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 Average returns - class S shares As of 03/31/2012 Updated quarterly         Annualized returns Quarterly   Year to date   1 year   3 years   5 years   10 years   Since inception 0.82   0.82   7.85   5.75   4.62   4.27   4.80 Fund inception date: 09/05/85 Fund fees and expenses Annual fund operating expenses Total Net 0.59% 0.55% The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses to be borne by shareholders after application of a contractual transfer agency fee waiver through February 28, 2013. 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. Yields - class S shares As of 03/31/2012 Updated monthly 30-day SEC yield   Tax equivalent yield     Subsidized1   Unsubsidized2   Subsidized1,3   Unsubsidized2,3   Yield-to- maturity 1.22%   1.18%   1.88%   1.82%   2.1% The yield more closely reflects the current earnings of the fund than the total return of the fund; yields will vary. 1 The fund's current yield for the 30-day period ending 03/31/2012. 2 The yield shown is what the yield would have been without the current fee waivers and expense reimbursements (unsubsidized). 3 The tax equivalent yield is based on a tax rate of 35%. View the recent 30-day SEC yield report Growth of $10,000 As of 03/31/2012 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 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. 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 2007-2012. All rights reserved. First used: March 2011. Revised: February 2012. RFS-7704 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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