Mutual fund daily prices & performance These are mutual fund daily prices only. If you are a participant in an employer-sponsored DC plan [e.g. 401(k)] invested in Russell Trust Company commingled funds please contact your company's plan administrator for guidance on accessing commingled fund pricing information. Performance quoted represents past performance and should not be viewed as a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Russell Funds - Class A Russell Funds Class A Funds are subject to a sales charge. The returns below are shown both with and without the maximum sales charge (maximum: equity Funds - 5.75%; fixed-income Funds - 3.75%). Performance not reflecting the sales charge would be lower if the charge was included. A 1.00% deferred sales charge applies to $1million and over purchases redeemed within the first 12 months. As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell U.S. Core Equity (RSQAX) 27.51 -0.26 -0.94% Return before taxes 4 -6.71% 7.16% -3.39% -1.79% -0.48% 2.99% 10.08% 10/15/1981 1.07% 1.07% Pre-liquidation after tax returns 1,3,4 -6.73% 7.16% -3.40% -1.89% -0.93% 2.55% 7.32% 10/15/1981 1.07% 1.07% Post liquidation after tax returns 2,3,4 -4.36% 4.65% -2.20% -1.05% -0.49% 2.49% 7.26% 10/15/1981 1.07% 1.07% Return before taxes without sales charge deducted -1.03% 13.71% 2.52% 4.20% 0.70% 3.60% 10.29% 10/15/1981 1.07% 1.07% Russell U.S. Quantitative Equity (REQAX) 30.56 -0.26 -0.84% Return before taxes 4 -6.14% 6.43% -2.65% 2.70% -0.63% 2.71% 8.48% 5/29/1987 1.26% 1.26% Pre-liquidation after tax returns 1,3,4 -6.18% 6.43% -2.69% 2.59% -1.11% 2.22% 6.67% 5/29/1987 1.26% 1.26% Post liquidation after tax returns 2,3,4 -3.99% 4.18% -1.72% 1.88% -0.61% 2.25% 6.59% 5/29/1987 1.26% 1.26% Return before taxes without sales charge deducted -0.42% 12.93% 3.30% 8.98% 0.55% 3.32% 8.74% 5/29/1987 1.26% 1.26% Russell U.S. Small Cap Equity** (RLACX) 22.17 -0.24 -1.07% Return before taxes 4 -6.84% 7.59% -3.90% -5.20% -0.50% 4.73% 10.47% 12/28/1981 1.25% 1.25% Pre-liquidation after tax returns 1,3,4 -6.84% 7.59% -3.90% -5.20% -1.26% 3.14% 7.58% 12/28/1981 1.25% 1.25% Post liquidation after tax returns 2,3,4 -4.44% 4.93% -2.54% -3.37% -0.66% 3.60% 7.63% 12/28/1981 1.25% 1.25% Return before taxes without sales charge deducted -1.17% 14.17% 1.98% 0.60% 0.68% 5.35% 10.68% 12/28/1981 1.25% 1.25% Russell U.S. Mid Cap Equity Fund (RMCAX) 9.27 -0.10 -1.07% Return before taxes 4 -6.37% -- -- -- -- -- -2.73% 2/6/2012 1.52% 1.20% Pre-liquidation after tax returns 1,3,4 -6.42% -- -- -- -- -- -2.73% 2/6/2012 1.52% 1.20% Post liquidation after tax returns 2,3,4 -4.14% -- -- -- -- -- -1.78% 2/6/2012 1.52% 1.20% Return before taxes without sales charge deducted -0.65% -- -- -- -- -- 3.20% 2/6/2012 1.52% 1.20% Russell U.S. Large Cap Equity Fund (RLCZX) 9.65 -0.08 -0.82% Return before taxes 4 -6.31% -- -- -- -- -- -0.47% 2/6/2012 1.28% 1.10% Pre-liquidation after tax returns 1,3,4 -6.35% -- -- -- -- -- -0.47% 2/6/2012 1.28% 1.10% Post liquidation after tax returns 2,3,4 -4.10% -- -- -- -- -- -0.31% 2/6/2012 1.28% 1.10% Return before taxes without sales charge deducted -0.63% -- -- -- -- -- 5.60% 2/6/2012 1.28% 1.10% Russell International Developed Markets (RLNAX) 26.12 -0.20 -0.76% Return before taxes 4 -7.92% 4.99% -8.22% -12.47% -5.31% 4.21% 9.03% 1/31/1983 1.24% 1.24% Pre-liquidation after tax returns 1,3,4 -7.92% 4.99% -8.22% -12.53% -6.18% 3.33% 6.91% 1/31/1983 1.24% 1.24% Post liquidation after tax returns 2,3,4 -5.15% 3.24% -5.34% -7.76% -4.49% 3.54% 6.97% 1/31/1983 1.24% 1.24% Return before taxes without sales charge deducted -2.31% 11.41% -2.61% -7.14% -4.18% 4.83% 9.25% 1/31/1983 1.24% 1.24% Russell Global Equity (RGEAX) 7.91 -0.08 -1.00% Return before taxes 4 -8.14% 6.61% -6.61% -7.18% -2.15% -- -1.90% 2/28/2007 1.50% 1.50% Pre-liquidation after tax returns 1,3,4 -8.14% 6.61% -6.61% -7.16% -2.35% -- -2.09% 2/28/2007 1.50% 1.50% Post liquidation after tax returns 2,3,4 -5.29% 4.30% -4.30% -4.47% -1.84% -- -1.63% 2/28/2007 1.50% 1.50% Return before taxes without sales charge deducted -2.55% 13.16% -0.88% -1.55% -0.98% -- -0.75% 2/28/2007 1.50% 1.50% Russell Emerging Markets (REMAX) 15.96 -0.21 -1.30% Return before taxes 4 -6.25% 7.23% -6.23% -13.35% 3.47% 13.24% 7.06% 1/29/1993 1.79% 1.79% Pre-liquidation after tax returns 1,3,4 -6.25% 7.23% -6.23% -13.77% 2.29% 12.14% 6.23% 1/29/1993 1.79% 1.79% Post liquidation after tax returns 2,3,4 -4.06% 4.70% -4.05% -7.63% 2.83% 11.67% 6.03% 1/29/1993 1.79% 1.79% Return before taxes without sales charge deducted -0.55% 13.78% -0.50% -8.07% 4.70% 13.92% 7.39% 1/29/1993 1.79% 1.79% Russell Tax-Managed U.S. Large Cap (RTLAX) 20.42 -0.17 -0.83% Return before taxes 4 -5.89% 8.75% -0.20% 1.32% 0.65% 2.71% 5.47% 10/7/1996 1.26% 1.26% Pre-liquidation after tax returns 1,3,4 -5.90% 8.76% -0.19% 1.30% 0.57% 2.61% 5.33% 10/7/1996 1.26% 1.26% Post liquidation after tax returns 2,3,4 -3.83% 5.69% -0.12% 0.87% 0.53% 2.31% 4.79% 10/7/1996 1.26% 1.26% Return before taxes without sales charge deducted -0.13% 15.40% 5.91% 7.48% 1.85% 3.32% 5.87% 10/7/1996 1.26% 1.26% Russell Tax-Managed U.S. Mid & Small Cap (RTSAX) 14.78 -0.17 -1.14% Return before taxes 4 -6.31% 5.78% -4.03% -3.49% 2.83% 6.38% 4.44% 11/30/1999 1.61% 1.53% Pre-liquidation after tax returns 1,3,4 -6.31% 5.79% -4.02% -3.50% 2.52% 6.20% 4.29% 11/30/1999 1.61% 1.53% Post liquidation after tax returns 2,3,4 -4.10% 3.76% -2.61% -2.27% 2.34% 5.57% 3.86% 11/30/1999 1.61% 1.53% Return before taxes without sales charge deducted -0.61% 12.27% 1.86% 2.39% 4.05% 7.01% 4.94% 11/30/1999 1.61% 1.53% Russell Commodity Strategies (RCSAX) 9.09 0.05 0.55% Return before taxes 4 -6.86% -4.95% -10.09% -20.87% -- -- 3.98% 6/30/2010 1.80% 1.55% Pre-liquidation after tax returns 1,3,4 -6.86% -4.95% -10.09% -21.96% -- -- 0.67% 6/30/2010 1.80% 1.55% Post liquidation after tax returns 2,3,4 -4.46% -3.22% -6.56% -13.57% -- -- 1.56% 6/30/2010 1.80% 1.55% Return before taxes without sales charge deducted -1.14% 0.84% -4.62% -16.02% -- -- 7.56% 6/30/2010 1.80% 1.55% Russell Global Infrastructure (RGIAX) 10.07 -0.04 -0.40% Return before taxes 4 -5.28% 1.22% -5.50% -4.29% -- -- 3.84% 9/30/2010 1.86% 1.59% Pre-liquidation after tax returns 1,3,4 -5.33% 1.22% -5.54% -4.35% -- -- 3.47% 9/30/2010 1.86% 1.59% Post liquidation after tax returns 2,3,4 -3.43% 0.79% -3.57% -2.08% -- -- 3.26% 9/30/2010 1.86% 1.59% Return before taxes without sales charge deducted 0.51% 7.36% 0.23% 1.51% -- -- 8.02% 9/30/2010 1.86% 1.59% Russell Global Real Estate Securities (RREAX) 33.67 -0.40 -1.17% Return before taxes 4 -3.59% 5.73% -0.68% -4.63% -4.58% 8.20% 9.75% 7/28/1989 1.36% 1.36% Pre-liquidation after tax returns 1,3,4 -3.87% 5.73% -0.97% -5.23% -5.80% 6.39% 7.48% 7/28/1989 1.36% 1.36% Post liquidation after tax returns 2,3,4 -2.34% 3.73% -0.43% -3.00% -4.37% 6.37% 7.35% 7/28/1989 1.36% 1.36% Return before taxes without sales charge deducted 2.31% 12.20% 5.39% 1.19% -3.45% 8.85% 10.04% 7/28/1989 1.36% 1.36% Russell Global Opportunistic Credit* (RGCAX) 10.16 -0.03 -0.29% Return before taxes 4 -2.92% 2.00% 1.40% 2.86% -- -- 3.85% 9/30/2010 1.58% 1.22% Pre-liquidation after tax returns 1,3,4 -2.92% 2.00% 1.40% 0.64% -- -- 2.12% 9/30/2010 1.58% 1.22% Post liquidation after tax returns 2,3,4 -1.90% 1.30% 0.91% 1.78% -- -- 2.26% 9/30/2010 1.58% 1.22% Return before taxes without sales charge deducted 0.88% 6.02% 5.39% 6.90% -- -- 6.53% 9/30/2010 1.58% 1.22% Russell Strategic Bond (RFDAX) 11.17 -0.01 -0.09% Return before taxes 5 -2.74% -1.52% 0.00% 2.14% 5.16% 5.39% 5.99% 1/29/1993 1.04% 1.02% Pre-liquidation after tax returns 1,3,5 -2.82% -1.70% -0.34% 0.76% 3.40% 3.74% 3.86% 1/29/1993 1.04% 1.02% Post liquidation after tax returns 2,3,5 -1.78% -0.99% -0.01% 1.37% 3.34% 3.64% 3.80% 1/29/1993 1.04% 1.02% Return before taxes without sales charge deducted 1.05% 2.29% 3.86% 6.10% 5.97% 5.80% 6.20% 1/29/1993 1.04% 1.02% Russell Investment Grade Bond (RFAAX) 22.57 -0.01 -0.04% Return before taxes 5 -2.73% -2.64% -1.17% 2.16% 5.29% 5.12% 8.52% 10/15/1981 0.81% 0.81% Pre-liquidation after tax returns 1,3,5 -2.78% -2.75% -1.39% 1.00% 3.63% 3.41% 5.30% 10/15/1981 0.81% 0.81% Post liquidation after tax returns 2,3,5 -1.77% -1.72% -0.76% 1.46% 3.54% 3.37% 5.27% 10/15/1981 0.81% 0.81% Return before taxes without sales charge deducted 1.06% 1.15% 2.67% 6.15% 6.10% 5.52% 8.66% 10/15/1981 0.81% 0.81% Russell Short Duration Bond (RSBTX) 19.39 -0.01 -0.05% Return before taxes 5 -3.28% -2.13% -1.68% -1.81% 3.04% 3.00% 6.69% 10/30/1981 1.01% 0.88% Pre-liquidation after tax returns 1,3,5 -3.33% -2.27% -1.92% -2.40% 1.92% 1.91% 3.90% 10/30/1981 1.01% 0.88% Post liquidation after tax returns 2,3,5 -2.13% -1.39% -1.09% -1.18% 1.92% 1.90% 3.90% 10/30/1981 1.01% 0.88% Return before taxes without sales charge deducted 0.47% 1.65% 2.12% 2.00% 3.83% 3.40% 6.82% 10/30/1981 1.01% 0.88% Russell Tax Exempt Bond (RTEAX) 23.13 0.01 0.04% Return before taxes 5 -2.86% -3.05% -1.67% 3.55% 3.54% 3.60% 4.52% 9/5/1985 0.84% 0.84% Pre-liquidation after tax returns 1,3,5 -2.87% -3.06% -1.70% 3.53% 3.32% 3.01% 4.29% 9/5/1985 0.84% 0.84% Post liquidation after tax returns 2,3,5 -1.79% -1.88% -0.85% 3.24% 3.24% 2.95% 4.25% 9/5/1985 0.84% 0.84% Return before taxes without sales charge deducted 0.92% 0.73% 2.17% 7.58% 4.33% 4.00% 4.67% 9/5/1985 0.84% 0.84% NAVs do not reflect deduction of sales charges (maximum: equity funds - 5.75%; fixed-income funds - 3.75%) on Russell Class A shares. If reflected, the performance quoted would be lower. Additional information regarding performance history **On January 1, 2012, the Russell U.S. Small & Mid Cap Fund was renamed the Russell U.S. Small Cap Equity Fund.  In addition, the Fund’s investment strategy changed from investing primarily in common stocks of small and medium capitalization U.S. companies to investing primarily in common stocks of small capitalization U.S. companies. As a result, the Fund’s primary benchmark changed from the Russell 2500® Index to the Russell 2000® Index. 