SAI April 2008 October 2008 December 2008 -- 2027 Extended Distribution Fund - S Shares Prospectus SAI April 2008 October 2008 December 2008 -- * Available first and third quarters, these reports are used to supplement the annual and semiannual reports and provide more frequent reporting of Russell mutual fund holdings. Review more mutual fund holdings. On September 2, 2008, the following fund name changes occurred: Equity I Fund to Russell U.S. Core Equity Fund, Equity Q Fund to Russell U.S. Quantitative Equity Fund, Equity II Fund to Russell U.S. Small & Mid Cap Fund, Select Growth Fund to Russell U.S. Growth Fund, Select Value Fund to Russell U.S. Value Fund, International Fund to Russell International Developed Markets Fund, Tax-Managed Large Cap Fund to Russell Tax-Managed U.S. Large Cap Fund, Tax-Managed Mid & Small Cap Fund to Russell Tax-Managed U.S. Mid & Small Cap Fund, Fixed Income I Fund to Russell Investment Grade Bond Fund, and Fixed Income III Fund to Russell Strategic Bond Fund. On September 2, 2008, Russell was added to the following fund names: Russell Global Equity Fund, Russell Emerging Markets Fund, Russell Real Estate Securities Fund, Russell Short Duration Bond Fund, Russell Tax-Exempt Bond Fund, Russell Tax-Managed Global Equity Fund, and Russell Money Market Fund. 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. RFS-1411

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