Sales Charges and Fees Information

  • Important Fee Information for Alternative and Specialty Funds

    Net Expense Ratio Disclosure - effective 3/1/2018

    The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of:

    (1) a contractual transfer agency fee or advisory fee waiver through February 28, 2019;

    (2) a contractual cap and reimbursement on expenses through February 28, 2019;

    These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion.

    (3) a contractual agreement to permanently waive the advisory and administrative fees paid by the Fund in an amount equal to the advisory and administrative fees paid by the Subsidiary. This contractual agreement may not be terminated.

    Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

    (4) a contractual transfer agency fee or advisory fee waiver through February 29, 2020;

    (5) a contractual cap and reimbursement on expenses through February 29, 2020;


    2018 Caps and Waivers
    Class A C E S M Y R6
    Fund
    Commodity Strategies Fund 1,3,5 1,3,5 1,3,5 1,3,5 1,3,5 3,5 X
    Global Infrastructure Fund 1 1 1 1 1 1 X
    Global Real Estate Securities Fund 4 4 4 4 1,4 4 1,4
    Strategic Call Overwriting Fund X X X 2 X X X
    Table Legend:

    X represents that the class does not exist for the fund.

    "–" represents that there is no waiver for the class of the fund.


    Fund performance is reported net of fund advisory and administrative fees, and gross of financial intermediary fees.

    For the Commodity Strategies Fund, Global Infrastructure Fund, and Global Real Estate Securities Fund, the funds offer 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 shown. For a full description of other available classes, please see the prospectus.

    First Used: June 2018
    RIFiS 20197-Alts

  • Important Fee information for Equity Funds

    Net Expense Ratio Disclosure - effective 3/1/2018

    The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of:

    (1) a contractual transfer agency fee or advisory fee waiver through February 28, 2019;

    (2) a contractual cap and reimbursement on expenses through February 28, 2019;

    These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion.

    (3) a contractual agreement to permanently waive the advisory and administrative fees paid by the Fund in an amount equal to the advisory and administrative fees paid by the Subsidiary. This contractual agreement may not be terminated.

    Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

    (4) a contractual transfer agency fee or advisory fee waiver through February 29, 2020;

    (5) a contractual cap and reimbursement on expenses through February 29, 2020;


    2018 Caps and Waivers
    Class A C E S M Y R6
    Fund
    Multifactor U.S. Equity Fund 2 2 X 2 1,2 2 1,2
    Equity Income Fund 4 4 4 1,4 X 4 X
    U.S. Defensive Equity Fund - - - 1 X - X
    U.S. Dynamic Equity Fund 4 4 4 4 X - X
    U.S. Strategic Equity Fund 1,2 1,2 1,2 1,2 1,2 2 X
    U.S. Mid Cap Equity Fund 2 2 X 2 X X X
    U.S. Small Cap Equity Fund - - - 1 1 - 1
    Multifactor International Equity Fund X X X 2 1,2 2 1,2
    International Developed Markets Fund - - - 1 1 - X
    Global Equity Fund 4 4 4 4 1,4 4 X
    Emerging Markets Fund 1 1 1 1 1 1 1
    Tax-Managed U.S. Large Cap Fund 5 5 5 5 1,5 X X
    Tax-Managed U.S. Mid & Small Cap Fund 1,5 1,5 1,5 1,5 1,5 X X
    Tax-Managed International Equity Fund 5 5 5 5 1,5 X X
    Table Legend:

    X represents that the class does not exist for the fund.

    "–" represents that there is no waiver for the class of the fund.

    Fund performance is reported net of fund advisory and administrative fees, and gross of financial intermediary fees.

    For the Equity Income Fund, U.S. Defensive Equity Fund, U.S. Dynamic Equity Fund, U.S. Small Cap Equity Fund, U.S. Mid Cap Equity Fund, U.S. Strategic Equity Fund, International Developed Markets Fund, Global Equity Fund, Emerging Markets Fund, Tax-Managed U.S. Large Cap Fund, Tax-Managed U.S. Mid & Small Cap Fund, and Tax-Managed International Equity Fund, the funds offer 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 shown. For a full description of other available classes, please see the prospectus.

    First Used: September 2018
    RIFiS 20446-USEq


  • Important Fee information for Fixed Income Funds

    Net Expense Ratio Disclosure - effective 3/1/2018

    The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of:

    (1) a contractual transfer agency fee or advisory fee waiver through February 28, 2019;

    (2) a contractual cap and reimbursement on expenses through February 28, 2019;

    These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion.

    (3) a contractual agreement to permanently waive the advisory and administrative fees paid by the Fund in an amount equal to the advisory and administrative fees paid by the Subsidiary. This contractual agreement may not be terminated.

    Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

    (4) a contractual transfer agency fee or advisory fee waiver through February 29, 2020;

    (5) a contractual cap and reimbursement on expenses through February 29, 2020;


    2018 Caps and Waivers
    Class A C E S M Y R6
    Fund
    Global Opportunistic Credit Fund 1 1 1 1 1 1 X
    Strategic Bond Fund 1 1 1 1 1 1 1
    Investment Grade Bond Fund - - - 1 1 - 1
    Short Duration Bond Fund 1 1 1 1 1 1 1
    Tax-Exempt Bond Fund 1 1 1 1 1 X X
    Tax-Exempt High Yield Bond Fund 2 2 2 2 1,2 X X
     Unconstrained Total Return Fund   2 2 X 2 1,2 2 X
    Table Legend:

    X represents that the class does not exist for the fund.

