Individual investors

Russell Tax Exempt Bond Fund Offering tax-sensitive diversification How to invest with Russell Fund objective Seeks to provide federal tax-exempt current income consistent with the preservation of capital. The fund will invest, under normal circumstances, at least 80% of the value of its assets in investments, the income from which is exempt from federal income tax. OVERVIEW PERFORMANCE HOLDINGS & DETAILS MANAGERS More fund information Daily prices & standardized performance Prospectus & reports Printable fact sheet (PDF) Month end holdings Tax information Sector weightings As of 12/31/2011 Updated monthly     % of total market value General Obligation Utility Revenue Industrial Revenue Education Revenue Other Revenue Health Care Revenue Cash Equivalents Pollution Control Revenue Housing Revenue Leasing Revenue Refunded and Special Obligations   18.6 17.6 16.0 15.6 11.4 8.3 7.3 2.0 1.8 1.2 0.2 Due to rounding totals may not equal 100%. Due to rounding totals may not equal 100%. Quality rating As of 12/31/2011 Updated monthly     % of market value A AA AAA BB BBB Unrated   24 43 19 1 12 1 The sum of the debt instrument quality ratings are based upon the Barclays Capital index methodology, which reflects the ratings of three nationally recognized statistical rating organizations in such a way that if three different ratings exist for the same instrument, the median rating is used: if two different ratings exist, the lower of the two is used and if only one rating exists, then that rating is used. If the debt instrument has not been rated by any of the three rating agencies, the security is classified as "Unrated." Top 10 holdings As of 12/31/2011 Updated monthly     % of fund New Jersey Transportation Trust Fund Authority Rev State of New Mexico Revenue Bonds State of Minnesota General Obligation Unlimited Pennsylvania Higher Educational Facilties Authorit State of North Carolina General Obligation Unlimit California State Department of Water Resources Rev City of New York New York General Obligation Unlim California State Department of Water Resources Rev San Francisco City & County Public Utilities Commi City of Dallas Texas Revenue Bonds   0.7 0.7 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5     5.9 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 Russell Investment Company's money market funds. More holdings: Month end holdings As of 12/31/2011 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 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. Growth Russell U.S. Quantitative Equity Russell U.S. Small Cap Equity Russell U.S. Mid Cap Equity Russell U.S. Large Cap Equity Russell U.S. Value ----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. 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. 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 2007-2011. All rights reserved. First used April 2009. RFS-1900 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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