Individual investors

LifePoints® Moderate Strategy Fund How to invest with Russell Fund objective Seeks to provide high current income and moderate long-term capital appreciation OVERVIEW PERFORMANCE HOLDINGS & DETAILS MANAGERS More fund information Daily prices & standardized performance Prospectus & reports Download a fact sheet (PDF) Tax information Commentary Moderate strategy quarterly review (PDF) LifePoints quarterly performance commentary Investment highlights A diversified fund of funds, investing in a combination of underlying funds consisting of approximately 33% equity, 9% real asset and 58% fixed income funds. Fixed income allocation incorporates three different funds, each with a unique investment strategy, that creates a diversified bond portfolio. Equity allocation blends growth, market-oriented and value styles with investments in U.S. large cap, international developed markets and global securities. In addition, the fund maintains a small allocation to small and mid cap stocks and emerging markets. Real asset allocation includes commodities, global infrastructure and global real estate securities funds for diversification. Fund highlights Balances bond stability and income with a moderate allocation to equities and real assets for growth potential. Diversifies across broad asset classes, multiple funds and a variety of institutional money manager products. Maintains an optimal asset allocation for a moderate investor through regular rebalancing. Characteristics As of 03/31/2012 Updated quarterly       Total net assets (all classes)   $1.1 billion Net asset value (Class S)   $10.94     Cusip   Ticker Class A   782478630   RMLAX Class C   782493365   RMLCX Class E   782493522   RMLEX Class S   782478101   RMLSX Class R1   782478341   RMLRX Class R2   782478333   RMLTX Class R3   782493571   RMLDX Select a different Russell fund Russell Commodity Strategies Russell Emerging Markets Russell Global Equity Russell Global Infrastructure Russell Global Opportunistic Credit Russell Global Real Estate Securities Russell International Developed Markets Russell Investment Grade Bond Russell Money Market Russell Short Duration Bond Russell Strategic Bond Russell Tax Exempt Bond Russell Tax-Managed U.S. Large Cap Russell Tax-Managed U.S. Mid & Small Cap Russell U.S. Core Equity Russell U.S. Growth Russell U.S. Quantitative Equity Russell U.S. Small Cap Equity Russell U.S. Mid Cap Equity Russell U.S. Large Cap Equity Russell U.S. Value ----LifePoints® Funds---- Conservative Strategy Moderate Strategy Balanced Strategy Growth Strategy Equity Growth Strategy 2017 Retirement Distribution — S Shares 2017 Retirement Distribution — A Shares Fund objectives, risks, charges and expenses should be carefully considered before investing. For a prospectus containing this and other important information call Russell at 1-866-676-7680 or go to the prospectus and reports page to download one. Please read the prospectus carefully before investing. For more information on Russell LifePoints® Funds or underlying Russell Funds, contact your investment professional or plan administrator for assistance. Each of the LifePoints® Funds, Target Portfolio Series, invests its assets in shares of a number of underlying Russell Funds. From time to time, the fund’s adviser may modify the target strategic asset allocation for any fund and/or the underlying funds in which a fund invests including the addition of new underlying funds. A Fund’s actual allocation may vary from the target strategic asset allocation at any point in time. In addition, the fund’s adviser may also manage assets of the underlying funds directly for a variety of purposes. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. 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. LifePoints® and the Russell logo are registered trademarks and service marks of Russell Investments. Securities products and services offered through Russell Financial Services, Inc., member FINRA, part of Russell Investments. For information on the Financial Industry Regulatory Authority, go to www.finra.org. Copyright © Russell Investments 2007-2012. All rights reserved. First used: March 2011. Revised: February 2012. RFS-7693 Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.

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