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Russell U.S. Strategic Equity Fund How to invest with Russell Fund objective The Fund seeks to provide long-term capital growth OVERVIEW PERFORMANCE HOLDINGS & DETAILS MANAGERS More fund information Daily prices & standardized performance Prospectus & reports Printable fact sheet (PDF) Tax information Investment strategy Investments may include equity securities, fixed income securities and derivatives. The Fund may invest in a broad range of instruments, markets and asset classes economically tied to the U.S., foreign and emerging markets. The Fund may take both long (expectation that the underlying asset will rise in value) and short (expectation that the underlying asset will decline in value) positions in all of its investments. Fund highlights The Fund includes managers that use a diverse range of alternative investment strategies and sub-strategies that are expected to have a low correlation to each other. The Fund may also make investments for hedging purposes in order to address perceived misalignment between the Fund's investment exposures and current or anticipated market conditions. Characteristics As of 03/31/2013 Updated quarterly       Total net assets (All classes)   $ billion Net asset value (Class S)   $11.39     Cusip   Ticker Class A   78249R859   RSEAX Class C   78249R842   RSECX Class E   78249R834   RSEEX Class S   78249R826   RSESX 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. This is a new fund without an operating history, which may result in additional risk. There can be no assurance that the fund will grow to an economically viable size, in which case the fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time. The investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. The multi-manager approach may result in a Fund holding a concentration of certain types of securities, which may be beneficial or detrimental to a Fund's performance. It may also increase a Fund's portfolio turnover rates, which may result in higher transaction costs and realized capital gains or losses. Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality, (which may include lower financial leverage) and/or stable business fundamentals. Dynamic style emphasizes investments in equity securities of companies that are believed to be currently undergoing or are expected to undergo positive change that will lead to stock price appreciation. Dynamic stocks typically have higher than average stock price volatility, characteristics indicating lower financial quality, (which may include greater financial leverage) and/or less business stability. In a limited long/short strategy, a short sale will result in a loss if the price of the security sold short increases between the date of the short sale and the date on which the borrowed security must be returned. Although the Fund's potential for gain as a result of a short sale is limited to the price at which it sold the security short less the cost of borrowing the security, its potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. 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: January 2013 RFS-10020 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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