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) Tax information Investment strategy 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. Invests primarily in high-quality securities of state and local government entities that provide interest income exempt of federal taxes. Targets intermediate-term maturities. Fund highlights Provides a diversified portfolio of high-quality tax-exempt bonds to help manage an investor's tax burden and preserve capital. Adds stability to a diversified portfolio because bonds historically have been less volatile than equities. Characteristics As of 12/31/2011 Updated quarterly       Total net assets (All classes)   $621.5 million Weighted average duration (All classes)1   4.5 years 1 Duration approximates the percentage change in the price of a bond or the value of a portfolio of bonds for every one percentage point shift in interest rates.     Cusip   Ticker Class A   782494314   RTEAX Class C   782493324   RTECX Class E   782493316   RTBEX Class S   782493837   RLVSX 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. 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. Bond investors should carefully consider risks such as interest rate, credit, repurchase and reverse repurchase transaction risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage backed securities, especially mortgage backed securities with exposure to sub-prime mortgages. 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. Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes. 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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