    "–" represents that there is no waiver for the class of the fund.



    For the  Investment Grade Bond Fund, for periods prior to April 1, 1995, fund performance results are reported gross of fund advisory and administrative fees. For periods thereafter, performance results are reported net of investment advisory and administrative fees, but gross of financial intermediary fees. Had these fees been reflected, the fund's performance would have been negatively affected (lower). For all other Fixed Income Funds, fund performance is reported net of fund advisory and administrative fees, and gross of financial intermediary fees.

    For the Investment Grade Bond Fund, the fund offers other classes of shares with higher fees and expenses. These other classes may charge up to a 0.25% shareholder servicing fee which will result in a higher expense ratio and lower performance than that shown. For all other Russell Fixed Income Funds, the funds offer 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 shown. For a full description of other available classes, please see the prospectus.

    First Used: June 2018
    RIFiS 20197-FI

  • Important Fee information for Multi-Asset Funds

    Net Expense Ratio Disclosure - effective 3/1/2018

    The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of:

    (1) a contractual transfer agency fee or advisory fee waiver through February 28, 2019;

    (2) a contractual cap and reimbursement on expenses through February 28, 2019;

    These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion.

    (3) a contractual agreement to permanently waive the advisory and administrative fees paid by the Fund in an amount equal to the advisory and administrative fees paid by the Subsidiary. This contractual agreement may not be terminated.

    Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

    (4) a contractual transfer agency fee or advisory fee waiver through February 29, 2020;

    (5) a contractual cap and reimbursement on expenses through February 29, 2020;


    2018 Caps and Waivers
    Class A C E S M Y R6
    Fund
    Multi-Strategy Income Fund 2 2 2 2 1,2 2 X
    Multi-Asset Growth Strategy - - X 2,3 1,2,3 - X
    Table Legend:

    X represents that the class does not exist for the fund.

    "–" represents that there is no waiver for the class of the fund.


    First Used: June 2018
    RIFiS 20197-MA

  • Important Fee Information for LifePoints® Funds, Target Portfolio Series

    Net Expense Ratio Disclosure - effective 06/01/2018

    The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of:

    (1) a contractual transfer agency fee or advisory fee waiver through February 28, 2019;

    (2) a contractual cap and reimbursement on expenses through February 28, 2019;

    These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion.

    (3) a contractual transfer agency fee or advisory fee waiver through February 29, 2020;

    Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.


    2018 Caps and Waivers
    Class A C E S R1 R4 R5
    Fund
    Conservative Strategy Fund 2,3 2,3 1,2 1,2 1,2 1,2 1,2
    Moderate Strategy Fund 1,2 1,2 2 2 1,2 1,2 1,2
    Balanced Strategy Fund 1,2 1,2 2 2 1,2 1,2 1,2
    Growth Strategy Fund 2 2 2 2 1,2 1,2 1,2
    Equity Growth Strategy Fund 2 2 2 2 1,2 1,2 1,2
    Table Legend:

    X represents that the class does not exist for the fund.

    "–" represents that there is no waiver for the class of the fund.


    The Target Portfolio Series Funds offer other classes of shares with higher fees and expenses. These other classes may charge up to a 5.75% sales charge and a 0.25% distribution fee (Class A) or up to a 0.75% distribution fee and a 0.25% shareholder servicing fee (Class C), which will result in a higher expense ratio and lower performance than shown. For a full description of other available classes, please see the prospectus.

    LifePoints Funds Class A are subject to a front end sales charge and a 1.00% deferred sales charge applies to $1 million and over purchases redeemed within the first 12 months.

    Class A shares are subject to a maximum sales charge of 5.75%.


    First Used: June 2018
    RIFiS 20197-LPTPS

  • Important Class A Sales Charge Information for Individual Mutual Funds

    Russell Funds Class A are subject to a front end sales charge and a 1.00% deferred sales charge applies to $1 million and over purchases redeemed within the first 12 months.


    The returns for the Class A Fixed-Income funds are shown both with and without the maximum sales charge of 3.75%. The Fixed Income Funds include the Global Opportunistic Credit, Strategic Bond, Investment Grade Bond, Short Duration Bond, Tax Exempt Bond, and Tax Exempt High Yield Bond Funds.


    The returns for the Class A US Equity Funds are shown both with and without the maximum sales charge of 5.75%. The US Equity Funds include the U.S. Core Equity, U.S. Defensive Equity, U.S. Dynamic Equity, U.S. Strategic Equity, U.S. Large Cap Equity, U.S. Mid Cap Equity, and the Small Cap Equity Funds


    The returns for the Class A Alternative funds are shown both with and without the maximum sales charge of 5.75%. The Alternative Funds include the Global Real Estate Securities, Strategic Call Overwriting, Global Infrastructure and Commodity Strategies Funds.


    First Used: March 2017

    RFS 18406-Class A


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.

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