Russell U.S. Growth Fund Focusing on growth Class S September 30, 2008 About the fund This all-capitalization fund may include companies with earnings that grow faster than the market predicts or those with earnings that are gaining momentum. The way we combine managers helps combat the potential increase in risk inherent in the nature of these investment strategies. For example, one firm may emphasize the early identification of mid-cap companies with attractive niches that they believe are poised to become dominant large-cap growth companies. As a balance, we may include a manager that attempts to identify perception gaps (or opportunities they believe are under-appreciated by the market) in stocks with attractive long-term growth prospects. – Tereasa Gandhi Investment strategy   Seeks to provide long-term capital growth. Emphasis on stocks expected to grow at above-average rates. Invests primarily in large- and mid-cap stocks, with some exposure to small- and micro-cap stocks. Fund highlights   The fund's managers focus on a company's growth potential, and buy stocks they believe are poised to outperform their peers. Blends multiple growth managers to help manage the risk of using a single investment style. Invests in a full spectrum of growth stocks, from blue chips to technology. 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         Cornerstone Capital Management, Inc.   25%   2007 Delaware Management Company (a series of Delaware Management Business Trust)   24%   2005 Fuller & Thaler Asset Management, Inc.   3%   2001 Suffolk Capital Management, LLC   13%   2007 Sustainable Growth Advisers, L.P.   14%   2006 Turner Investment Partners, Inc.   21%   2000 Money managers listed are current as of 09/30/2008. 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. The investment strategies are the goals of the individual money managers; there is no assurance that the exact objective will always be met. Small capitalization (small cap) investments involve stocks of companies with smaller levels of market capitalization (generally less than $2 billion) than larger company stocks (large cap). Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks. Investors should consider the additional risks involved in small cap investments. Sector weightings   % of total equity Auto and Transportation Consumer Discretionary Consumer Staples Financial Services Health Care Integrated Oils Materials and Processing Other Energy Producer Durables Technology Utilities Miscellaneous   3.1 18.3 9.0 11.6 17.4 0.3 3.9 6.1 3.6 23.3 0.9 2.5 Due to rounding totals may not equal 100%. Top ten holdings   % of fund Google, Inc. QUALCOMM, Inc. Apple, Inc. Procter & Gamble Co. IntercontinentalExchange Inc. Staples, Inc. Cisco Systems, Inc. Hewlett-Packard Co. Teva Pharmaceutical Industries, Ltd. The Coca-Cola Company   3.5 3.1 2.9 2.5 2.5 2.0 1.9 1.9 1.8 1.7     23.8 *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 September 30, 2008 Russell U.S. Growth Fund - Class S         Annualized returns QTR   YTD   1 yr   3 yrs   5 yrs   Since inception 01/31/01 -14.23   -25.49   -25.85   -3.86   1.62   -4.34 Fund Fees and Expenses Annual Fund Operating Expenses Total Net 1.20% 1.17% The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses to be borne by shareholders after application of a contractual advisory fee waiver and/or reimbursement through February 28, 2009 and a contractual cap on expenses through February 28, 2009. These contractual agreements may not be terminated during the relevant periods except at the Board of Trustees discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. Growth of $10,000 - class S shares 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 net assets   Net asset value $143.1 million   $6.81     Cusip   Ticker Class C   782478846   RSGCX Class E   782478838   RSCEX Class I   782478820   RSCIX Class S   782478812   RSGSX 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. On September 2, 2008, the name of the Select Growth Fund changed to Russell U.S. Growth Fund. 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 October 2008. RFD 08-0673 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.			Select a Russell fund Emerging Markets Global Equity International Developed Markets Investment Grade Bond Money Market Real Estate Securities Short Duration Bond Strategic Bond Tax Exempt Bond Tax-Managed Global Equity Tax-Managed U.S. Large Cap Tax-Managed U.S. Mid & Small Cap U.S. Core Equity U.S. Growth U.S. Quantitative Equity U.S. Small & Mid Cap U.S. Value 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

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