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: for the Russell Strategic Bond, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual transfer agency fee waiver through February 28, 2013; and for the Russell Commodity Strategies, Russell Tax-Managed U.S. Mid & Small Cap, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 28, 2013; and for the Russell Tax-Managed U.S. Mid & Small Cap Fund a contractual cap on expenses through February 28, 2013. for the Russell U.S. Large Cap Equity Fund and Russell U.S. Mid Cap Equity Fund a contractual advisory fee waiver and/or reimbursement and a contractual cap on expenses through February 28, 2013; The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. Russell Funds - Class C As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell U.S. Core Equity (REQSX) 27.27 -0.26 -0.94% Return before taxes -1.09% 13.54% 2.25% 3.44% 0.14% 3.31% 10.19% 10/15/1981 1.82% 1.82% Pre-liquidation after tax returns 1,3 -1.09% 13.54% 2.25% 3.42% -0.25% 2.90% 7.44% 10/15/1981 1.82% 1.82% Post liquidation after tax returns 2,3 -0.71% 8.80% 1.46% 2.27% 0.05% 2.79% 7.38% 10/15/1981 1.82% 1.82% Russell U.S. Quantitative Equity (REQCX) 30.41 -0.26 -0.85% Return before taxes -0.48% 12.74% 3.01% 8.15% -0.02% 3.03% 8.62% 5/29/1987 2.01% 2.01% Pre-liquidation after tax returns 1,3 -0.48% 12.74% 3.01% 8.13% -0.42% 2.57% 6.82% 5/29/1987 2.01% 2.01% Post liquidation after tax returns 2,3 -0.31% 8.28% 1.96% 5.32% -0.06% 2.55% 6.73% 5/29/1987 2.01% 2.01% Russell U.S. Growth (RSGCX) 7.77 -0.08 -1.02% Return before taxes -0.23% 16.24% 5.14% 9.01% 2.41% 2.37% -0.93% 1/31/2001 2.29% 2.16% Pre-liquidation after tax returns 1,3 -0.23% 16.24% 5.14% 9.01% 2.27% 2.30% -0.99% 1/31/2001 2.29% 2.16% Post liquidation after tax returns 2,3 -0.15% 10.55% 3.34% 5.86% 2.06% 2.04% -0.78% 1/31/2001 2.29% 2.16% Russell U.S. Value (RSVCX) 7.67 -0.06 -0.78% Return before taxes -1.50% 13.79% 1.74% 2.20% -3.19% 2.35% 1.56% 1/31/2001 2.15% 2.15% Pre-liquidation after tax returns 1,3 -1.50% 13.79% 1.74% 2.12% -3.82% 1.80% 1.07% 1/31/2001 2.15% 2.15% Post liquidation after tax returns 2,3 -0.97% 8.97% 1.13% 1.52% -2.73% 1.98% 1.30% 1/31/2001 2.15% 2.15% Russell U.S. Small Cap Equity** (RLECX) 21.73 -0.23 -1.05% Return before taxes -1.23% 13.94% 1.68% -0.20% 0.13% 5.06% 10.58% 12/28/1981 2.00% 2.00% Pre-liquidation after tax returns 1,3 -1.23% 13.94% 1.68% -0.20% -0.61% 3.48% 7.70% 12/28/1981 2.00% 2.00% Post liquidation after tax returns 2,3 -0.80% 9.06% 1.09% -0.13% -0.10% 3.93% 7.76% 12/28/1981 2.00% 2.00% Russell U.S. Mid Cap Equity Fund (RMCCX) 9.26 -0.10 -1.07% Return before taxes -0.73% -- -- -- -- -- 3.10% 2/6/2012 2.27% 1.95% Pre-liquidation after tax returns -0.75% -- -- -- -- -- 3.10% 2/6/2012 2.27% 1.95% Post liquidation after tax returns -0.48% -- -- -- -- -- 2.02% 2/6/2012 2.27% 1.95% Russell U.S. Large Cap Equity Fund (RLCCX) 9.63 -0.09 -0.93% Return before taxes -0.71% -- -- -- -- -- 5.50% 2/6/2012 2.03% 1.85% Pre-liquidation after tax returns -0.72% -- -- -- -- -- 5.50% 2/6/2012 2.03% 1.85% Post liquidation after tax returns -0.46% -- -- -- -- -- 3.58% 2/6/2012 2.03% 1.85% Russell International Developed Markets (RLNCX) 26.07 -0.20 -0.76% Return before taxes -2.38% 11.17% -2.91% -7.76% -4.68% 4.55% 9.16% 1/31/1983 1.99% 1.99% Pre-liquidation after tax returns 1,3 -2.38% 11.17% -2.91% -7.64% -5.44% 3.74% 7.05% 1/31/1983 1.99% 1.99% Post liquidation after tax returns 2,3 -1.55% 7.26% -1.89% -4.78% -3.91% 3.90% 7.12% 1/31/1983 1.99% 1.99% Russell Global Equity (RGECX) 7.85 -0.09 -1.13% Return before taxes -2.67% 12.96% -1.26% -2.29% -1.75% -- -1.50% 2/28/2007 2.25% 2.25% Pre-liquidation after tax returns 1,3 -2.67% 12.96% -1.26% -2.18% -1.78% -- -1.54% 2/28/2007 2.25% 2.25% Post liquidation after tax returns 2,3 -1.74% 8.42% -0.82% -1.38% -1.43% -- -1.22% 2/28/2007 2.25% 2.25% Russell Emerging Markets (REMCX) 15.05 -0.20 -1.31% Return before taxes -0.64% 13.58% -0.79% -8.73% 3.92% 13.10% 6.85% 1/29/1993 2.54% 2.54% Pre-liquidation after tax returns 1,3 -0.64% 13.58% -0.79% -9.02% 2.91% 12.31% 6.19% 1/29/1993 2.54% 2.54% Post liquidation after tax returns 2,3 -0.41% 8.83% -0.51% -4.59% 3.38% 11.84% 6.00% 1/29/1993 2.54% 2.54% Russell Tax-Managed U.S. Large Cap (RTLCX) 19.73 -0.16 -0.80% Return before taxes -0.19% 15.27% 5.68% 6.69% 1.11% 2.54% 5.22% 10/7/1996 2.01% 1.97% Pre-liquidation after tax returns 1,3 -0.19% 15.27% 5.68% 6.69% 1.11% 2.54% 5.17% 10/7/1996 2.01% 1.97% Post liquidation after tax returns 2,3 -0.12% 9.92% 3.69% 4.35% 0.95% 2.20% 4.60% 10/7/1996 2.01% 1.97% Russell Tax-Managed U.S. Mid & Small Cap (RTSCX) 13.45 -0.16 -1.18% Return before taxes -0.67% 12.08% 1.59% 1.64% 3.27% 6.22% 4.16% 11/30/1999 2.36% 2.25% Pre-liquidation after tax returns 1,3 -0.67% 12.08% 1.59% 1.64% 2.97% 6.04% 4.01% 11/30/1999 2.36% 2.25% Post liquidation after tax returns 2,3 -0.44% 7.85% 1.03% 1.07% 2.74% 5.44% 3.61% 11/30/1999 2.36% 2.25% Russell Commodity Strategies (RCSCX) 9.02 0.05 0.56% Return before taxes -1.26% 0.63% -4.95% -16.60% -- -- 6.73% 6/30/2010 2.55% 2.30% Pre-liquidation after tax returns 1,3 -1.26% 0.63% -4.96% -17.57% -- -- 3.48% 6/30/2010 2.55% 2.30% Post liquidation after tax returns 2,3 -0.82% 0.41% -3.22% -10.79% -- -- 3.95% 6/30/2010 2.55% 2.30% Russell Global Infrastructure (RGCIX) 10.04 -0.04 -0.40% Return before taxes 0.37% 7.27% 0.00% 0.75% -- -- 7.27% 9/30/2010 2.61% 2.34% Pre-liquidation after tax returns 1,3 0.37% 7.27% 0.00% 0.80% -- -- 6.99% 9/30/2010 2.61% 2.34% Post liquidation after tax returns 2,3 0.24% 4.73% 0.00% 1.13% -- -- 6.23% 9/30/2010 2.61% 2.34% Russell Global Real Estate Securities (RRSCX) 32.89 -0.39 -1.17% Return before taxes 2.26% 11.96% 5.10% 0.41% -4.19% 8.02% 9.56% 7/28/1989 2.11% 2.11% Pre-liquidation after tax returns 1,3 2.01% 11.96% 4.85% -0.04% -5.19% 6.44% 7.43% 7/28/1989 2.11% 2.11% Post liquidation after tax returns 2,3 1.47% 7.78% 3.33% 0.27% -3.91% 6.39% 7.29% 7/28/1989 2.11% 2.11% Russell Global Opportunistic Credit* (RGCCX) 10.11 -0.03 -0.30% Return before taxes 0.88% 5.71% 4.98% 6.15% -- -- 5.73% 9/30/2010 2.33% 1.97% Pre-liquidation after tax returns 1,3 0.88% 5.71% 4.98% 4.06% -- -- 4.15% 9/30/2010 2.33% 1.97% Post liquidation after tax returns 2,3 0.57% 3.71% 3.24% 3.92% -- -- 3.92% 9/30/2010 2.33% 1.97% Russell Strategic Bond (RFCCX) 11.16 -0.01 -0.09% Return before taxes 0.89% 2.17% 3.51% 5.30% 5.41% 5.52% 6.06% 1/29/1993 1.79% 1.77% Pre-liquidation after tax returns 1,3 0.83% 2.02% 3.25% 4.15% 3.83% 3.97% 3.97% 1/29/1993 1.79% 1.77% Post liquidation after tax returns 2,3 0.58% 1.41% 2.28% 3.42% 3.68% 3.82% 3.90% 1/29/1993 1.79% 1.77% Russell Short Duration Bond (RSBCX) 19.29 -0.01 -0.05% Return before taxes 0.41% 1.49% 1.84% 1.27% 3.06% 2.63% 6.48% 10/30/1981 1.76% 1.63% Pre-liquidation after tax returns 1,3 0.38% 1.39% 1.67% 0.89% 2.18% 1.80% 3.81% 10/30/1981 1.76% 1.63% Post liquidation after tax returns 2,3 0.27% 0.97% 1.19% 0.82% 2.09% 1.75% 3.81% 10/30/1981 1.76% 1.63% Russell Investment Grade Bond (RFACX) 22.47 -0.01 -0.04% Return before taxes 1.01% 0.98% 2.38% 5.40% 5.30% 5.12% 8.52% 10/15/1981 1.56% 1.56% Pre-liquidation after tax returns 1,3 0.97% 0.91% 2.23% 4.49% 3.89% 3.53% 5.34% 10/15/1981 1.56% 1.56% Post liquidation after tax returns 2,3 0.65% 0.64% 1.54% 3.58% 3.71% 3.46% 5.31% 10/15/1981 1.56% 1.56% Russell Tax Exempt Bond (RTECX) 23.01 0.00 0.00% Return before taxes 0.86% 0.57% 1.88% 6.79% 3.59% 3.24% 4.30% 9/5/1985 1.59% 1.55% Pre-liquidation after tax returns 1,3 0.86% 0.57% 1.88% 6.78% 3.41% 2.78% 4.12% 9/5/1985 1.59% 1.55% Post liquidation after tax returns 2,3 0.61% 0.45% 1.40% 5.13% 3.24% 2.68% 4.07% 9/5/1985 1.59% 1.55% **On January 1, 2012, the Russell U.S. Small & Mid Cap Fund was renamed the Russell U.S. Small Cap Equity Fund.  In addition, the Fund’s investment strategy changed from investing primarily in common stocks of small and medium capitalization U.S. companies to investing primarily in common stocks of small capitalization U.S. companies. As a result, the Fund’s primary benchmark changed from the Russell 2500® Index to the Russell 2000® Index. 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: for the Russell Tax-Managed U.S. Mid & Small Cap, Russell Tax-Managed U.S. Large Cap, Russell Strategic Bond, Russell Short Duration Bond, Russell Tax Exempt Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual transfer agency fee waiver through February 29, 2012; and for the Russell U.S. Growth, Russell Commodity Strategies, Russell Tax-Managed U.S. Mid & Small Cap, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 28, 2013; and for the Russell U.S. Growth and Russell Tax-Managed U.S. Mid & Small Cap Funds a contractual cap on expenses through February 28, 2013. for the Russell U.S. Large Cap Equity Fund and Russell U.S. Mid Cap Equity Fund a contractual advisory fee waiver and/or reimbursement and a contractual cap on expenses through February 28, 2013; The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus Russell Funds - Class E As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell U.S. Core Equity (REAEX) 27.48 -0.26 -0.94% Return before taxes -1.02% 13.72% 2.53% 4.26% 0.74% 3.62% 10.30% 10/15/1981 1.07% 1.03% Pre-liquidation after tax returns 1,3 -1.04% 13.72% 2.50% 4.14% 0.28% 3.18% 7.54% 10/15/1981 1.07% 1.03% Post liquidation after tax returns 2,3 -0.66% 8.92% 1.64% 2.90% 0.54% 3.05% 7.47% 10/15/1981 1.07% 1.03% Russell U.S. Quantitative Equity (REQEX) 30.54 -0.26 -0.84% Return before taxes -0.41% 12.98% 3.34% 9.05% 0.60% 3.35% 8.75% 5/29/1987 1.26% 1.22% Pre-liquidation after tax returns 1,3 -0.46% 12.98% 3.30% 8.92% 0.11% 2.85% 6.94% 5/29/1987 1.26% 1.22% Post liquidation after tax returns 2,3 -0.27% 8.44% 2.18% 6.02% 0.44% 2.81% 6.84% 5/29/1987 1.26% 1.22% Russell U.S. Growth (RSGEX) 8.55 -0.08 -0.93% Return before taxes -0.11% 16.54% 5.56% 9.90% 3.22% 3.22% -0.10% 1/31/2001 1.54% 1.41% Pre-liquidation after tax returns 1,3 -0.11% 16.54% 5.56% 9.90% 3.08% 3.15% -0.16% 1/31/2001 1.54% 1.41% Post liquidation after tax returns 2,3 -0.07% 10.75% 3.61% 6.43% 2.75% 2.79% -0.09% 1/31/2001 1.54% 1.41% Russell U.S. Value (RSVEX) 7.91 -0.07 -0.88% Return before taxes -1.40% 14.03% 1.99% 3.06% -2.43% 3.19% 2.40% 1/31/2001 1.40% 1.40% Pre-liquidation after tax returns 1,3 -1.46% 14.03% 1.93% 2.87% -3.17% 2.52% 1.78% 1/31/2001 1.40% 1.40% Post liquidation after tax returns 2,3 -0.91% 9.12% 1.30% 2.19% -2.15% 2.66% 1.96% 1/31/2001 1.40% 1.40% Russell U.S. Small Cap Equity** (REBEX) 22.23 -0.24 -1.07% Return before taxes -1.17% 14.23% 2.02% 0.63% 0.73% 5.38% 10.69% 12/28/1981 1.25% 1.21% Pre-liquidation after tax returns 1,3 -1.17% 14.23% 2.02% 0.62% -0.04% 3.78% 7.80% 12/28/1981 1.25% 1.21% Post liquidation after tax returns 2,3 -0.76% 9.25% 1.31% 0.43% 0.39% 4.18% 7.85% 12/28/1981 1.25% 1.21% Russell International Developed