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Russell U.S. Small & Mid Cap Fund Blend of small- and mid-cap managers Fund objective Seeks to provide long-term capital growth Overview Performance Holdings & details Managers More fund information Daily prices & standardized performance Prospectus (PDF) Annual report (PDF) Semiannual report (PDF) Statement of additional information (PDF) Printable fact sheet (PDF) Tax information Investment strategy Seeks to provide long-term capital growth. Emphasis on small- and mid-cap stocks. Specialty fund offering additional diversification. Fund highlights May provide lower risk than many small- and mid-cap funds by blending multiple managers with very different investment styles, allowing for more consistency. Blended exposure to multiple managers using growth and value styles. Characteristics As of 12/31/2009 Updated quarterly       Total net assets (All classes)   $1.5 billion Net asset value (Class S)   $18.14     Cusip   Ticker Class A   782494546   RLACX Class C   782494538   RLECX Class E   782493274   REBEX Class I   782493209   REBSX Class S   782494520   RLESX Class Y   782493266   REBYX Select a different Russell fund Russell Emerging Markets Russell Global Equity Russell International Developed Markets Russell Investment Grade Bond Russell Money Market Russell Real Estate Securities 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 & Mid Cap 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 2017 Accelerated Distribution — S Shares 2017 Accelerated Distribution — A Shares 2027 Extended Distribution — S Shares 2027 Extended 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. On September 2, 2008, the name of the Equity II Fund changed to Russell U.S. Small & Mid Cap Fund. 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 2007-2009. All rights reserved. First used April 2009. RFS-1887 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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