Individual investors

Russell Global Infrastructure Fund Expanding investor access to global investment opportunities How to invest with Russell Fund objective Seeks to provide long term growth of capital and current income OVERVIEW PERFORMANCE HOLDINGS & DETAILS MANAGERS More fund information Daily prices & standardized performance Prospectus & reports Printable fact sheet (PDF) Tax information Average returns - class S shares As of 03/31/2013 Updated quarterly         Annualized returns Quarterly   Year to date   1 year   3 years   5 years   10 years   Since inception 6.29   6.29   13.21   --   --   --   10.25 Fund inception date: 09/30/10 Fund fees and expenses Annual fund operating expenses Total Net 1.58% 1.31% The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of a contractual transfer agency fee or a advisory fee waiver February 28, 2014. These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower. 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. 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. Select a different Russell fund Russell Commodity Strategies Russell Emerging Markets Russell Global Equity Russell Global Infrastructure Russell Global Opportunistic Credit Russell Global Real Estate Securities Russell International Developed Markets Russell Investment Grade Bond Russell Money Market Russell Multi-Strategy Alternative Russell Strategic Call Overwriting Russell Short Duration Bond Russell Strategic Bond Russell Tax Exempt Bond Russell Tax-Managed U.S. Large Cap Russell Tax-Managed U.S. Mid & Small Cap Russell U.S. Core Equity Russell U.S. Dynamic Equity Russell U.S. Defensive Equity Russell U.S. Small Cap Equity Russell U.S. Mid Cap Equity Russell U.S. Large Cap Equity Russell U.S. Strategic Equity ----LifePoints® Funds---- Conservative Strategy Moderate Strategy Balanced Strategy Growth Strategy Equity Growth Strategy 2017 Retirement Distribution — S Shares 2017 Retirement Distribution — A Shares Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if available, or a prospectus containing this and other important information can be obtained by calling 800-787-7354 or by visiting the prospectus and reports page to download one. Please read the prospectus carefully before investing. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. The Russell Global Infrastructure Fund is classified as a "non-diversified fund" under the 1940 Act which means that a relatively high percentage of the fund's assets may be invested in a limited number of issuers. Thus, the fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 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., member FINRA, part of Russell Investments. For information on the Financial Industry Regulatory Authority, go to www.finra.org. Copyright © Russell Investments 2007-2013. All rights reserved. First used April 2009. Revised: March 2013. RFS 13-10195 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.

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