Russell U.S. Quantitative Equity Fund Harnessing the power of research Class S September 2, 2008 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 Market-oriented         Aronson+Johnson+Ortiz, L.P.   22.5%   2003 Franklin Portfolio Associates, LLC   22.5%   1987 Goldman Sachs Asset Management, L.P.   22.5%   2004 Jacobs Levy Equity Management, Inc.   22.5%   1999 Russell Investment Management Company*   10%   2005 *The fund's adviser may employ a "select holding" strategy for a portion of the fund's assets that it determines not to allocate to the money managers. The strategy is designed to increase the fund's exposure to stocks that are viewed as attractive by multiple money managers. The use of the select holdings and strategy will amplify the fund's security risk and potential underperformance. Money managers listed are current as of 09/02/08. 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. Characteristics     Cusip   Ticker Class A   782494579   REQAX Class C   782494561   REQCX Class E   782493233   REQEX Class I   782493811   REDSX Class S   782494553   REQTX Class Y   782493225   REUYX 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 Equity Q Fund changed to Russell U.S. Quantitative Equity Fund. For purchases over a certain minimum investment amount, another Russell mutual fund with similar investment objectives, strategies and risks, but generally lower annual fund operating expenses, may be available. Because this other fund is different than that listed above, a transfer between them may be a taxable event. Please contact your financial professional for more information. 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 September 2008. RFD 0967 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 See all fund holdings   Printer friendly version of this page Send feedback or comments Site Search

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