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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 29.09 -0.24 -0.82% Return before taxes 4 -0.88% 4.99% 2.11% -8.85% -2.75% 1.71% 9.70% 10/15/1981 1.07% 1.07% Pre-liquidation after tax returns 1,3,4 -0.88% 4.90% 2.11% -8.95% -3.19% 1.27% 6.93% 10/15/1981 1.07% 1.07% Post liquidation after tax returns 2,3,4 -0.57% 3.35% 1.37% -5.62% -2.36% 1.41% 6.93% 10/15/1981 1.07% 1.07% Return before taxes without sales charge deducted 5.18% 11.40% 8.34% -3.28% -1.59% 2.31% 9.91% 10/15/1981 1.07% 1.07% Russell U.S. Quantitative Equity (REQAX) 31.88 -0.25 -0.78% Return before taxes 4 -1.15% 5.63% 1.43% -1.85% -2.84% 1.45% 8.04% 5/29/1987 1.26% 1.26% Pre-liquidation after tax returns 1,3,4 -1.15% 5.55% 1.43% -1.96% -3.30% 0.97% 6.22% 5/29/1987 1.26% 1.26% Post liquidation after tax returns 2,3,4 -0.74% 3.75% 0.93% -1.06% -2.42% 1.20% 6.21% 5/29/1987 1.26% 1.26% Return before taxes without sales charge deducted 4.90% 12.07% 7.63% 4.15% -1.68% 2.06% 8.30% 5/29/1987 1.26% 1.26% Russell U.S. Small Cap Equity** (RLACX) 23.91 -0.30 -1.24% Return before taxes 4 0.52% 8.15% 3.64% -9.76% -2.53% 3.87% 10.07% 12/28/1981 1.24% 1.24% Pre-liquidation after tax returns 1,3,4 0.52% 8.14% 3.64% -9.76% -3.28% 2.29% 7.17% 12/28/1981 1.24% 1.24% Post liquidation after tax returns 2,3,4 0.34% 5.30% 2.37% -6.34% -2.30% 2.96% 7.30% 12/28/1981 1.24% 1.24% Return before taxes without sales charge deducted 6.67% 14.77% 9.98% -4.24% -1.37% 4.48% 10.29% 12/28/1981 1.24% 1.24% Russell U.S. Mid Cap Equity Fund (RMCAX) 9.99 -0.11 -1.09% Return before taxes 4 -- -- -- -- -- -- -- 2/6/2012 1.52% 1.20% Pre-liquidation after tax returns 1,3,4 -- -- -- -- -- -- -- 2/6/2012 1.52% 1.20% Post liquidation after tax returns 2,3,4 -- -- -- -- -- -- -- 2/6/2012 1.52% 1.20% Return before taxes without sales charge deducted -- -- -- -- -- -- -- 2/6/2012 1.52% 1.20% Russell U.S. Large Cap Equity Fund (RLCZX) 10.03 -0.07 -0.69% Return before taxes 4 -- -- -- -- -- -- -- 2/6/2012 1.28% 1.10% Pre-liquidation after tax returns 1,3,4 -- -- -- -- -- -- -- 2/6/2012 1.28% 1.10% Post liquidation after tax returns 2,3,4 -- -- -- -- -- -- -- 2/6/2012 1.28% 1.10% Return before taxes without sales charge deducted -- -- -- -- -- -- -- 2/6/2012 1.28% 1.10% Russell International Developed Markets (RLNAX) 28.94 -0.41 -1.40% Return before taxes 4 -0.81% -1.58% 1.69% -19.03% -6.81% 3.26% 8.71% 1/31/1983 1.25% 1.25% Pre-liquidation after tax returns 1,3,4 -0.81% -1.64% 1.69% -19.08% -7.67% 2.39% 6.57% 1/31/1983 1.25% 1.25% Post liquidation after tax returns 2,3,4 -0.53% -0.58% 1.10% -12.00% -5.64% 2.78% 6.71% 