Markets (RIFEX) 26.15 -0.20 -0.76% Return before taxes -2.31% 11.40% -2.61% -7.06% -4.11% 4.86% 9.27% 1/31/1983 1.24% 1.20% Pre-liquidation after tax returns 1,3 -2.31% 11.40% -2.61% -7.15% -4.95% 4.01% 7.14% 1/31/1983 1.24% 1.20% Post liquidation after tax returns 2,3 -1.50% 7.41% -1.69% -4.22% -3.46% 4.16% 7.21% 1/31/1983 1.24% 1.20% Russell Global Equity (RGEEX) 7.92 -0.08 -1.00% Return before taxes -2.65% 13.14% -0.88% -1.60% -1.01% -- -0.78% 2/28/2007 1.50% 1.50% Pre-liquidation after tax returns 1,3 -2.65% 13.14% -0.88% -1.61% -1.17% -- -0.94% 2/28/2007 1.50% 1.50% Post liquidation after tax returns 2,3 -1.73% 8.54% -0.57% -0.84% -0.85% -- -0.66% 2/28/2007 1.50% 1.50% Russell Emerging Markets (REMEX) 16.00 -0.21 -1.30% Return before taxes -0.60% 13.81% -0.50% -8.08% 4.70% 13.92% 7.39% 1/29/1993 1.79% 1.79% Pre-liquidation after tax returns 1,3 -0.60% 13.81% -0.50% -8.53% 3.56% 13.01% 6.67% 1/29/1993 1.79% 1.79% Post liquidation after tax returns 2,3 -0.39% 8.97% -0.32% -4.15% 3.95% 12.51% 6.45% 1/29/1993 1.79% 1.79% Russell Tax-Managed U.S. Large Cap (RTLEX) 20.48 -0.16 -0.78% Return before taxes -0.13% 15.42% 5.95% 7.52% 1.87% 3.33% 5.88% 10/7/1996 1.26% 1.22% Pre-liquidation after tax returns 1,3 -0.13% 15.42% 5.95% 7.51% 1.79% 3.23% 5.74% 10/7/1996 1.26% 1.22% Post liquidation after tax returns 2,3 -0.09% 10.02% 3.87% 4.89% 1.58% 2.86% 5.17% 10/7/1996 1.26% 1.22% Russell Tax-Managed U.S. Mid & Small Cap (RTSEX) 14.79 -0.17 -1.14% Return before taxes -0.61% 12.34% 1.93% 2.45% 4.06% 7.02% 4.95% 11/30/1999 1.61% 1.50% Pre-liquidation after tax returns 1,3 -0.61% 12.34% 1.93% 2.45% 3.75% 6.84% 4.80% 11/30/1999 1.61% 1.50% Post liquidation after tax returns 2,3 -0.40% 8.02% 1.25% 1.59% 3.41% 6.15% 4.32% 11/30/1999 1.61% 1.50% Russell Commodity Strategies (RCSEX) 9.09 0.05 0.55% Return before taxes -1.14% 0.84% -4.62% -15.99% -- -- 7.51% 6/30/2010 1.80% 1.55% Pre-liquidation after tax returns 1,3 -1.14% 0.84% -4.62% -17.13% -- -- 4.10% 6/30/2010 1.80% 1.55% Post liquidation after tax returns 2,3 -0.74% 0.54% -3.00% -10.40% -- -- 4.52% 6/30/2010 1.80% 1.55% Russell Global Infrastructure (RGIEX) 10.07 -0.04 -0.40% Return before taxes 0.41% 7.46% 0.23% 1.54% -- -- 8.08% 9/30/2010 1.86% 1.59% Pre-liquidation after tax returns 1,3 0.36% 7.46% 0.19% 1.47% -- -- 7.71% 9/30/2010 1.86% 1.59% Post liquidation after tax returns 2,3 0.27% 4.85% 0.15% 1.76% -- -- 6.89% 9/30/2010 1.86% 1.59% Russell Global Real Estate Securities (RREEX) 33.69 -0.40 -1.17% Return before taxes 2.30% 12.22% 5.42% 1.19% -3.47% 8.83% 10.03% 7/28/1989 1.36% 1.36% Pre-liquidation after tax returns 1,3 2.00% 12.22% 5.11% 0.54% -4.69% 7.01% 7.76% 7/28/1989 1.36% 1.36% Post liquidation after tax returns 2,3 1.49% 7.95% 3.54% 0.78% -3.46% 6.94% 7.62% 7/28/1989 1.36% 1.36% Russell Global Opportunistic Credit* (RCCEX) 10.17 -0.03 -0.29% Return before taxes 0.88% 6.01% 5.39% 6.92% -- -- 6.54% 9/30/2010 1.58% 1.22% Pre-liquidation after tax returns 1,3 0.88% 6.01% 5.39% 4.64% -- -- 4.79% 9/30/2010 1.58% 1.22% Post liquidation after tax returns 2,3 0.57% 3.91% 3.50% 4.41% -- -- 4.50% 9/30/2010 1.58% 1.22% Russell Strategic Bond (RFCEX) 11.09 -0.01 -0.09% Return before taxes 1.06% 2.31% 3.81% 6.19% 6.05% 5.84% 6.22% 1/29/1993 1.04% 1.00% Pre-liquidation after tax returns 1,3 0.97% 2.12% 3.45% 4.72% 4.20% 4.15% 4.07% 1/29/1993 1.04% 1.00% Post liquidation after tax returns 2,3 0.69% 1.50% 2.47% 3.99% 4.06% 4.01% 4.00% 1/29/1993 1.04% 1.00% Russell Investment Grade Bond (RFAEX) 22.55 -0.01 -0.04% Return before taxes 1.06% 1.16% 2.68% 6.24% 6.12% 5.53% 8.66% 10/15/1981 0.81% 0.77% Pre-liquidation after tax returns 1,3 1.00% 1.04% 2.44% 5.03% 4.44% 3.81% 5.43% 10/15/1981 0.81% 0.77% Post liquidation after tax returns 2,3 0.69% 0.75% 1.74% 4.12% 4.26% 3.74% 5.40% 10/15/1981 0.81% 0.77% Russell Short Duration Bond (RSBEX) 19.42 -0.01 -0.05% Return before taxes 0.47% 1.71% 2.12% 2.05% 3.84% 3.40% 6.83% 10/30/1981 1.01% 0.88% Pre-liquidation after tax returns 1,3 0.41% 1.57% 1.87% 1.44% 2.71% 2.31% 4.03% 10/30/1981 1.01% 0.88% Post liquidation after tax returns 2,3 0.30% 1.11% 1.38% 1.33% 2.61% 2.26% 4.02% 10/30/1981 1.01% 0.88% Russell Tax Exempt Bond (RTBEX) 23.09 0.01 0.04% Return before taxes 0.92% 0.78% 2.21% 7.61% 4.36% 4.01% 4.67% 9/5/1985 0.84% 0.80% Pre-liquidation after tax returns 1,3 0.92% 0.78% 2.21% 7.61% 4.13% 3.42% 4.45% 9/5/1985 0.84% 0.80% Post liquidation after tax returns 2,3 0.67% 0.63% 1.70% 5.94% 3.96% 3.32% 4.39% 9/5/1985 0.84% 0.80% **On January 1, 2012, the Russell U.S. Small & Mid Cap Fund was renamed the Russell U.S. Small Cap Equity Fund.  In addition, the Fund’s investment strategy changed from investing primarily in common stocks of small and medium capitalization U.S. companies to investing primarily in common stocks of small capitalization U.S. companies. As a result, the Fund’s primary benchmark changed from the Russell 2500® Index to the Russell 2000® Index. 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: for the Russell U.S. Core Equity, Russell U.S. Quantitative Equity, Russell U.S. Small & Mid Cap, Russell International Developed Markets, Russell Tax-Managed U.S. Mid & Small Cap, Russell Tax-Managed U.S. Large Cap, Russell Investment Grade Bond, Russell Strategic Bond, Russell Short Duration Bond, Russell Tax Exempt Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual transfer agency fee waiver through February 28, 2013; and for the Russell U.S. Growth, Russell Commodity Strategies, Russell Tax-Managed U.S. Mid & Small Cap, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 28, 2013; and for the Russell U.S. Growth and Russell Tax-Managed U.S. Mid & Small Cap Funds a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus Russell Funds - Class I As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell U.S. Core Equity (REASX) 27.48 -0.26 -0.94% Return before taxes -0.98% 13.81% 2.67% 4.55% 1.00% 3.88% 10.41% 10/15/1981 0.74% 0.74% Pre-liquidation after tax returns 1,3 -1.03% 13.81% 2.63% 4.39% 0.49% 3.38% 7.62% 10/15/1981 0.74% 0.74% Post liquidation after tax returns 2,3 -0.64% 8.97% 1.74% 3.14% 0.75% 3.25% 7.56% 10/15/1981 0.74% 0.74% Russell U.S. Quantitative Equity (REDSX) 30.58 -0.25 -0.81% Return before taxes -0.40% 13.07% 3.48% 9.33% 0.86% 3.61% 8.89% 5/29/1987 0.93% 0.93% Pre-liquidation after tax returns 1,3 -0.47% 13.07% 3.41% 9.16% 0.33% 3.06% 7.04% 5/29/1987 0.93% 0.93% Post liquidation after tax returns 2,3 -0.26% 8.50% 2.26% 6.26% 0.64% 3.01% 6.95% 5/29/1987 0.93% 0.93% Russell U.S. Growth (RSGIX) 8.89 -0.08 -0.89% Return before taxes -0.20% 16.79% 5.83% 10.35% 3.64% 3.62% 0.30% 1/31/2001 1.21% 1.03% Pre-liquidation after tax returns 1,3 -0.20% 16.79% 5.83% 10.35% 3.48% 3.54% 0.23% 1/31/2001 1.21% 1.03% Post liquidation after tax returns 2,3 -0.13% 10.91% 3.79% 6.73% 3.11% 3.14% 0.25% 1/31/2001 1.21% 1.03% Russell U.S. Value (RSVIX) 7.93 -0.06 -0.75% Return before taxes -1.31% 13.99% 2.07% 3.28% -2.12% 3.55% 2.76% 1/31/2001 1.07% 1.07% Pre-liquidation after tax returns 1,3 -1.40% 13.99% 1.98% 3.04% -2.92% 2.80% 2.06% 1/31/2001 1.07% 1.07% Post liquidation after tax returns 2,3 -0.85% 9.09% 1.36% 2.39% -1.91% 2.94% 2.24% 1/31/2001 1.07% 1.07% Russell U.S. Small Cap Equity** (REBSX) 22.38 -0.24 -1.06% Return before taxes -1.16% 14.29% 2.15% 0.89% 0.98% 5.61% 10.80% 12/28/1981 0.92% 0.92% Pre-liquidation after tax returns 1,3 -1.16% 14.29% 2.15% 0.83% 0.16% 3.97% 7.88% 12/28/1981 0.92% 0.92% Post liquidation after tax returns 2,3 -0.75% 9.29% 1.39% 0.64% 0.58% 4.35% 7.92% 12/28/1981 0.92% 0.92% Russell International Developed Markets (RINSX) 26.17 -0.20 -0.76% Return before taxes -2.31% 11.52% -2.46% -6.80% -3.87% 5.10% 9.38% 1/31/1983 0.91% 0.91% Pre-liquidation after tax returns 1,3 -2.31% 11.52% -2.46% -6.92% -4.69% 4.23% 7.35% 1/31/1983 0.91% 0.91% Post liquidation after tax returns 2,3 -1.50% 7.49% -1.60% -4.00% -3.22% 4.38% 7.42% 1/31/1983 0.91% 0.91% Russell Strategic Bond (RFCSX) 11.06 -0.01 -0.09% Return before taxes 1.08% 2.36% 3.91% 6.48% 6.32% 6.09% 6.39% 1/29/1993 0.71% 0.71% Pre-liquidation after tax returns 1,3 0.99% 2.15% 3.52% 4.91% 4.36% 4.30% 4.17% 1/29/1993 0.71% 0.71% Post liquidation after tax returns 2,3 0.70% 1.53% 2.54% 4.18% 4.23% 4.16% 4.10% 1/29/1993 0.71% 0.71% Russell Investment Grade Bond (RFASX) 22.55 -0.02 -0.09% Return before taxes 1.09% 1.24% 2.77% 6.52% 6.39% 5.80% 8.78% 10/15/1981 0.48% 0.48% Pre-liquidation after tax returns 1,3 1.02% 1.11% 2.50% 5.21% 4.62% 3.98% 5.50% 10/15/1981 0.48% 0.48% Post liquidation after tax returns 2,3 0.71% 0.81% 1.80% 4.29% 4.43% 3.91% 5.47% 10/15/1981 0.48% 0.48% **On January 1, 2012, the Russell U.S. Small & Mid Cap Fund was renamed the Russell U.S. Small Cap Equity Fund.  In addition, the Fund’s investment strategy changed from investing primarily in common stocks of small and medium capitalization U.S. companies to investing primarily in common stocks of small capitalization U.S. companies. As a result, the Fund’s primary benchmark changed from the Russell 2500® Index to the Russell 2000® Index. 