Money Market Fund Providing income, liquidity and safety of principal Class S March 31, 2008 About the fund Russell carefully selects money market instruments characterized by high quality, liquidity and low risk. Our management of the fund is governed by our guiding principles of: 1) preserving the $1.00 Net Asset Value; 2) maintaining a high degree of portfolio liquidity; and 3) maximizing the portfolio yield. This fund is designed for investors seeking safety, liquidity and yield competitive with other cash alternatives. Investments into the fund may be temporary or longer term depending on client objectives. We incorporate vigorous ongoing investment research and credit analysis and draw on years of experience as we actively trade for the portfolio. We employ an active management approach in which assets are redeployed daily based on our assessments of market risks and opportunities. – Mark Amberson Investment strategy   Seeks to maximize current income while preserving capital and liquidity. Strives to maximize portfolio yield. Seeks to identify the best investments with the best yields within a framework of safety and liquidity. Fund highlights   Principally invests in securities issued by U.S. and foreign banks, asset-backed commercial paper, short-term debt of U.S. and foreign corporations and trusts, and the U.S. government or its agencies. Seeks to achieve its objective by active security selection consistent with its daily assesment of investment opportunities and market and credit risks. Invests in high-quality money market securities maturing in 397 days or less. Constrains single issuer concentrations to 5% of total assets, except for government obligations. Maintains highest agency rating by limiting weighted average maturity to 60 days or less. Managing money differently Investment research serves as the foundation of Russell's dynamic cash management process, with both a fundamental "bottom-up" analysis in managing credit risk and a "top-down" macro-economic assessment of the market environment that includes interpretation of economic data, yield curve analysis, and interest rate forecasts. Our managers monitor market offerings each day and meet regularly with the credit research team to review opportunities. Allocation of fund assets     % Allocated   Year assigned Russell Investment Management Company   100%   1991 Sector diversification   % of total equity Yankee Certificates of Deposit Registered Investment Co. Fund Floating Rate Notes EuroDollar time deposit Domestic Commercial Paper Corporate   9.5 9.4 3.7 2.9 35.4 39.0 Due to rounding totals may not equal 100%. Performance review | as of March 31, 2008 Money Market Fund - Class S         Annualized returns QTR   YTD   1 yr   3 yrs   5 yrs   10 yrs   Since inception 10/15/81 1.06   1.06   5.12   4.70   3.35   3.89   6.03 7-day yield2     3.45 The yield more closely reflects the current earnings of the fund than the total return of the fund; yields will vary. 2 The fund's current (simple) yield for the 7-day period ending 12/31/2007. Fund Fees and Expenses Annual Fund Operating Expenses Total Net 0.30% 0.15% Net annual operating expense ratio reflects the actual expenses expected to be borne by shareholders. The fund's adviser has contractually agreed to waive, at least until February 28, 2009 a specified percentage of the advisory fee. Details of the waiver are in the current prospectus. 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 $6,921.32 million   $1.00     Class A   Class S Cusip   782478663   782493704 Ticker   RAMXX   RMMXX 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. 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. 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 October 2007. RFD 07-7045 (0266) 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 Month end holdings Subprime analysis Printable fact sheet   Monthly performance Russell class S Russell class A   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.