1/31/1983 1.25% 1.25% Return before taxes without sales charge deducted 5.26% 4.42% 7.90% -14.10% -5.70% 3.87% 8.93% 1/31/1983 1.25% 1.25% Russell Global Equity (RGEAX) 8.74 -0.10 -1.13% Return before taxes 4 0.12% 0.63% 3.19% -14.57% -- -- -4.46% 2/28/2007 1.50% 1.50% Pre-liquidation after tax returns 1,3,4 0.12% 0.65% 3.19% -14.55% -- -- -4.67% 2/28/2007 1.50% 1.50% Post liquidation after tax returns 2,3,4 0.08% 0.66% 2.07% -9.26% -- -- -3.75% 2/28/2007 1.50% 1.50% Return before taxes without sales charge deducted 6.27% 6.79% 9.52% -9.36% -- -- -3.29% 2/28/2007 1.50% 1.50% Russell Emerging Markets (REMAX) 18.05 -0.31 -1.69% Return before taxes 4 3.76% -0.34% 6.05% -22.91% 1.35% 13.04% 6.43% 1/29/1993 1.80% 1.80% Pre-liquidation after tax returns 1,3,4 3.76% -0.82% 6.05% -23.28% 0.19% 11.94% 5.59% 1/29/1993 1.80% 1.80% Post liquidation after tax returns 2,3,4 2.44% 1.19% 3.93% -13.80% 1.13% 11.60% 5.49% 1/29/1993 1.80% 1.80% Return before taxes without sales charge deducted 10.10% 5.75% 12.53% -18.22% 2.56% 13.72% 6.76% 1/29/1993 1.80% 1.80% Russell Tax-Managed U.S. Large Cap (RTLAX) 21.08 -0.13 -0.61% Return before taxes 4 -0.10% 4.76% 3.03% -6.87% -1.98% 1.15% 4.57% 10/7/1996 1.24% 1.24% Pre-liquidation after tax returns 1,3,4 -0.09% 4.75% 3.04% -6.88% -2.06% 1.05% 4.43% 10/7/1996 1.24% 1.24% Post liquidation after tax returns 2,3,4 -0.06% 3.11% 1.98% -4.45% -1.68% 0.96% 3.97% 10/7/1996 1.24% 1.24% Return before taxes without sales charge deducted 6.02% 11.16% 9.34% -1.19% -0.81% 1.76% 4.98% 10/7/1996 1.24% 1.24% Russell Tax-Managed U.S. Mid & Small Cap (RTSAX) 15.75 -0.19 -1.19% Return before taxes 4 -0.52% 8.44% 2.27% -6.33% 1.21% 5.49% 3.54% 11/30/1999 1.61% 1.54% Pre-liquidation after tax returns 1,3,4 -0.51% 8.45% 2.28% -6.32% 0.90% 5.31% 3.39% 11/30/1999 1.61% 1.54% Post liquidation after tax returns 2,3,4 -0.33% 5.49% 1.48% -4.11% 0.97% 4.78% 3.06% 11/30/1999 1.61% 1.54% Return before taxes without sales charge deducted 5.58% 15.07% 8.55% -0.62% 2.41% 6.11% 4.05% 11/30/1999 1.61% 1.54% Russell Commodity Strategies (RCSAX) 9.84 -0.11 -1.11% Return before taxes 4 -3.36% -5.89% -2.67% -17.00% -- -- 4.07% 6/30/2010 2.08% 1.57% Pre-liquidation after tax returns 1,3,4 -3.36% -7.18% -2.67% -18.14% -- -- 0.23% 6/30/2010 2.08% 1.57% Post liquidation after tax returns 2,3,4 -2.19% -3.82% -1.74% -11.05% -- -- 1.35% 6/30/2010 2.08% 1.57% Return before taxes without sales charge deducted 2.52% -0.11% 3.25% -11.91% -- -- 8.24% 6/30/2010 2.08% 1.57% Russell Global Infrastructure (RGIAX) 10.55 -0.11 -1.03% Return before taxes 4 -2.72% 1.45% -1.12% -5.96% -- -- -1.15% 9/30/2010 1.91% 