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: for the Russell U.S. Growth Fund, a contractual transfer agency fee waiver through February 28, 2013; and for the Russell U.S. Growth, a contractual advisory fee waiver and/or reimbursement through February 28, 2013; and for the Russell U.S. Growth Fund a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus Russell Funds - Class S As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell U.S. Core Equity (RLISX) 27.47 -0.26 -0.94% Return before taxes -1.00% 13.81% 2.62% 4.47% 0.93% 3.84% 10.40% 10/15/1981 0.82% 0.82% Pre-liquidation after tax returns 1,3 -1.04% 13.81% 2.58% 4.32% 0.43% 3.35% 7.61% 10/15/1981 0.82% 0.82% Post liquidation after tax returns 2,3 -0.65% 8.97% 1.70% 3.07% 0.69% 3.22% 7.55% 10/15/1981 0.82% 0.82% Russell U.S. Quantitative Equity (REQTX) 30.59 -0.26 -0.84% Return before taxes -0.39% 13.03% 3.42% 9.25% 0.80% 3.57% 8.87% 5/29/1987 1.01% 1.01% Pre-liquidation after tax returns 1,3 -0.45% 13.03% 3.36% 9.09% 0.28% 3.03% 7.03% 5/29/1987 1.01% 1.01% Post liquidation after tax returns 2,3 -0.25% 8.47% 2.23% 6.19% 0.59% 2.99% 6.94% 5/29/1987 1.01% 1.01% Russell U.S. Growth (RSGSX) 8.78 -0.09 -1.01% Return before taxes -0.21% 16.73% 5.66% 10.23% 3.47% 3.47% 0.15% 1/31/2001 1.29% 1.16% Pre-liquidation after tax returns 1,3 -0.21% 16.73% 5.66% 10.23% 3.32% 3.40% 0.09% 1/31/2001 1.29% 1.16% Post liquidation after tax returns 2,3 -0.13% 10.87% 3.68% 6.65% 2.96% 3.01% 0.13% 1/31/2001 1.29% 1.16% Russell U.S. Value (RSVSX) 7.91 -0.06 -0.75% Return before taxes -1.44% 14.03% 2.06% 3.20% -2.21% 3.42% 2.64% 1/31/2001 1.15% 1.15% Pre-liquidation after tax returns 1,3 -1.53% 14.03% 1.97% 2.98% -2.99% 2.70% 1.96% 1/31/2001 1.15% 1.15% Post liquidation after tax returns 2,3 -0.94% 9.12% 1.35% 2.33% -1.97% 2.84% 2.14% 1/31/2001 1.15% 1.15% Russell U.S. Small Cap Equity** (RLESX) 22.30 -0.24 -1.06% Return before taxes -1.16% 14.29% 2.11% 0.85% 0.90% 5.57% 10.78% 12/28/1981 1.00% 1.00% Pre-liquidation after tax returns 1,3 -1.16% 14.29% 2.11% 0.80% 0.08% 3.92% 7.87% 12/28/1981 1.00% 1.00% Post liquidation after tax returns 2,3 -0.76% 9.29% 1.37% 0.60% 0.51% 4.32% 7.91% 12/28/1981 1.00% 1.00% Russell U.S. Mid Cap Equity Fund (RMCSX) 9.27 -0.11 -1.17% Return before taxes -0.72% -- -- -- -- -- 3.30% 2/6/2012 1.27% 0.95% Pre-liquidation after tax returns -0.76% -- -- -- -- -- 3.30% 2/6/2012 1.27% 0.95% Post liquidation after tax returns -0.46% -- -- -- -- -- 2.15% 2/6/2012 1.27% 0.95% Russell U.S. Large Cap Equity Fund (RLCSX) 9.65 -0.08 -0.82% Return before taxes -0.61% -- -- -- -- -- 5.60% 2/6/2012 1.03% 0.85% Pre-liquidation after tax returns -0.66% -- -- -- -- -- 5.60% 2/6/2012 1.03% 0.85% Post liquidation after tax returns -0.40% -- -- -- -- -- 3.64% 2/6/2012 1.03% 0.85% Russell International Developed Markets (RINTX) 26.15 -0.20 -0.76% Return before taxes -2.31% 11.48% -2.50% -6.81% -3.93% 5.07% 9.37% 1/31/1983 0.99% 0.99% Pre-liquidation after tax returns 1,3 -2.31% 11.48% -2.50% -6.97% -4.86% 4.14% 7.32% 1/31/1983 0.99% 0.99% Post liquidation after tax returns 2,3 -1.50% 7.46% -1.62% -4.06% -3.37% 4.29% 7.38% 1/31/1983 0.99% 0.99% Russell Global Equity (RGESX) 7.94 -0.08 -1.00% Return before taxes -2.65% 13.25% -0.75% -1.25% -0.75% -- -0.51% 2/28/2007 1.25% 1.25% Pre-liquidation after tax returns 1,3 -2.65% 13.25% -0.75% -1.29% -0.91% -- -0.66% 2/28/2007 1.25% 1.25% Post liquidation after tax returns 2,3 -1.72% 8.61% -0.49% -0.57% -0.61% -- -0.40% 2/28/2007 1.25% 1.25% Russell Emerging Markets (REMSX) 16.05 -0.21 -1.29% Return before taxes -0.54% 13.83% -0.43% -7.85% 4.97% 14.18% 7.56% 1/29/1993 1.54% 1.54% Pre-liquidation after tax returns 1,3 -0.54% 13.83% -0.43% -8.36% 3.85% 13.25% 6.86% 1/29/1993 1.54% 1.54% Post liquidation after tax returns 2,3 -0.35% 8.99% -0.28% -3.98% 4.22% 12.75% 6.64% 1/29/1993 1.54% 1.54% Russell Tax-Managed U.S. Large Cap (RETSX) 20.56 -0.16 -0.77% Return before taxes -0.13% 15.53% 6.09% 7.81% 2.13% 3.59% 6.07% 10/7/1996 1.01% 0.97% Pre-liquidation after tax returns 1,3 -0.13% 15.53% 6.09% 7.76% 2.01% 3.45% 5.90% 10/7/1996 1.01% 0.97% Post liquidation after tax returns 2,3 -0.09% 10.10% 3.96% 5.13% 1.79% 3.07% 5.33% 10/7/1996 1.01% 0.97% Russell Tax-Managed U.S. Mid & Small Cap (RTSSX) 15.16 -0.17 -1.11% Return before taxes -0.60% 12.31% 1.95% 2.64% 4.31% 7.29% 5.19% 11/30/1999 1.36% 1.25% Pre-liquidation after tax returns 1,3 -0.60% 12.31% 1.95% 2.64% 3.98% 7.10% 5.03% 11/30/1999 1.36% 1.25% Post liquidation after tax returns 2,3 -0.39% 8.00% 1.27% 1.72% 3.62% 6.39% 4.53% 11/30/1999 1.36% 1.25% Russell Commodity Strategies (RCCSX) 9.10 0.05 0.55% Return before taxes -1.14% 0.84% -4.61% -15.78% -- -- 7.79% 6/30/2010 1.55% 1.30% Pre-liquidation after tax returns 1,3 -1.14% 0.84% -4.61% -17.02% -- -- 4.30% 6/30/2010 1.55% 1.30% Post liquidation after tax returns 2,3 -0.74% 0.54% -3.00% -10.27% -- -- 4.71% 6/30/2010 1.55% 1.30% Russell Global Infrastructure (RGISX) 10.09 -0.04 -0.39% Return before taxes 0.47% 7.45% 0.39% 1.81% -- -- 8.32% 9/30/2010 1.61% 1.34% Pre-liquidation after tax returns 1,3 0.40% 7.45% 0.32% 1.71% -- -- 7.88% 9/30/2010 1.61% 1.34% Post liquidation after tax returns 2,3 0.31% 4.84% 0.26% 1.96% -- -- 7.05% 9/30/2010 1.61% 1.34% Russell Global Real Estate Securities (RRESX) 34.21 -0.41 -1.18% Return before taxes 2.33% 12.29% 5.53% 1.44% -3.22% 9.11% 10.25% 7/28/1989 1.11% 1.11% Pre-liquidation after tax returns 1,3 2.01% 12.29% 5.20% 0.73% -4.51% 7.22% 7.92% 7/28/1989 1.11% 1.11% Post liquidation after tax returns 2,3 1.51% 7.99% 3.61% 0.94% -3.29% 7.14% 7.78% 7/28/1989 1.11% 1.11% Russell Global Opportunistic Credit* (RGCSX) 10.19 -0.03 -0.29% Return before taxes 0.88% 6.11% 5.49% 7.23% -- -- 6.85% 9/30/2010 1.33% 0.97% Pre-liquidation after tax returns 1,3 0.88% 6.11% 5.49% 4.87% -- -- 5.04% 9/30/2010 1.33% 0.97% Post liquidation after tax returns 2,3 0.57% 3.97% 3.57% 4.61% -- -- 4.73% 9/30/2010 1.33% 0.97% Russell Strategic Bond (RFCTX) 11.20 -0.01 -0.09% Return before taxes 1.06% 2.32% 3.93% 6.34% 6.31% 6.08% 6.39% 1/29/1993 0.79% 0.77% Pre-liquidation after tax returns 1,3 0.98% 2.12% 3.55% 4.81% 4.44% 4.34% 4.19% 1/29/1993 0.79% 0.77% Post liquidation after tax returns 2,3 0.69% 1.51% 2.55% 4.09% 4.28% 4.19% 4.11% 1/29/1993 0.79% 0.77% Russell Investment Grade Bond (RFATX) 22.54 -0.01 -0.04% Return before taxes 1.08% 1.23% 2.80% 6.44% 6.28% 5.75% 8.76% 10/15/1981 0.56% 0.56% Pre-liquidation after tax returns 1,3 1.02% 1.10% 2.53% 5.16% 4.54% 3.94% 5.49% 10/15/1981 0.56% 0.56% Post liquidation after tax returns 2,3 0.70% 0.80% 1.81% 4.25% 4.36% 3.87% 5.46% 10/15/1981 0.56% 0.56% Russell Short Duration Bond (RFBSX) 19.40 0.00 0.00% Return before taxes 0.49% 1.75% 2.26% 2.29% 4.09% 3.66% 6.94% 10/30/1981 0.76% 0.63% Pre-liquidation after tax returns 1,3 0.43% 1.60% 1.98% 1.59% 2.87% 2.47% 4.10% 10/30/1981 0.76% 0.63% Post liquidation after tax returns 2,3 0.32% 1.14% 1.47% 1.48% 2.77% 2.42% 4.09% 10/30/1981 0.76% 0.63% Russell Tax Exempt Bond (RLVSX) 23.05 0.01 0.04% Return before taxes 0.98% 0.82% 2.30% 7.85% 4.62% 4.27% 4.80% 9/5/1985 0.59% 0.55% Pre-liquidation after tax returns 1,3 0.98% 0.82% 2.30% 7.84% 4.37% 3.63% 4.56% 9/5/1985 0.59% 0.55% Post liquidation after tax returns 2,3 0.72% 0.67% 1.79% 6.18% 4.21% 3.53% 4.50% 9/5/1985 0.59% 0.55% **On January 1, 2012, the Russell U.S. Small & Mid Cap Fund was renamed the Russell U.S. Small Cap Equity Fund.  In addition, the Fund’s investment strategy changed from investing primarily in common stocks of small and medium capitalization U.S. companies to investing primarily in common stocks of small capitalization U.S. companies. As a result, the Fund’s primary benchmark changed from the Russell 2500® Index to the Russell 2000® Index. 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: for the Russell Tax-Managed U.S. Mid & Small Cap, Russell Tax-Managed U.S. Large Cap, Russell Strategic Bond, Russell Short Duration Bond, Russell Tax Exempt Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual transfer agency fee waiver through February 28, 2013; and for the Russell U.S. Growth, Russell Commodity Strategies, Russell Tax-Managed U.S. Mid & Small Cap, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 28, 2013; and for the Russell U.S. Growth and Russell Tax-Managed U.S. Mid & Small Cap Funds a contractual cap on expenses through February 28, 2013. for the Russell U.S. Large Cap Equity Fund and Russell U.S. Mid Cap Equity Fund a contractual advisory fee waiver and/or reimbursement and a contractual cap on expenses through February 28, 2013; The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower. See the prospectus Russell Funds - Class Y Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell U.S. Core Equity (REAYX) 27.46 -0.25 -0.90% Return before taxes -0.96% 13.82% 2.70% 4.66% 1.06% 3.94% 10.44% 10/15/1981 0.64% 0.64% Pre-liquidation after tax returns 1,3 -1.02% 13.82% 2.64% 4.48% 0.54% 3.43% 7.64% 10/15/1981 0.64% 0.64% Post liquidation after tax returns 2,3 -0.62% 8.98% 1.76% 3.22% 0.80% 3.30% 7.58% 10/15/1981 0.64% 0.64% Russell U.S. Quantitative Equity (REUYX) 30.58 -0.26 -0.84% Return before taxes -0.38% 13.07% 3.47% 9.44% 0.93% 3.68% 8.93% 5/29/1987 0.83% 0.83% Pre-liquidation after tax returns 1,3 -0.46% 13.07% 3.39% 9.25% 0.39% 3.12% 7.07% 5/29/1987 0.83% 0.83% Post liquidation after tax returns 2,3 -0.25% 8.49% 2.26% 6.34% 0.70% 3.07% 6.98% 5/29/1987 0.83% 0.83% Russell U.S. Small Cap Equity** (REBYX) 22.31 -0.24 -1.06% Return before taxes -1.16% 14.29% 2.15% 1.00% 1.05% 5.70% 10.84% 12/28/1981 0.82% 0.82% Pre-liquidation after tax returns 1,3 -1.16% 14.29% 2.15% 0.93% 0.21% 4.02% 7.90% 12/28/1981 0.82% 0.82% Post liquidation after tax returns 2,3 -0.76% 9.29% 1.40% 0.73% 0.63% 4.41% 7.95% 12/28/1981 0.82% 0.82% Russell International Developed Markets (RINYX) 26.15 -0.19 -0.72% Return before taxes -2.28% 11.53% -2.43% -6.84% -3.83% 5.16% 9.41% 1/31/1983 0.81% 0.81% Pre-liquidation after tax returns 1,3 -2.28% 11.53% -2.43% -6.98% -4.74% 4.23% 7.24% 1/31/1983 0.81% 0.81% Post liquidation after tax returns 2,3 -1.48% 7.49% -1.58% -4.01% -3.27% 4.38% 7.31% 1/31/1983 0.81% 0.81% Russell Global Equity (RLGYX) 7.94 -0.08 -1.00% Return before taxes -2.54% 13.25% -0.75% -1.18% -0.65% -- -0.40% 2/28/2007 1.07% 1.07% Pre-liquidation after tax returns 1,3 -2.54% 13.25% -0.75% -1.23% -0.92% -- -0.67% 2/28/2007 1.07% 1.07% Post liquidation after tax returns 2,3 -1.65% 8.61% -0.49% -0.48% -0.61% -- -0.40% 2/28/2007 1.07% 1.07% Russell Emerging Markets (REMYX) 16.08 -0.21 -1.29% Return before taxes -0.54% 13.95% -0.31% -7.66% 5.10% 14.25% 7.60% 1/29/1993 1.36% 1.36% Pre-liquidation after tax returns 1,3 -0.54% 13.95% -0.31% -8.20% 3.73% 13.18% 6.82% 1/29/1993 1.36% 1.36% Post liquidation after tax returns 2,3 -0.35% 9.07% -0.20% -3.83% 4.11% 12.69% 6.61% 1/29/1993 1.36% 1.36% Russell Commodity Strategies (RCSYX) 9.11 0.05 0.55% Return before taxes -1.14% 0.94% -4.51% -15.61% -- -- 8.00% 6/30/2010 1.37% 1.12% Pre-liquidation after tax returns 1,3 -1.14% 0.94% -4.51% -16.89% -- -- 4.46% 6/30/2010 1.37% 1.12% Post liquidation after tax returns 2,3 -0.74% 0.61% -2.93% -10.15% -- -- 4.85% 6/30/2010 1.37% 1.12% Russell Global Infrastructure (RGIYX) 10.09 -0.04 -0.39% Return before taxes 0.51% 7.55% 0.43% 1.97% -- -- 8.51% 9/30/2010 1.43% 1.18% Pre-liquidation after tax returns 1,3 0.43% 7.55% 0.35% 1.83% -- -- 8.07% 9/30/2010 1.43% 1.18% Post liquidation after tax returns 2,3 0.33% 4.91% 0.28% 2.08% -- -- 7.23% 9/30/2010 1.43% 1.18% Russell Global Real Estate Securities (RREYX) 34.21 -0.41 -1.18% Return before taxes 2.34% 12.32% 5.60% 1.62% -3.11% 9.17% 10.28% 7/28/1989 0.93% 0.93% Pre-liquidation after tax returns 1,3 2.01% 12.32% 5.26% 0.85% -4.43% 7.26% 7.94% 7/28/1989 0.93% 0.93% Post liquidation after tax