Individual investors

Russell Commodity Strategies Fund Additional portfolio diversification through commodities How to invest with Russell Fund objective Seeks to provide long term total return OVERVIEW PERFORMANCE HOLDINGS & INDEX MANAGERS More fund information Daily prices & standardized performance Prospectus & reports Printable fact sheet (PDF) Tax information Investment strategy Seeks to provide long term total return. Designed to provide exposure to performance of the collateralized commodities futures market without direct investment in physical commodities. Fund highlights Seeks returns that generally correspond to the performance of the Dow Jones- UBS Commodity Total Return IndexSM. Fund Managers have extensive experience in the commodity markets. Historically low correlation to stocks and bonds. Offers an additional way for investors to access the global markets. Characteristics As of 12/31/2011 Updated quarterly       Total net assets (All classes)   $1.2 billion Net asset value (Class S)   $9.54     Cusip   Ticker Class A   782494397   RCSAX Class C   782494389   RCSCX Class E   782494371   RCSEX Class S   782494363   RCCSX Class Y   782494355   RCSYX Commodity-linked securities and derivatives are volatile investments and should only be included as a small portion of a diversified portfolio. 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. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or sectors affecting a particular industry or commodity and international economic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss. The fund invests directly, or indirectly through a wholly-owned subsidiary, in commodity-linked securities that provide exposure to the performance of the collateralized commodity futures market, and in other debt instruments. The Fund may also make investments in derivative instruments, including options, futures, swaps, structured securities and other derivative instruments. Use of derivative instruments may involve certain costs and risks such as liquidity risk, market risk, credit risk and default risk. The fund may also invest in foreign securities, which may be more volatile than investments in U.S. securities and will be subject to fluctuation and sudden economic and political developments. The fund may also invest in non-investment grade fixed-income securities, which involve higher volatility and higher risk of default than investment grade bonds. The fund is classified as a "non-diversified fund" under the 1940 Act which means that a relatively high percentage of the fund's assets may be invested in a limited number of issuers. Thus, the fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. 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 October 2010. RFS-4358 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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