1.64% Pre-liquidation after tax returns 1,3,4 -2.72% 1.41% -1.12% -6.03% -- -- -1.58% 9/30/2010 1.91% 1.64% Post liquidation after tax returns 2,3,4 -1.77% 1.29% -0.73% -3.13% -- -- -0.94% 9/30/2010 1.91% 1.64% Return before taxes without sales charge deducted 3.18% 7.68% 4.87% -0.23% -- -- 3.63% 9/30/2010 1.91% 1.64% Russell Global Real Estate Securities (RREAX) 35.18 -0.40 -1.12% Return before taxes 4 1.52% 2.03% 2.90% -12.97% -6.16% 7.73% 9.30% 7/28/1989 1.36% 1.36% Pre-liquidation after tax returns 1,3,4 1.52% 1.83% 2.90% -13.52% -7.36% 5.92% 7.02% 7/28/1989 1.36% 1.36% Post liquidation after tax returns 2,3,4 0.99% 1.31% 1.88% -8.38% -5.59% 6.03% 6.96% 7/28/1989 1.36% 1.36% Return before taxes without sales charge deducted 7.73% 8.26% 9.19% -7.65% -5.04% 8.37% 9.59% 7/28/1989 1.36% 1.36% Russell Global Opportunistic Credit* (RGCAX) 10.04 -0.01 -0.10% Return before taxes 4 -0.60% 1.63% 0.20% -0.53% -- -- -0.15% 9/30/2010 1.64% 1.28% Pre-liquidation after tax returns 1,3,4 -0.60% -0.57% 0.20% -2.69% -- -- -2.13% 9/30/2010 1.64% 1.28% Post liquidation after tax returns 2,3,4 -0.39% 1.06% 0.13% -0.35% -- -- -1.26% 9/30/2010 1.64% 1.28% Return before taxes without sales charge deducted 3.32% 5.60% 4.15% 3.37% -- -- 2.95% 9/30/2010 1.64% 1.28% Russell Strategic Bond (RFDAX) 11.03 0.02 0.18% Return before taxes 5 -2.13% -2.86% -1.91% 1.03% 5.03% 5.14% 5.94% 1/29/1993 1.02% 0.99% Pre-liquidation after tax returns 1,3,5 -2.13% -3.46% -2.02% -0.32% 3.31% 3.51% 3.79% 1/29/1993 1.02% 0.99% Post liquidation after tax returns 2,3,5 -1.38% -1.86% -1.24% 0.65% 3.27% 3.43% 3.75% 1/29/1993 1.02% 0.99% Return before taxes without sales charge deducted 1.66% 0.96% 1.88% 4.97% 5.83% 5.54% 6.16% 1/29/1993 1.02% 0.99% Russell Investment Grade Bond (RFAAX) 22.35 0.06 0.27% Return before taxes 5 -2.48% -2.57% -2.60% 1.78% 5.38% 4.98% 8.55% 10/15/1981 0.80% 0.80% Pre-liquidation after tax returns 1,3,5 -2.47% -3.11% -2.67% 0.63% 3.75% 3.28% 5.30% 10/15/1981 0.80% 0.80% Post liquidation after tax returns 2,3,5 -1.61% -1.59% -1.69% 1.20% 3.64% 3.27% 5.28% 10/15/1981 0.80% 0.80% Return before taxes without sales charge deducted 1.31% 1.23% 1.19% 5.73% 6.18% 5.38% 8.69% 10/15/1981 0.80% 0.80% Russell Short Duration Bond (RSBTX) 19.30 0.02 0.10% Return before taxes 5 -2.77% -3.00% -2.55% -2.71% 2.96% 2.86% 6.69% 10/30/1981 1.03% 0.90% Pre-liquidation after tax returns 1,3,5 -2.77% -3.13% -2.64% -3.32% 1.83% 1.78% 3.88% 10/30/1981 1.03% 0.90% Post liquidation after tax returns 2,3,5 -1.80% -1.95% -1.66% -1.76% 1.86% 1.80% 3.88% 10/30/1981 1.03% 0.90% Return before taxes without sales charge deducted 0.99% 0.77% 1.22% 1.08% 