returns 2,3 1.52% 8.01% 3.66% 1.05% -3.22% 7.18% 7.80% 7/28/1989 0.93% 0.93% Russell Global Opportunistic Credit* (RGCYX) 10.20 -0.03 -0.29% Return before taxes 0.98% 6.00% 5.48% 7.31% -- -- 6.91% 9/30/2010 1.15% 0.88% Pre-liquidation after tax returns 1,3 0.98% 6.00% 5.48% 4.93% -- -- 5.08% 9/30/2010 1.15% 0.88% Post liquidation after tax returns 2,3 0.63% 3.90% 3.56% 4.66% -- -- 4.77% 9/30/2010 1.15% 0.88% Russell Strategic Bond (RFCYX) 11.07 -0.01 -0.09% Return before taxes 1.09% 2.37% 3.94% 6.58% 6.38% 6.14% 6.42% 1/29/1993 0.61% 0.61% Pre-liquidation after tax returns 1,3 1.00% 2.16% 3.53% 4.98% 4.40% 4.33% 4.19% 1/29/1993 0.61% 0.61% Post liquidation after tax returns 2,3 0.71% 1.54% 2.56% 4.24% 4.27% 4.20% 4.12% 1/29/1993 0.61% 0.61% Russell Investment Grade Bond (RFAYX) 22.57 -0.01 -0.04% Return before taxes 1.09% 1.26% 2.85% 6.62% 6.46% 5.86% 8.80% 10/15/1981 0.38% 0.38% Pre-liquidation after tax returns 1,3 1.03% 1.12% 2.56% 5.27% 4.66% 4.02% 5.52% 10/15/1981 0.38% 0.38% Post liquidation after tax returns 2,3 0.71% 0.82% 1.85% 4.36% 4.47% 3.94% 5.49% 10/15/1981 0.38% 0.38% Russell Short Duration Bond (RSBYX) 19.40 -0.01 -0.05% Return before taxes 0.50% 1.77% 2.24% 2.43% 4.16% 3.70% 6.95% 10/30/1981 0.58% 0.53% Pre-liquidation after tax returns 1,3 0.43% 1.60% 1.95% 1.70% 2.92% 2.50% 4.11% 10/30/1981 0.58% 0.53% Post liquidation after tax returns 2,3 0.32% 1.15% 1.45% 1.57% 2.82% 2.45% 4.10% 10/30/1981 0.58% 0.53% 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: for the Russell Commodity Strategies, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Portfolio Series - Class R1 As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Conservative Strategy (RCLRX) 10.66 -0.02 -0.19% Return before taxes 0.48% 3.93% 2.69% 4.28% 4.53% 4.79% 5.11% 11/7/1997 1.10% 0.76% Pre-liquidation after tax returns 1,3 0.28% 3.93% 2.48% 3.34% 2.99% 3.42% 3.53% 11/7/1997 1.10% 0.76% Post liquidation after tax returns 2,3 0.31% 2.55% 1.75% 2.79% 2.97% 3.33% 3.45% 11/7/1997 1.10% 0.76% Moderate Strategy (RMLRX) 10.52 -0.04 -0.38% Return before taxes 0.11% 6.10% 2.43% 3.48% 3.65% 5.19% 5.17% 10/2/1997 1.17% 0.84% Pre-liquidation after tax returns 1,3 -0.05% 6.10% 2.26% 2.59% 2.18% 3.94% 3.69% 10/2/1997 1.17% 0.84% Post liquidation after tax returns 2,3 0.07% 3.97% 1.58% 2.30% 2.31% 3.79% 3.60% 10/2/1997 1.17% 0.84% Balanced Strategy (RBLRX) 10.13 -0.05 -0.49% Return before taxes -0.36% 8.32% 1.89% 1.92% 2.38% 5.62% 5.36% 9/16/1997 1.26% 0.94% Pre-liquidation after tax returns 1,3 -0.49% 8.32% 1.76% 1.20% 1.06% 4.46% 3.92% 9/16/1997 1.26% 0.94% Post liquidation after tax returns 2,3 -0.23% 5.41% 1.23% 1.33% 1.37% 4.28% 3.84% 9/16/1997 1.26% 0.94% Growth Strategy (RALRX) 9.39 -0.06 -0.63% Return before taxes -0.78% 10.10% 1.16% 0.10% 0.81% 5.14% 4.74% 9/16/1997 1.34% 1.01% Pre-liquidation after tax returns 1,3 -0.88% 10.10% 1.05% -0.35% -0.29% 4.23% 3.52% 9/16/1997 1.34% 1.01% Post liquidation after tax returns 2,3 -0.51% 6.56% 0.76% 0.18% 0.22% 4.07% 3.48% 9/16/1997 1.34% 1.01% Equity Growth Strategy (RELRX) 8.66 -0.07 -0.80% Return before taxes -1.10% 11.73% 0.73% -0.67% -0.92% 4.65% 4.09% 9/30/1997 1.39% 1.05% Pre-liquidation after tax returns 1,3 -1.15% 11.73% 0.68% -0.89% -1.75% 3.98% 3.04% 9/30/1997 1.39% 1.05% Post liquidation after tax returns 2,3 -0.72% 7.62% 0.48% -0.29% -1.04% 3.83% 3.06% 9/30/1997 1.39% 1.05% For the LifePoints Funds Target Portfolio Series, 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 a contractual transfer agency fee waiver through February 28, 2013, a contractual advisory fee waiver and/or reimbursement through February 28, 2013 and a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Portfolio Series - Class R2 As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Conservative Strategy (RCLTX) 10.61 -0.02 -0.19% Return before taxes 0.41% 3.95% 2.63% 4.06% 4.27% 4.53% 4.89% 11/7/1997 1.35% 1.01% Pre-liquidation after tax returns 1,3 0.24% 3.95% 2.45% 3.20% 2.81% 3.24% 3.38% 11/7/1997 1.35% 1.01% Post liquidation after tax returns 2,3 0.27% 2.56% 1.71% 2.65% 2.80% 3.15% 3.30% 11/7/1997 1.35% 1.01% Moderate Strategy (RMLTX) 10.49 -0.03 -0.29% Return before taxes 0.05% 6.03% 2.37% 3.24% 3.40% 4.99% 5.00% 10/2/1997 1.42% 1.09% Pre-liquidation after tax returns 1,3 -0.10% 6.03% 2.22% 2.43% 2.00% 3.79% 3.57% 10/2/1997 1.42% 1.09% Post liquidation after tax returns 2,3 0.03% 3.92% 1.54% 2.14% 2.13% 3.65% 3.48% 10/2/1997 1.42% 1.09% Balanced Strategy (RBLTX) 10.07 -0.05 -0.49% Return before taxes -0.42% 8.27% 1.84% 1.68% 2.13% 5.36% 5.13% 9/16/1997 1.51% 1.19% Pre-liquidation after tax returns 1,3 -0.54% 8.27% 1.72% 1.04% 0.89% 4.27% 3.75% 9/16/1997 1.51% 1.19% Post liquidation after tax returns 2,3 -0.28% 5.37% 1.20% 1.17% 1.20% 4.10% 3.68% 9/16/1997 1.51% 1.19% Growth Strategy (RALTX) 9.33 -0.06 -0.64% Return before taxes -0.85% 10.05% 1.10% -0.14% 0.57% 4.89% 4.52% 9/16/1997 1.59% 1.26% Pre-liquidation after tax returns -0.93% 10.05% 1.02% -0.56% -0.47% 4.05% 3.36% 9/16/1997 1.59% 1.26% Post liquidation after tax returns -0.55% 6.54% 0.72% 0.02% 0.05% 3.89% 3.33% 9/16/1997 1.59% 1.26% Equity Growth Strategy (RELTX) 8.47 -0.07 -0.82% Return before taxes -1.19% 11.63% 0.56% -0.83% -1.15% 4.39% 3.86% 9/30/1997 1.64% 1.30% Pre-liquidation after tax returns 1,3 -1.22% 11.63% 0.53% -1.05% -1.97% 3.76% 2.83% 9/30/1997 1.64% 1.30% Post liquidation after tax returns 2,3 -0.77% 7.56% 0.37% -0.39% -1.23% 3.62% 2.87% 9/30/1997 1.64% 1.30% For the LifePoints Funds Target Portfolio Series, 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 a contractual transfer agency fee waiver through February 28, 2013, a contractual advisory fee waiver and/or reimbursement through February 28, 2013 and a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Portfolio Series - Class R3 As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Conservative Strategy (RCLDX) 10.66 -0.02 -0.19% Return before taxes 0.44% 3.83% 2.46% 3.74% 4.02% 4.27% 4.65% 11/7/1997 1.60% 1.26% Pre-liquidation after tax returns 1,3 0.29% 3.83% 2.30% 2.98% 2.66% 3.08% 3.23% 11/7/1997 1.60% 1.26% Post liquidation after tax returns 2,3 0.29% 2.49% 1.60% 2.44% 2.64% 2.99% 3.15% 11/7/1997 1.60% 1.26% Moderate Strategy (RMLDX) 10.52 -0.03 -0.28% Return before taxes 0.08% 6.01% 2.30% 2.94% 3.13% 4.73% 4.75% 10/2/1997 1.67% 1.34% Pre-liquidation after tax returns 1,3 -0.04% 6.01% 2.17% 2.23% 1.82% 3.61% 3.41% 10/2/1997 1.67% 1.34% Post liquidation after tax returns 1,2 0.05% 3.91% 1.50% 1.94% 1.95% 3.47% 3.33% 10/2/1997 1.67% 1.34% Balanced Strategy (RBLDX) 10.08 -0.05 -0.49% Return before taxes -0.39% 8.16% 1.78% 1.30% 1.87% 5.10% 4.89% 9/16/1997 1.76% 1.44% Pre-liquidation after tax returns 1,3 -0.48% 8.16% 1.68% 0.74% 0.71% 4.09% 3.59% 9/16/1997 1.76% 1.44% Post liquidation after tax returns 2,3 -0.26% 5.30% 1.16% 0.91% 1.02% 3.91% 3.52% 9/16/1997 1.76% 1.44% Growth Strategy (RALDX) 9.33 -0.06 -0.64% Return before taxes -0.91% 10.05% 1.04% -0.33% 0.32% 4.64% 4.28% 9/16/1997 1.84% 1.51% Pre-liquidation after tax returns 1,3 -0.97% 10.05% 0.98% -0.70% -0.66% 3.86% 3.19% 9/16/1997 1.84% 1.51% Post liquidation after tax returns 2,3 -0.59% 6.54% 0.68% -0.13% -0.12% 3.70% 3.16% 9/16/1997 1.84% 1.51% Equity Growth Strategy (RELDX) 8.39 -0.06 -0.71% Return before taxes -1.15% 11.50% 0.51% -1.20% -1.41% 4.13% 3.61% 9/30/1997 1.89% 1.55% Pre-liquidation after tax returns 1,3 -1.16% 11.50% 0.50% -1.41% -2.20% 3.53% 2.64% 9/30/1997 1.89% 1.55% Post liquidation after tax returns 2,3 -0.75% 7.47% 0.33% -0.64% -1.43% 3.40% 2.68% 9/30/1997 1.89% 1.55% For the LifePoints Funds Target Portfolio Series, 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 a contractual transfer agency fee waiver through February 28, 2013, a contractual advisory fee waiver and/or reimbursement through February 28, 2013 and a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Portfolio Series - Class A LifePoints Class A Funds are subject to a sales charge. The returns below are shown both with and without the maximum sales charge of 5.75%. Performance not reflecting the sales charge would be lower if the charge was included. A 1.00% deferred sales charge applies to $1million and over purchases redeemed within the first 12 months. As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Conservative Strategy (RCLAX) 10.59 -0.03 -0.28% Return before taxes 6 -5.33% -2.09% -3.37% -2.21% 3.01% 3.89% 4.45% 11/7/1997 1.35% 1.16% Pre-liquidation after tax returns 1,3,6 -5.48% -2.09% -3.52% -2.96% 1.58% 2.61% 2.94% 11/7/1997 1.35% 1.16% Post liquidation after tax returns 2,3,6 -3.46% -1.36% -2.19% -1.43% 1.73% 2.60% 2.91% 11/7/1997 1.35% 1.16% Return before taxes without sales charge deducted 0.47% 3.85% 2.50% 3.76% 4.23% 4.51% 4.88% 11/7/1997 1.35% 1.16% Moderate Strategy (RMLAX) 10.47 -0.04 -0.38% Return before taxes 6 -5.62% -0.18% -3.67% -2.98% 2.11% 4.35% 4.56% 10/2/1997 1.42% 1.24% Pre-liquidation after tax returns 1,3,6 -5.74% -0.18% -3.80% -3.68% 0.74% 3.16% 3.13% 10/2/1997 1.42% 1.24% Post liquidation after tax returns 2,3,6 -3.65% -0.12% -2.38% -1.90% 1.03% 3.08% 3.09% 10/2/1997 1.42% 1.24% Return before taxes without sales charge deducted 0.10% 5.93% 2.23% 2.94% 3.33% 4.97% 4.99% 10/2/1997 1.42% 1.24% Balanced Strategy (RBLAX) 10.05 -0.05 -0.50% Return before taxes 6 -6.08% 2.00% -4.02% -4.47% 0.87% 4.71% 4.69% 9/16/1997 1.51% 1.34% Pre-liquidation after tax returns 1,3,6 -6.17% 2.00% -4.11% -5.02% -0.35% 3.63% 3.31% 9/16/1997 1.51% 1.34% Post liquidation after tax returns 2,3,6 -3.95% 1.30% -2.61% -2.84% 0.13% 3.52% 3.28% 9/16/1997 1.51% 1.34% Return before taxes without sales charge deducted -0.37% 8.18% 1.80% 1.39% 2.07% 5.33% 5.11% 9/16/1997 1.51% 1.34% Growth Strategy (RALAX) 9.30 -0.06 -0.64% Return before taxes 6 -6.60% 3.78% -4.72% -6.01% -0.67% 4.25% 4.08% 9/16/1997 1.59% 1.41% Pre-liquidation after tax returns 1,3,6 -6.66% 3.78% -4.79% -6.37% -1.69% 3.41% 2.92% 9/16/1997 1.59% 1.41% Post liquidation after tax returns 2,3,6 -4.29% 2.46% -3.07% -3.82% -0.99% 3.32% 2.93% 9/16/1997 1.59% 1.41% Return before taxes without sales charge deducted -0.89% 10.09% 1.06% -0.28% 0.52% 4.87% 4.51% 9/16/1997 1.59% 1.41% Equity Growth Strategy (REAAX) 8.63 -0.07 -0.80% Return before taxes 6 -6.75% 5.16% -5.23% -6.86% -2.40% 3.92% 3.53% 9/30/1997 1.64% 1.45% Pre-liquidation after tax returns 1,3,6 -6.76% 5.16% -5.24% -7.05% -3.19% 3.30% 2.51% 9/30/1997 1.64% 1.45% Post liquidation after tax returns 2,3,6 -4.39% 3.35% -3.40% -4.33% -2.26% 3.20% 2.57% 9/30/1997 1.64% 1.45% Return before taxes without sales charge deducted -1.10% 11.53% 0.51% -1.15% -1.23% 4.53% 3.96% 9/30/1997 1.64% 1.45% NAVs do not reflect deduction of sales charges (maximum 5.75%) on LifePoints Class A shares. If reflected, the performance quoted would be lower. Fund performance is calculated based on the SEC standardized method. Performance is reported net of fund advisory and administrative fees, Rule 12b-1 distribution fees; and gross of any financial intermediary fees. Performance for periods prior to the commenced operation of the Class A shares is that of the fund's Class E shares. Class E shares and Class A shares have comparable fees and expenses. Each fund commenced operation of its Class A Shares on the following dates: Balanced Strategy Fund, Equity Growth Strategy Fund - March 04, 2003; Growth Strategy Fund - March 10, 2003; Moderate Strategy Fund - March 05, 2003; Conservative Strategy Fund - March 03, 2003. Refer to the prospectus for additional information. For the LifePoints Funds Target Portfolio Series, 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 a contractual advisory fee waiver and/or reimbursement through February 28, 2013 and a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Portfolio Series - Class C As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Conservative Strategy (RCLCX) 10.51 -0.02 -0.19% Return before taxes 0.48% 3.59% 2.24% 3.02% 3.44% 3.72% 4.14% 11/7/1997 2.10% 1.91% Pre-liquidation after tax returns 1,3 0.38% 3.59% 2.13% 2.45% 2.24% 2.70% 2.87% 11/7/1997 2.10% 1.91% Post liquidation after tax returns 2,3 0.31% 2.33% 1.45% 1.97% 2.24% 2.62% 2.80% 11/7/1997 2.10% 1.91% Moderate Strategy (RMLCX) 10.39 -0.04 -0.38% Return before taxes 0.01% 5.78% 1.97% 2.20% 2.56% 4.18% 4.26% 10/2/1997 2.17% 1.99% Pre-liquidation after tax returns 1,3 -0.06% 5.78% 1.90% 1.67% 1.41% 3.23% 3.06% 10/2/1997 2.17% 1.99% Post liquidation after tax returns 2,3 0.01% 3.76% 1.28% 1.46% 1.56% 3.09% 2.99% 10/2/1997 2.17% 1.99% Balanced Strategy (RBLCX) 9.95 -0.05 -0.50% Return before taxes -0.46% 7.94% 1.43% 0.64% 1.30% 4.55% 4.39% 9/16/1997 2.26% 2.09% Pre-liquidation after tax returns 1,3 -0.50% 7.94% 1.39% 0.22% 0.29% 3.69% 3.23% 9/16/1997 2.26% 2.09% Post liquidation after tax returns 2,3 -0.30% 5.16% 0.93% 0.46% 0.63% 3.53% 3.17% 9/16/1997 2.26% 2.09% Growth Strategy (RALCX) 9.14 -0.06 -0.65% Return before taxes -0.89% 9.81% 0.79% -1.06% -0.24% 4.08% 3.78% 9/16/1997 2.34% 2.16% Pre-liquidation after tax returns 1,3 -0.89% 9.81% 0.78% -1.37% -1.11% 3.42% 2.81% 9/16/1997 2.34% 2.16% Post liquidation after tax returns 2,3 -0.58% 6.38% 0.51% -0.61% -0.53% 3.28% 2.79% 9/16/1997 2.34% 2.16% Equity Growth Strategy (RELCX) 7.91 -0.06 -0.75% Return before taxes -1.14% 11.28% 0.25% -1.92% -1.97% 3.56% 3.12% 9/30/1997 2.39% 2.20% Pre-liquidation after tax returns 1,3 -1.14% 11.28% 0.25% -2.13% -2.75% 2.99% 2.17% 9/30/1997 2.39% 2.20% Post liquidation after tax returns 2,3 -0.74% 7.33% 0.16% -1.12% -1.89% 2.92% 2.28% 9/30/1997 2.39% 2.20% Important note: On Thursday, May 6, 2010, fund pricing errors occurred (PDF) in a number of Russell funds. Corrections began on Monday, May 10, 2010. For the LifePoints Funds Target Portfolio Series, 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 a contractual advisory fee waiver and/or reimbursement through February 28, 2013 and a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Portfolio Series - Class E As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Conservative Strategy (RCLEX) 10.63 -0.02 -0.19% Return before taxes 0.47% 3.84% 2.59% 3.78% 4.20% 4.50% 4.87% 11/7/1997 1.35% 1.16% Pre-liquidation after tax returns 1,3 0.30% 3.84% 2.42% 3.01% 2.76% 3.23% 3.37% 11/7/1997 1.35% 1.16% Post liquidation after tax returns 2,3 0.30% 2.50% 1.68% 2.47% 2.75% 3.14% 3.29% 11/7/1997 1.35% 1.16% Moderate Strategy (RMLEX) 10.48 -0.04 -0.38% Return before taxes 0.10% 5.83% 2.13% 2.99% 3.32% 4.96% 4.98% 10/2/1997 1.42% 1.24% Pre-liquidation after tax returns 1,3 -0.03% 5.83% 2.00% 2.26% 1.93% 3.77% 3.55% 10/2/1997 1.42% 1.24% Post liquidation after tax returns 2,3 0.06% 3.79% 1.39% 1.98% 2.06% 3.62% 3.46% 10/2/1997 1.42% 1.24% Balanced Strategy (RBLEX) 10.08 -0.05 -0.49% Return before taxes -0.38% 8.26% 1.79% 1.49% 2.08% 5.33% 5.12% 9/16/1997 1.51% 1.34% Pre-liquidation after tax returns 1,3 -0.47% 8.26% 1.69% 0.94% 0.86% 4.26% 3.74% 9/16/1997 1.51% 1.34% Post liquidation after tax returns 2,3 -0.25% 5.37% 1.17% 1.03% 1.17% 4.08% 3.67% 9/16/1997 1.51% 1.34% Growth Strategy (RALEX) 9.33 -0.06 -0.64% Return before taxes -0.80% 9.95% 1.05% -0.35% 0.52% 4.86% 4.50% 9/16/1997 1.59% 1.41% Pre-liquidation after tax returns 1,3 -0.86% 9.95% 0.99% -0.71% -0.51% 4.02% 3.34% 9/16/1997 1.59% 1.41% Post liquidation after tax returns 2,3 -0.52% 6.46% 0.69% -0.14% 0.01% 3.86% 3.31% 9/16/1997 1.59% 1.41% Equity Growth Strategy (RELEX) 8.45 -0.07 -0.82% Return before taxes -1.13% 11.53% 0.52% -1.07% -1.23% 4.35% 3.83% 9/30/1997 1.64% 1.45% Pre-liquidation after tax returns 1,3 -1.14% 11.53% 0.50% -1.28% -2.04% 3.72% 2.81% 9/30/1997 1.64% 1.45% Post liquidation after tax returns 2,3 -0.73% 7.50% 0.34% -0.55% -1.29% 3.59% 2.85% 9/30/1997 1.64% 1.45% For the LifePoints Funds Target Portfolio Series, 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 a contractual advisory fee waiver and/or reimbursement through February 28, 2013 and a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Portfolio Series - Class S As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Conservative Strategy (RCLSX) 10.66 -0.02 -0.19% Return before taxes 0.52% 3.93% 2.64% 4.10% 4.48% 4.76% 5.10% 11/7/1997 1.10% 0.91% Pre-liquidation after tax returns 1,3 0.34% 3.93% 2.45% 3.22% 2.95% 3.40% 3.52% 11/7/1997 1.10% 0.91% Post liquidation after tax returns 2,3 0.34% 2.55% 1.72% 2.67% 2.94% 3.31% 3.44% 11/7/1997 1.10% 0.91% Moderate Strategy (RMLSX) 10.51 -0.04 -0.38% Return before taxes 0.07% 6.01% 2.28% 3.29% 3.60% 5.22% 5.19% 10/2/1997 1.17% 0.99% Pre-liquidation after tax returns 1,3 -0.08% 6.01% 2.13% 2.46% 2.13% 3.95% 3.70% 10/2/1997 1.17% 0.99% Post liquidation after tax returns 2,3 0.04% 3.91% 1.49% 2.17% 2.25% 3.80% 3.61% 10/2/1997 1.17% 0.99% Balanced Strategy (RBLSX) 10.13 -0.06 -0.59% Return before taxes -0.40% 8.32% 1.85% 1.72% 2.33% 5.60% 5.34% 9/16/1997 1.26% 1.09% Pre-liquidation after tax returns 1,3 -0.52% 8.32% 1.73% 1.07% 1.02% 4.45% 3.90% 9/16/1997 1.26% 1.09% Post liquidation after tax returns 2,3 -0.26% 5.41% 1.20% 1.20% 1.33% 4.27% 3.83% 9/16/1997 1.26% 1.09% Growth Strategy (RALSX) 9.39 -0.06 -0.63% Return before taxes -0.82% 10.10% 1.11% -0.02% 0.77% 5.12% 4.72% 9/16/1997 1.34% 1.16% Pre-liquidation after tax returns 1,3 -0.91% 10.10% 1.02% -0.44% -0.32% 4.21% 3.51% 9/16/1997 1.34% 1.16% Post liquidation after tax returns 2,3 -0.54% 6.56% 0.73% 0.09% 0.20% 4.05% 3.47% 9/16/1997 1.34% 1.16% Equity Growth Strategy (RELSX) 8.65 -0.07 -0.80% Return before taxes -1.04% 11.50% 0.57% -0.90% -0.99% 4.62% 4.07% 9/30/1997 1.39% 1.20% Pre-liquidation after tax returns 1,3 -1.08% 11.50% 0.53% -1.12% -1.82% 3.96% 3.02% 9/30/1997 1.39% 1.20% Post liquidation after tax returns 2,3 -0.68% 7.47% 0.37% -0.45% -1.10% 3.80% 3.04% 9/30/1997 1.39% 1.20% For the LifePoints Funds Target Portfolio Series, 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 a contractual advisory fee waiver and/or reimbursement through February 28, 2013 and a contractual cap on expenses through February 28, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Date Series - Class R1 As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2015 Strategy (RKLRX) 9.90 -0.03 -0.30% Return before taxes 0.27% 5.77% 2.64% 3.82% -- -- 4.27% 3/31/2008 0.66% 0.66% Pre-liquidation after tax returns 1,3 0.07% 5.77% 2.44% 2.80% -- -- 3.10% 3/31/2008 0.66% 0.66% Post liquidation after tax returns 2,3 0.18% 3.75% 1.72% 2.53% -- -- 2.97% 3/31/2008 0.66% 0.66% 2020 Strategy (RLLRX) 10.51 -0.05 -0.47% Return before taxes 0.03% 6.78% 2.34% 3.18% 2.77% -- 4.81% 12/31/2004 0.70% 0.70% Pre-liquidation after tax returns 1,3 -0.14% 6.78% 2.16% 2.30% 1.61% -- 3.75% 12/31/2004 0.70% 0.70% Post liquidation after tax returns 2,3 0.02% 4.41% 1.52% 2.10% 1.71% -- 3.56% 12/31/2004 0.70% 0.70% 2025 Strategy (RPLRX) 9.31 -0.05 -0.53% Return before taxes -0.38% 8.30% 2.08% 2.16% -- -- 2.55% 3/31/2008 0.76% 0.76% Pre-liquidation after tax returns 1,3 -0.53% 8.30% 1.92% 1.32% -- -- 1.74% 3/31/2008 0.76% 0.76% Post liquidation after tax returns 2,3 -0.25% 5.39% 1.36% 1.49% -- -- 1.72% 3/31/2008 0.76% 0.76% 2030 Strategy (RRLRX) 9.65 -0.07 -0.72% Return before taxes -0.76% 9.96% 1.44% 0.51% 0.35% -- 3.56% 12/31/2004 0.81% 0.81% Pre-liquidation after tax returns 1,3 -0.86% 9.96% 1.34% -0.05% -0.39% -- 2.79% 12/31/2004 0.81% 0.81% Post liquidation after tax returns 2,3 -0.50% 6.47% 0.94% 0.44% -0.05% -- 2.69% 12/31/2004 0.81% 0.81% 2035 Strategy (RVLRX) 8.82 -0.06 -0.68% Return before taxes -0.93% 11.21% 1.12% 0.57% -- -- 1.43% 3/31/2008 0.84% 0.84% Pre-liquidation after tax returns 1,3 -1.00% 11.21% 1.05% -0.02% -- -- 0.90% 3/31/2008 0.84% 0.84% Post liquidation after tax returns 2,3 -0.60% 7.29% 0.73% 0.55% -- -- 0.96% 3/31/2008 0.84% 0.84% 2040 Strategy (RXLRX) 9.65 -0.07 -0.72% Return before taxes -0.93% 11.19% 1.15% 0.62% 0.25% -- 3.71% 12/31/2004 0.84% 0.84% Pre-liquidation after tax returns 1,3 -1.00% 11.19% 1.08% 0.13% -0.40% -- 3.00% 12/31/2004 0.84% 0.84% Post liquidation after tax returns 2,3 -0.60% 7.28% 0.75% 0.51% -0.09% -- 2.86% 12/31/2004 0.84% 0.84% 2045 Strategy (RWLRX) 8.45 -0.06 -0.71% Return before taxes -0.99% 11.10% 1.03% 0.53% -- -- 1.46% 3/31/2008 0.84% 0.84% Pre-liquidation after tax returns 1,3 -1.06% 11.10% 0.96% -0.83% -- -- 0.72% 3/31/2008 0.84% 0.84% Post liquidation after tax returns 2,3 -0.64% 7.21% 0.68% 1.08% -- -- 0.93% 3/31/2008 0.84% 0.84% 2050 Strategy (RYLRX) 7.14 -0.05 -0.70% Return before taxes -0.85% 11.02% 1.02% 0.53% -- -- 1.92% 3/31/2008 0.84% 0.84% Pre-liquidation after tax returns 1,3 -0.91% 11.02% 0.96% -3.35% -- -- 0.48% 3/31/2008 0.84% 0.84% Post liquidation after tax returns 2,3 -0.55% 7.16% 0.66% 3.47% -- -- 1.19% 3/31/2008 0.84% 0.84% 2055 Strategy (RQLRX) 9.36 -0.07 -0.74% Return before taxes -0.97% 11.10% 1.06% 0.51% -- -- 4.26% 12/31/2010 0.84% 0.84% Pre-liquidation after tax returns 1,3 -1.03% 11.10% 0.99% 0.02% -- -- 3.86% 12/31/2010 0.84% 0.84% Post