Russell Investment Group is pleased to announce the appointment of Wellington Management Co., LLP and Arrowstreet Capital, L.P. to the Sovereign Overseas Equity Pool and the Russell Overseas Equity Fund.

The Russell Overseas Equity Fund is also one of five underlying funds in LifePoint Portfolios.

Concurrently, Capital Guardian Trust Co. and Marvin and Palmer Associates, Inc. are no longer a part of the Russell Overseas Equity Fund, and Capital and Baillie Gifford Overseas Limited have been removed from the Sovereign Overseas Equity Pool.

Russell says it believes that the Russell Fund and Sovereign Pool will be better served by this new combined manager line-up.

The changes were effective May 31, 2005.

Russell says its investment management and research analysts identified Wellington as a highly ranked manager with a compelling security selection process and extensive research capabilities. Fundamental research is central to the investment process at Wellington. Approximately 90% of the research is internally developed and the fundamental research process is embedded in a large group of research analysts who support the portfolio managers. Wellington’s two portfolio managers are viewed by Russell as insightful and experienced investors with deep knowledge of the asset class and its drivers. Russell adds that Wellington’s highly regarded staff is one of the key reasons why the manager is expected to add value.

Arrowstreet’s market-oriented, quantitative approach is also expected to add value to the funds. Russell says one of Arrowstreet’s key strengths is the experience and knowledge of its investment staff. The investment professionals at Arrowstreet believe that their superior insights are derived from a continual evaluation of both behavioural and informational sources of market inefficiencies and then exploiting them in a highly disciplined manner.