3.76% 3.26% 6.82% 10/30/1981 1.03% 0.90% Russell Tax Exempt Bond (RTEAX) 23.08 0.03 0.13% Return before taxes 5 -2.45% -2.04% -2.47% 3.13% 3.52% 3.57% 4.53% 9/5/1985 0.84% 0.84% Pre-liquidation after tax returns 1,3,5 -2.46% -2.05% -2.49% 3.12% 3.28% 2.98% 4.31% 9/5/1985 0.84% 0.84% Post liquidation after tax returns 2,3,5 -1.60% -1.01% -1.56% 2.99% 3.20% 2.92% 4.26% 9/5/1985 0.84% 0.84% Return before taxes without sales charge deducted 1.36% 1.77% 1.34% 7.13% 4.32% 3.97% 4.69% 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 29, 2012; and for the Russell Commodity Strategies, Russell Tax-Managed U.S. Mid & Small Cap, Russell Strategic Bond, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 29, 2012; and for the Russell Tax-Managed U.S. Mid & Small Cap Fund a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 28.88 -0.24 -0.82% Return before taxes 5.14% 11.17% 8.29% -4.01% -2.12% 2.04% 9.82% 10/15/1981 1.82% 1.82% Pre-liquidation after tax returns 1,3 5.14% 11.14% 8.29% -4.04% -2.50% 1.63% 7.06% 10/15/1981 1.82% 1.82% Post liquidation after tax returns 2,3 3.34% 7.29% 5.39% -2.58% -1.82% 1.71% 7.06% 10/15/1981 1.82% 1.82% Russell U.S. Quantitative Equity (REQCX) 31.75 -0.25 -0.78% Return before taxes 4.84% 11.87% 7.55% 3.35% -2.20% 1.79% 8.18% 5/29/1987 2.01% 2.01% Pre-liquidation after tax returns 1,3 4.84% 11.85% 7.55% 3.33% -2.60% 1.34% 6.37% 5/29/1987 2.01% 2.01% Post liquidation after tax returns 2,3 3.15% 7.75% 4.91% 2.20% -1.87% 1.50% 6.36% 5/29/1987 2.01% 2.01% Russell U.S. Growth (RSGCX) 8.12 -0.04 -0.49% Return before taxes 6.09% 10.46% 9.88% -1.20% -0.55% 0.47% -2.30% 1/31/2001 2.25% 2.17% Pre-liquidation after tax returns 1,3 6.09% 10.46% 9.88% -1.20% -0.69% 0.40% -2.37% 1/31/2001 2.25% 2.17% Post liquidation after tax returns 2,3 3.96% 6.80% 6.42% -0.78% -0.45% 0.41% -1.92% 1/31/2001 2.25% 2.17% Russell U.S. Value (RSVCX) 8.22 -0.07 -0.84% Return before taxes 5.84% 12.62% 9.02% -3.68% -5.44% 1.25% 0.40% 1/31/2001 2.08% 2.08% Pre-liquidation after tax returns 1,3 5.84% 12.55% 9.02% -3.76% -6.06% 0.71% -0.10% 1/31/2001 2.08% 2.08% Post liquidation after tax returns 2,3 3.79% 8.28% 5.86% -2.29% -4.53% 1.09% 0.35% 1/31/2001 2.08% 2.08% Russell U.S. Small Cap Equity** (RLECX) 23.48 -0.30 -1.26% Return before taxes 6.60% 14.58% 9.87% -4.98% -1.88% 4.22% 10.19% 12/28/1981 1.99% 1.99% Pre-liquidation after tax returns 1,3 6.60% 14.58% 9.87% -4.98% -2.60% 2.65% 7.29% 12/28/1981 1.99% 1.99% Post liquidation after tax returns 2,3 4.29% 9.48% 6.42% -3.24% -1.73% 3.30% 7.44% 12/28/1981 1.99% 1.99% Russell U.S. Mid Cap Equity Fund (RMCCX) 9.98 -0.11 -1.09% Return before taxes -- -- -- -- -- -- -- 2/6/2012 2.27% 1.95% Pre-liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 2.27% 1.95% Post liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 2.27% 1.95% Russell U.S. Large Cap Equity Fund (RLCCX) 10.03 -0.07 -0.69% Return before taxes -- -- -- -- -- -- -- 2/6/2012 2.03% 1.85% Pre-liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 2.03% 1.85% Post liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 2.03% 1.85% Russell International Developed Markets (RLNCX) 28.95 -0.40 -1.36% Return before taxes 5.18% 4.41% 7.82% -14.64% -6.15% 3.62% 8.84% 1/31/1983 2.00% 2.00% Pre-liquidation after tax returns 1,3 5.18% 4.54% 7.82% -14.53% -6.91% 2.81% 6.72% 1/31/1983 2.00% 2.00% Post liquidation after tax returns 2,3 3.36% 3.19% 5.08% -9.26% -5.05% 3.14% 6.85% 1/31/1983 2.00% 2.00% Russell Global Equity (RGECX) 8.70 -0.09 -1.02% Return before taxes 6.16% 6.71% 9.43% -10.07% -- -- -4.03% 2/28/2007 2.25% 2.25% Pre-liquidation after tax returns 1,3 6.16% 6.83% 9.43% -9.97% -- -- -4.07% 2/28/2007 2.25% 2.25% Post liquidation after tax returns 2,3 4.01% 4.48% 6.13% -6.45% -- -- -3.32% 2/28/2007 2.25% 2.25% Russell Emerging Markets (REMCX) 17.05 -0.30 -1.73% Return before taxes 10.02% 5.59% 12.39% -18.83% 1.79% 12.90% 6.23% 1/29/1993 2.55% 2.55% Pre-liquidation after tax returns 1,3 10.02% 5.27% 12.39% -19.08% 0.81% 12.10% 5.56% 1/29/1993 2.55% 2.55% Post liquidation after tax returns 2,3 6.51% 5.10% 8.06% -11.11% 1.66% 11.76% 5.46% 1/29/1993 2.55% 2.55% Russell Tax-Managed U.S. Large Cap (RTLCX) 20.41 -0.11 -0.54% Return before taxes 6.00% 10.93% 9.32% -1.94% -1.55% 0.98% 4.33% 10/7/1996 1.99% 1.95% Pre-liquidation after tax returns 1,3 6.00% 10.93% 9.32% -1.94% -1.55% 0.98% 4.27% 10/7/1996 1.99% 1.95% Post liquidation after tax returns 2,3 3.90% 7.11% 6.06% -1.26% -1.31% 0.84% 3.79% 10/7/1996 1.99% 1.95% Russell Tax-Managed U.S. Mid & Small Cap (RTSCX) 14.36 -0.18 -1.24% Return before taxes 5.51% 14.83% 8.46% -1.34% 1.64% 5.31% 3.26% 11/30/1999 2.36% 2.26% Pre-liquidation after tax returns 1,3 5.51% 14.83% 8.46% -1.34% 1.34% 5.13% 3.12% 11/30/1999 2.36% 2.26% Post liquidation after tax returns 2,3 3.58% 9.64% 5.50% -0.87% 1.36% 4.63% 2.82% 11/30/1999 2.36% 2.26% Russell Commodity Strategies (RCSCX) 9.79 -0.10 -1.01% Return before taxes 2.42% -0.20% 3.16% -12.55% -- -- 7.42% 6/30/2010 2.83% 2.32% Pre-liquidation after tax returns 1,3 2.42% -1.37% 3.16% -13.58% -- -- 3.62% 6/30/2010 2.83% 2.32% Post liquidation after tax returns 2,3 1.57% -0.12% 2.05% -8.16% -- -- 4.24% 6/30/2010 2.83% 2.32% Russell Global Infrastructure (RGCIX) 10.53 -0.10 -0.94% Return before taxes 