liquidation after tax returns 2,3 -0.63% 7.22% 0.70% 0.54% -- -- 3.44% 12/31/2010 0.84% 0.84% In Retirement (RZLRX) 10.10 -0.03 -0.30% Return before taxes 0.39% 5.05% 2.62% 4.40% -- -- 5.11% 3/31/2008 0.63% 0.63% Pre-liquidation after tax returns 1,3 0.19% 5.05% 2.41% 3.31% -- -- 3.76% 3/31/2008 0.63% 0.63% Post liquidation after tax returns 2,3 0.25% 3.28% 1.70% 2.94% -- -- 3.58% 3/31/2008 0.63% 0.63% See the prospectus LifePoints Funds Target Date Series - Class R2 As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2015 Strategy (RKLTX) 9.89 -0.03 -0.30% Return before taxes 0.21% 5.68% 2.58% 3.55% -- -- 4.00% 3/31/2008 0.91% 0.91% Pre-liquidation after tax returns 1,3 0.04% 5.68% 2.40% 2.62% -- -- 2.91% 3/31/2008 0.91% 0.91% Post liquidation after tax returns 2,3 0.14% 3.69% 1.68% 2.35% -- -- 2.78% 3/31/2008 0.91% 0.91% 2020 Strategy (RLLTX) 10.50 -0.04 -0.38% Return before taxes -0.03% 6.80% 2.38% 2.89% 2.51% -- 4.55% 12/31/2004 0.95% 0.95% Pre-liquidation after tax returns 1,3 -0.18% 6.80% 2.22% 2.10% 1.42% -- 3.57% 12/31/2004 0.95% 0.95% Post liquidation after tax returns 2,3 -0.02% 4.42% 1.55% 1.91% 1.54% -- 3.38% 12/31/2004 0.95% 0.95% 2025 Strategy (RPLTX) 9.30 -0.05 -0.53% Return before taxes -0.34% 8.31% 2.02% 1.99% -- -- 2.30% 3/31/2008 1.01% 1.01% Pre-liquidation after tax returns 1,3 -0.47% 8.31% 1.88% 1.23% -- -- 1.56% 3/31/2008 1.01% 1.01% Post liquidation after tax returns 2,3 -0.22% 5.40% 1.32% 1.37% -- -- 1.55% 3/31/2008 1.01% 1.01% 2030 Strategy (RRLTX) 9.63 -0.06 -0.62% Return before taxes -0.73% 9.76% 1.28% 0.23% 0.07% -- 3.29% 12/31/2004 1.06% 1.06% Pre-liquidation after tax returns 1,3 -0.81% 9.76% 1.20% -0.26% -0.60% -- 2.58% 12/31/2004 1.06% 1.06% Post liquidation after tax returns 2,3 -0.47% 6.34% 0.84% 0.24% -0.25% -- 2.49% 12/31/2004 1.06% 1.06% 2035 Strategy (RVLTX) 8.80 -0.07 -0.79% Return before taxes -0.99% 11.11% 0.95% 0.28% -- -- 1.15% 3/31/2008 1.09% 1.09% Pre-liquidation after tax returns 1,3 -1.04% 11.11% 0.90% -0.24% -- -- 0.67% 3/31/2008 1.09% 1.09% Post liquidation after tax returns 2,3 -0.64% 7.22% 0.62% 0.35% -- -- 0.75% 3/31/2008 1.09% 1.09% 2040 Strategy (RXLTX) 9.64 -0.07 -0.72% Return before taxes -0.98% 11.09% 0.99% 0.42% 0.01% -- 3.45% 12/31/2004 1.09% 1.09% Pre-liquidation after tax returns 1,3 -1.03% 11.09% 0.93% 0.01% -0.59% -- 2.80% 12/31/2004 1.09% 1.09% Post liquidation after tax returns 2,3 -0.64% 7.21% 0.64% 0.36% -0.27% -- 2.67% 12/31/2004 1.09% 1.09% 2045 Strategy (RWLTX) 8.46 -0.06 -0.70% Return before taxes -1.04% 11.08% 0.97% 0.37% -- -- 1.24% 3/31/2008 1.09% 1.09% Pre-liquidation after tax returns 1,3 -1.09% 11.08% 0.93% -0.89% -- -- 0.56% 3/31/2008 1.09% 1.09% Post liquidation after tax returns 2,3 -0.68% 7.21% 0.64% 0.95% -- -- 0.77% 3/31/2008 1.09% 1.09% 2050 Strategy (RYLTX) 7.14 -0.06 -0.83% Return before taxes -1.03% 11.16% 0.96% 0.41% -- -- 1.67% 3/31/2008 1.09% 1.09% Pre-liquidation after tax returns 1,3 -1.07% 11.16% 0.92% -3.36% -- -- 0.31% 3/31/2008 1.09% 1.09% Post liquidation after tax returns 2,3 -0.67% 7.25% 0.63% 3.35% -- -- 1.02% 3/31/2008 1.09% 1.09% 2055 Strategy (RQLTX) 9.36 -0.07 -0.74% Return before taxes -0.93% 10.99% 1.00% 0.14% -- -- 3.95% 12/31/2010 1.09% 1.09% Pre-liquidation after tax returns 1,3 -0.97% 10.99% 0.96% -0.29% -- -- 3.60% 12/31/2010 1.09% 1.09% Post liquidation after tax returns 2,3 -0.60% 7.15% 0.66% 0.27% -- -- 3.20% 12/31/2010 1.09% 1.09% In Retirement (RZLTX) 10.09 -0.03 -0.30% Return before taxes 0.33% 5.06% 2.56% 4.18% -- -- 4.86% 3/31/2008 0.88% 0.88% Pre-liquidation after tax returns 1,3 0.15% 5.06% 2.37% 3.17% -- -- 3.59% 3/31/2008 0.88% 0.88% Post liquidation after tax returns 2,3 0.21% 3.29% 1.66% 2.80% -- -- 3.42% 3/31/2008 0.88% 0.88% See the prospectus LifePoints Funds Target Date Series - Class R3 As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2015 Strategy (RKLDX) 9.88 -0.03 -0.30% Return before taxes 0.20% 5.57% 2.37% 3.32% -- -- 3.75% 3/31/2008 1.16% 1.16% Pre-liquidation after tax returns 1,3 0.06% 5.57% 2.23% 2.46% -- -- 2.73% 3/31/2008 1.16% 1.16% Post liquidation after tax returns 2,3 0.13% 3.62% 1.54% 2.19% -- -- 2.61% 3/31/2008 1.16% 1.16% 2020 Strategy (RLLDX) 10.47 -0.05 -0.48% Return before taxes -0.10% 6.81% 2.21% 2.75% 2.29% -- 4.29% 12/31/2004 1.20% 1.20% Pre-liquidation after tax returns 1,3 -0.23% 6.81% 2.08% 2.04% 1.27% -- 3.38% 12/31/2004 1.20% 1.20% Post liquidation after tax returns 2,3 -0.07% 4.43% 1.44% 1.82% 1.39% -- 3.20% 12/31/2004 1.20% 1.20% 2025 Strategy (RPLDX) 9.28 -0.04 -0.43% Return before taxes -0.33% 8.11% 1.93% 1.67% -- -- 2.00% 3/31/2008 1.26% 1.26% Pre-liquidation after tax returns 1,3 -0.43% 8.11% 1.83% 0.98% -- -- 1.32% 3/31/2008 1.26% 1.26% Post liquidation after tax returns 2,3 -0.22% 5.27% 1.25% 1.16% -- -- 1.33% 3/31/2008 1.26% 1.26% 2030 Strategy (RRLDX) 9.63 -0.06 -0.62% Return before taxes -0.70% 9.65% 1.21% -0.01% -0.18% -- 3.04% 12/31/2004 1.31% 1.31% Pre-liquidation after tax returns 1,3 -0.76% 9.65% 1.15% -0.43% -0.78% -- 2.40% 12/31/2004 1.31% 1.31% Post liquidation after tax returns 2,3 -0.46% 6.27% 0.79% 0.07% -0.43% -- 2.31% 12/31/2004 1.31% 1.31% 2035 Strategy (RVLDX) 8.80 -0.06 -0.68% Return before taxes -0.99% 11.12% 0.96% 0.08% -- -- 0.93% 3/31/2008 1.34% 1.34% Pre-liquidation after tax returns 1,3 -1.00% 11.12% 0.95% -0.39% -- -- 0.50% 3/31/2008 1.34% 1.34% Post liquidation after tax returns 2,3 -0.64% 7.23% 0.63% 0.20% -- -- 0.59% 3/31/2008 1.34% 1.34% 2040 Strategy (RXLDX) 9.62 -0.07 -0.72% Return before taxes -0.96% 11.12% 1.03% 0.10% -0.24% -- 3.19% 12/31/2004 1.34% 1.34% Pre-liquidation after tax returns 1,3 -0.99% 11.12% 1.00% -0.25% -0.79% -- 2.59% 12/31/2004 1.34% 1.34% Post liquidation after tax returns 2,3 -0.62% 7.23% 0.67% 0.14% -0.45% -- 2.47% 12/31/2004 1.34% 1.34% 2045 Strategy (RWLDX) 8.42 -0.07 -0.82% Return before taxes -1.02% 11.00% 0.78% 0.04% -- -- 0.95% 3/31/2008 1.34% 1.34% Pre-liquidation after tax returns 1,3 -1.04% 11.00% 0.76% -1.19% -- -- 0.32% 3/31/2008 1.34% 1.34% Post liquidation after tax returns 2,3 -0.66% 7.15% 0.51% 0.73% -- -- 0.55% 3/31/2008 1.34% 1.34% 2050 Strategy (RYLYX) 7.13 -0.05 -0.70% Return before taxes -0.88% 10.89% 0.87% 0.10% -- -- 1.40% 3/31/2008 1.34% 1.34% Pre-liquidation after tax returns 1,3 -0.88% 10.89% 0.86% -3.65% -- -- 0.08% 3/31/2008 1.34% 1.34% Post liquidation after tax returns 2,3 -0.57% 7.08% 0.56% 3.16% -- -- 0.81% 3/31/2008 1.34% 1.34% 2055 Strategy (RQLDX) 9.35 -0.07 -0.74% Return before taxes -0.98% 10.99% 0.84% 0.01% -- -- 3.76% 12/31/2010 1.34% 1.34% Pre-liquidation after tax returns 1,3 -1.00% 10.99% 0.81% -0.37% -- -- 3.46% 12/31/2010 1.34% 1.34% Post liquidation after tax returns 2,3 -0.63% 7.15% 0.55% 0.16% -- -- 3.06% 12/31/2010 1.34% 1.34% In Retirement (RZLDX) 10.06 -0.03 -0.30% Return before taxes 0.35% 4.97% 2.49% 3.83% -- -- 4.55% 3/31/2008 1.13% 1.13% Pre-liquidation after tax returns 1,3 0.20% 4.97% 2.33% 2.87% -- -- 3.36% 3/31/2008 1.13% 1.13% Post liquidation after tax returns 2,3 0.23% 3.23% 1.62% 2.57% -- -- 3.20% 3/31/2008 1.13% 1.13% See the prospectus LifePoints Funds Target Date Series - Class A LifePoints Class A Funds are subject to a sales charge. The returns below are shown both with and without the maximum sales charge of 5.75%. Performance not reflecting the sales charge would be lower if the charge was included. A 1.00% deferred sales charge applies to $1million and over purchases redeemed within the first 12 months. As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2020 Strategy (RLLAX) 10.50 -0.05 -0.47% Return before taxes 6 -5.78% 0.64% -3.63% -2.94% 1.31% -- 3.70% 12/31/2004 0.95% 0.95% Pre-liquidation after tax returns 1,3,6 -5.91% 0.64% -3.77% -3.69% 0.24% -- 2.73% 12/31/2004 0.95% 0.95% Post liquidation after tax returns 2,3,6 -3.76% 0.42% -2.36% -1.88% 0.52% -- 2.64% 12/31/2004 0.95% 0.95% Return before taxes without sales charge deducted -0.05% 6.79% 2.26% 3.00% 2.52% -- 4.55% 12/31/2004 0.95% 0.95% 2030 Strategy (RRLAX) 9.70 -0.07 -0.72% Return before taxes 6 -6.40% 3.54% -4.50% -5.48% -0.96% -- 2.55% 12/31/2004 1.06% 1.06% Pre-liquidation after tax returns 1,3,6 -6.48% 3.54% -4.57% -5.94% -1.62% -- 1.85% 12/31/2004 1.06% 1.06% Post liquidation after tax returns 2,3,6 -4.16% 2.30% -2.92% -3.48% -1.12% -- 1.85% 12/31/2004 1.06% 1.06% Return before taxes without sales charge deducted -0.72% 9.91% 1.38% 0.26% 0.22% -- 3.39% 12/31/2004 1.06% 1.06% 2040 Strategy (RXLAX) 9.64 -0.07 -0.72% Return before taxes 6 -6.71% 4.84% -4.71% -5.36% -1.16% -- 2.62% 12/31/2004 1.09% 1.09% Pre-liquidation after tax returns 1,3,6 -6.75% 4.84% -4.75% -5.75% -1.74% -- 1.97% 12/31/2004 1.09% 1.09% Post liquidation after tax returns 2,3,6 -4.36% 3.14% -3.06% -3.40% -1.25% -- 1.94% 12/31/2004 1.09% 1.09% Return before taxes without sales charge deducted -0.99% 11.20% 1.08% 0.46% 0.01% -- 3.46% 12/31/2004 1.09% 1.09% Important: Class A shares of the Target Date Series were closed to all new investors, effective December 14, 2007. Existing investors may continue to invest in these funds. For more information, see the prospectus. NAVs do not reflect deduction of sales charges (maximum 5.75%) on LifePoints Class A shares. If reflected, the performance quoted would be lower. See the prospectus LifePoints Funds Target Date Series - Class E As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2020 Strategy (RLLEX) 10.52 -0.05 -0.47% Return before taxes -0.03% 6.78% 2.27% 2.98% 2.56% -- 4.58% 12/31/2004 0.95% 0.95% Pre-liquidation after tax returns 1,3 -0.18% 6.78% 2.12% 2.19% 1.47% -- 3.60% 12/31/2004 0.95% 0.95% Post liquidation after tax returns 2,3 -0.02% 4.40% 1.48% 1.97% 1.58% -- 3.40% 12/31/2004 0.95% 0.95% 2030 Strategy (RRLEX) 9.63 -0.06 -0.62% Return before taxes -0.73% 9.87% 1.39% 0.29% 0.05% -- 3.27% 12/31/2004 1.06% 1.06% Pre-liquidation after tax returns 1,3 -0.81% 9.87% 1.31% -0.18% -0.62% -- 2.57% 12/31/2004 1.06% 1.06% Post liquidation after tax returns 2,3 -0.47% 6.42% 0.91% 0.28% -0.27% -- 2.48% 12/31/2004 1.06% 1.06% 2040 Strategy (RXLEX) 9.64 -0.07 -0.72% Return before taxes -0.89% 11.10% 1.09% 0.38% -0.03% -- 3.43% 12/31/2004 1.09% 1.09% Pre-liquidation after tax returns 1,3 -0.94% 11.10% 1.04% -0.02% -0.62% -- 2.79% 12/31/2004 1.09% 1.09% Post liquidation after tax returns 2,3 -0.58% 7.21% 0.71% 0.34% -0.29% -- 2.65% 12/31/2004 1.09% 1.09% Important: Class E shares of the Target Date Series were closed to new individual investors, effective