3.19% 7.49% 4.88% -1.08% -- -- 2.84% 9/30/2010 2.66% 2.39% Pre-liquidation after tax returns 1,3 3.19% 7.53% 4.88% -1.03% -- -- 2.52% 9/30/2010 2.66% 2.39% Post liquidation after tax returns 2,3 2.07% 5.17% 3.17% -0.03% -- -- 2.48% 9/30/2010 2.66% 2.39% Russell Global Real Estate Securities (RRSCX) 34.38 -0.38 -1.09% Return before taxes 7.65% 8.08% 9.11% -8.36% -5.77% 7.55% 9.12% 7/28/1989 2.11% 2.11% Pre-liquidation after tax returns 1,3 7.65% 7.94% 9.11% -8.78% -6.76% 5.97% 6.97% 7/28/1989 2.11% 2.11% Post liquidation after tax returns 2,3 4.97% 5.25% 5.92% -5.40% -5.14% 6.05% 6.91% 7/28/1989 2.11% 2.11% Russell Global Opportunistic Credit* (RGCCX) 10.01 -0.01 -0.10% Return before taxes 3.22% 5.50% 3.95% 2.63% -- -- 2.26% 9/30/2010 2.39% 2.03% Pre-liquidation after tax returns 1,3 3.22% 3.43% 3.95% 0.62% -- -- 0.43% 9/30/2010 2.39% 2.03% Post liquidation after tax returns 2,3 2.09% 3.57% 2.56% 1.71% -- -- 0.88% 9/30/2010 2.39% 2.03% Russell Strategic Bond (RFCCX) 11.03 0.03 0.27% Return before taxes 1.66% 0.70% 1.82% 4.08% 5.30% 5.28% 6.02% 1/29/1993 1.77% 1.74% Pre-liquidation after tax returns 1,3 1.66% 0.17% 1.73% 2.97% 3.75% 3.74% 3.92% 1/29/1993 1.77% 1.74% Post liquidation after tax returns 2,3 1.08% 0.45% 1.18% 2.64% 3.62% 3.62% 3.86% 1/29/1993 1.77% 1.74% Russell Short Duration Bond (RSBCX) 19.21 0.02 0.10% Return before taxes 0.95% 0.59% 1.17% 0.29% 3.00% 2.49% 6.49% 10/30/1981 1.78% 1.65% Pre-liquidation after tax returns 1,3 0.95% 0.51% 1.09% -0.11% 2.11% 1.67% 3.79% 10/30/1981 1.78% 1.65% Post liquidation after tax returns 2,3 0.61% 0.38% 0.76% 0.19% 2.04% 1.64% 3.80% 10/30/1981 1.78% 1.65% Russell Investment Grade Bond (RFACX) 22.25 0.05 0.23% Return before taxes 1.27% 1.06% 1.08% 4.93% 5.42% 5.00% 8.56% 10/15/1981 1.55% 1.55% Pre-liquidation after tax returns 1,3 1.27% 0.58% 1.04% 4.04% 4.02% 3.42% 5.35% 10/15/1981 1.55% 1.55% Post liquidation after tax returns 2,3 0.83% 0.76% 0.70% 3.27% 3.83% 3.37% 5.32% 10/15/1981 1.55% 1.55% Russell Tax Exempt Bond (RTECX) 22.97 0.03 0.13% Return before taxes 1.32% 1.54% 1.27% 6.35% 3.56% 3.22% 4.31% 9/5/1985 1.59% 1.55% Pre-liquidation after tax returns 1,3 1.32% 1.54% 1.27% 6.34% 3.37% 2.76% 4.14% 9/5/1985 1.59% 1.55% Post liquidation after tax returns 2,3 0.86% 1.25% 0.86% 4.87% 3.20% 2.66% 4.08% 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 Strategic Bond, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 29, 2012; and for the Russell U.S. Growth and Russell Tax-Managed U.S. Mid & Small Cap Funds a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 29.06 -0.24 -0.82% Return before taxes 5.18% 11.40% 8.35% -3.20% -1.56% 