December 14, 2007. Existing investors may continue to invest in these funds. These funds will be available only to Defined Contribution employee benefit plans. For more information, see the prospectus. See the prospectus LifePoints Funds Target Date Series - Class S As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2020 Strategy (RLLSX) 10.51 -0.05 -0.47% Return before taxes 0.03% 6.78% 2.34% 3.18% 2.79% -- 4.81% 12/31/2004 0.70% 0.70% Pre-liquidation after tax returns 1,3 -0.14% 6.78% 2.16% 2.30% 1.62% -- 3.75% 12/31/2004 0.70% 0.70% Post liquidation after tax returns 2,3 0.02% 4.41% 1.52% 2.10% 1.73% -- 3.56% 12/31/2004 0.70% 0.70% 2030 Strategy (RRLSX) 9.65 -0.06 -0.62% Return before taxes -0.67% 9.85% 1.44% 0.51% 0.33% -- 3.55% 12/31/2004 0.81% 0.81% Pre-liquidation after tax returns 1,3 -0.77% 9.85% 1.34% -0.05% -0.41% -- 2.78% 12/31/2004 0.81% 0.81% Post liquidation after tax returns 2,3 -0.43% 6.40% 0.94% 0.44% -0.07% -- 2.68% 12/31/2004 0.81% 0.81% 2040 Strategy (RXLSX) 9.65 -0.07 -0.72% Return before taxes -1.02% 11.30% 1.15% 0.62% 0.27% -- 3.72% 12/31/2004 0.84% 0.84% Pre-liquidation after tax returns 1,3 -1.09% 11.30% 1.08% 0.13% -0.38% -- 3.01% 12/31/2004 0.84% 0.84% Post liquidation after tax returns 2,3 -0.66% 7.34% 0.75% 0.51% -0.07% -- 2.87% 12/31/2004 0.84% 0.84% Important: Class S shares of the Target Date Series were closed to new individual investors, effective December 14, 2007. Existing investors may continue to invest in these funds. These funds will be available only to Defined Contribution employee benefit plans. For more information, see the prospectus. See the prospectus LifePoints Funds Target Distribution Strategies - Class A LifePoints Class A Funds are subject to a sales charge. The returns below are shown both with and without the maximum sales charge of 5.75%. Performance not reflecting the sales charge would be lower if the charge was included. A 1.00% deferred sales charge applies to $1million and over purchases redeemed within the first 12 months. As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2017 Retirement Distribution Fund - A Shares (RRDAX) 6.19 -0.02 -0.32% Return before taxes 4 -5.60% -1.54% -4.77% -8.05% -- -- -4.31% 12/31/2007 6.62% 1.19% Return before taxes without sales charge deducted 0.16% 4.40% 0.98% -2.39% -- -- -2.97% 12/31/2007 6.62% 1.19% NAVs do not reflect deduction of sales charges (maximum 5.75%) on LifePoints Class A shares. If reflected, the performance quoted would be lower. Effective at the close of business on December 16, 2011, the LifePoints® Funds Target Distribution Strategies, 2027 Extended Distribution Fund & 2017 Accelerated Distribuiton Fund Classes A & S were closed. Effective April 30, 2012, for the LifePoints Funds Target Distribution Strategies, 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 a contractual advisory fee waiver and/or reimbursement through April 29, 2013 and a contractual cap on expenses through April 29, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus LifePoints Funds Target Distribution Strategies - Class S As of 5/18/2012 As of 4/30/2012 As of 3/31/2012 As of 5/18/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name NAV NAV Chg NAV % Chg Latest Month Latest Qtr. YTD 1 Year 5 Years 10 Years Incep. Incep. Date Total Net 2017 Retirement Distribution Fund - S Shares (RRDSX) 6.47 -0.02 -0.31% 0.15% 4.55% 1.57% -0.43% -- -- -2.76% 12/31/2007 4.26% 0.93% Effective at the close of business on December 16, 2011, the LifePoints® Funds Target Distribution Strategies, 2027 Extended Distribution Fund & 2017 Accelerated Distribuiton Fund Classes A & S were closed. Effective April 30, 2012, for the LifePoints Funds Target Distribution Strategies, 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 a contractual advisory fee waiver and/or reimbursement through April 29, 2013 and a contractual cap on expenses through April 29, 2013. The contractual agreements may not be terminated during the relevant periods except at the Board of Trustees' discretion. Details of these agreements are in the current prospectus. Absent these reductions, the funds return would have been lower. See the prospectus Money Market Fund - Class S 7-day Yield As of 5/17/2012 As of 4/30/2012 As of 3/31/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name Subsidized Unsubsidized Latest Month Latest Qtr. 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell Money Market (RMMXX) 0.00% -0.39% 0.00% 0.00% 0.00% 1.45% 2.05% 5.29% 10/15/1981 0.54% 0.27% Effective November 18, 2009, the Russell Money Market Fund changed its investment objective from seeking to maximize current income while preserving capital and liquidity to its current investment objective and changed its investment strategies. The new investment objective and strategies will result in lower yield, and the fund's future performance will be lower than it would have been had the objective and strategies not changed. The returns shown above reflect returns resulting from the fund's previous investment objective and strategies. The yield more closely reflects the current earnings of the fund than the total return of the fund; yields will vary. Subsidized: The fund's current yield for the period ending as of the date shown. Unsubsidized: The yield shown is what the yield would have been without the current fee waivers and expense reimbursements (unsubsidized). 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 Febrauary 28, 2013 and a contractual advisory fee waiver and/or reimbursement 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. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. If necessary to maintain a certain net yield for class S shares of the Russell Money Market Fund, the fund's advisor may temporarily and voluntarily waive, reduce or reimburse all or any portion of the fund's Transfer Agency Fee, Advisory Fee and Administrative Fee. The fund's advisor may recoup from the fund any portion of such fees waived, reduced or reimbursed pursuant to these arrangements during the previous 36 months. There is no guarantee that the Fund will maintain a positive net yield. See the prospectus Money Market Fund - Class A 7-day Yield As of 5/17/2012 As of 4/30/2012 As of 3/31/2012 Annualized Returns 3/31/2012 Annual Fund Operating Expenses Fund Name Subsidized Unsubsidized Latest Month Latest Qtr. 1 Year 5 Years 10 Years Incep. Incep. Date Total Net Russell Money Market (RAMXX) 0.00% -0.40% 0.00% 0.00% 0.00% 1.40% 1.99% 5.27% 10/15/1981 0.64% 0.48% Effective November 18, 2009, the Russell Money Market Fund changed its investment objective from seeking to maximize current income while preserving capital and liquidity to its current investment objective and changed its investment strategies. The new investment objective and strategies will result in lower yield, and the fund's future performance will be lower than it would have been had the objective and strategies not changed. The returns shown above reflect returns resulting from the fund's previous investment objective and strategies. The yield more closely reflects the current earnings of the fund than the total return of the fund; yields will vary. Subsidized: The fund's current yield for the period ending as of the date shown. Unsubsidized: The yield shown is what the yield would have been without the current fee waivers and expense reimbursements (unsubsidized). 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 Febrauary 28, 2013 and a contractual advisory fee waiver and/or reimbursement through Febrauary 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. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. To maintain a certain net yield for class A shares of the Russell Money Market Fund, payments of the 12b-1 distribution fees on these shares were temporarily suspended for the three-month period beginning July 1, 2009. This suspension was extended for the three-month periods beginning October 1, 2009 and January 1, 2010. This suspension may be extended, at the discretion of the President or Treasurer of RIC, for the three-month period commencing on April 1, 2010. In addition, if necessary to maintain certain net yields for class A shares of the Russell Money Market Fund, the fund's advisor may temporarily and voluntarily waive, reduce or reimburse all or any portion of the fund's transfer agency fee, advisory fee and administrative fee. The fund's advisor may recoup from the fund any portion of such fees waived, reduced or reimbursed pursuant to these arrangements during the previous 36 months. There is no guarantee that the fund will maintain a positive net yield. See the prospectus

NOTE: 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 February 25, 2011, the 2010 Strategy Fund was merged into the In Retirement Fund. On October 1, 2010, the Russell Real Estate Securities Fund was renamed the Russell Global Real Estate Securities Fund. 1 Return After Taxes on Distributions. Returns After Taxes on Distributions may be the same as Returns Before Taxes for the same period if there were no distributions for that period. 2 Return After Taxes on Distributions and Sale of Fund Shares. If a Fund has realized capital losses, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than the Return Before taxes and the Return After Taxes on Distributions. The calculation of Return After Taxes on Distributions and Sale of Fund Shares assumes that a shareholder has sufficient capital gains of the same character to offset any capital losses on a sale of fund shares and that the shareholder may therefore deduct the entire capital loss. 3 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 4 Reflects deduction of the maximum sales charge of 5.75%. 5 Reflects deduction of the maximum sales charge of 3.75%. 6 Reflects deduction of the maximum sales charge of 5.75%. Class E performance for periods prior to the commenced operation of the Class A shares has been adjusted to reflect the Class A maximum sales charge of 5.75%. Investment results shown reflect the deduction of fund fees. Nothing contained in this site 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 site should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. 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. 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. First used April 2012. RFS-7991

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