2.33% 9.92% 10/15/1981 1.07% 1.00% Pre-liquidation after tax returns 1,3 5.18% 11.31% 8.35% -3.31% -2.01% 1.88% 7.14% 10/15/1981 1.07% 1.00% Post liquidation after tax returns 2,3 3.37% 7.53% 5.43% -1.93% -1.36% 1.95% 7.15% 10/15/1981 1.07% 1.00% Russell U.S. Quantitative Equity (REQEX) 31.85 -0.25 -0.78% Return before taxes 4.90% 12.08% 7.64% 4.18% -1.64% 2.08% 8.31% 5/29/1987 1.26% 1.19% Pre-liquidation after tax returns 1,3 4.90% 11.99% 7.64% 4.05% -2.12% 1.59% 6.48% 5/29/1987 1.26% 1.19% Post liquidation after tax returns 2,3 3.19% 7.96% 4.96% 2.88% -1.42% 1.74% 6.46% 5/29/1987 1.26% 1.19% Russell U.S. Growth (RSGEX) 8.91 -0.05 -0.56% Return before taxes 6.17% 10.66% 10.00% -0.49% 0.22% 1.31% -1.49% 1/31/2001 1.50% 1.42% Pre-liquidation after tax returns 1,3 6.17% 10.66% 10.00% -0.49% 0.09% 1.24% -1.56% 1/31/2001 1.50% 1.42% Post liquidation after tax returns 2,3 4.01% 6.93% 6.50% -0.32% 0.20% 1.13% -1.25% 1/31/2001 1.50% 1.42% Russell U.S. Value (RSVEX) 8.48 -0.08 -0.93% Return before taxes 6.05% 12.78% 9.14% -2.93% -4.70% 2.10% 1.23% 1/31/2001 1.33% 1.33% Pre-liquidation after tax returns 1,3 6.05% 12.66% 9.14% -3.10% -5.42% 1.43% 0.60% 1/31/2001 1.33% 1.33% Post liquidation after tax returns 2,3 3.93% 8.46% 5.94% -1.67% -3.96% 1.77% 1.00% 1/31/2001 1.33% 1.33% Russell U.S. Small Cap Equity** (REBEX) 23.97 -0.31 -1.28% Return before taxes 6.70% 14.75% 10.00% -4.24% -1.33% 4.50% 10.30% 12/28/1981 1.24% 1.17% Pre-liquidation after tax returns 1,3 6.70% 14.73% 10.00% -4.26% -2.08% 2.92% 7.39% 12/28/1981 1.24% 1.17% Post liquidation after tax returns 2,3 4.36% 9.61% 6.50% -2.74% -1.30% 3.52% 7.52% 12/28/1981 1.24% 1.17% Russell International Developed Markets (RIFEX) 28.97 -0.41 -1.40% Return before taxes 5.25% 4.53% 7.90% -13.99% -5.63% 3.91% 8.94% 1/31/1983 1.25% 1.18% Pre-liquidation after tax returns 1,3 5.25% 4.42% 7.90% -14.08% -6.46% 3.06% 6.81% 1/31/1983 1.25% 1.18% Post liquidation after tax returns 2,3 3.41% 3.41% 5.13% -8.71% -4.63% 3.38% 6.94% 1/31/1983 1.25% 1.18% Russell Global Equity (RGEEX) 8.75 -0.09 -1.02% Return before taxes 6.26% 6.83% 9.51% -9.31% -- -- -3.31% 2/28/2007 1.50% 1.50% Pre-liquidation after tax returns 1,3 6.26% 6.82% 9.51% -9.31% -- -- -3.48% 2/28/2007 1.50% 1.50% Post liquidation after tax returns 2,3 4.07% 4.69% 6.18% -5.84% -- -- -2.77% 2/28/2007 1.50% 1.50% Russell Emerging Markets (REMEX) 18.09 -0.32 -1.74% Return before taxes 10.14% 5.75% 12.50% -18.22% 2.55% 13.72% 6.76% 1/29/1993 1.80% 1.80% Pre-liquidation after tax returns 1,3 10.14% 5.23% 12.50% -18.62% 1.43% 12.81% 6.03% 1/29/1993 1.80% 1.80% Post liquidation after tax returns 2,3 6.59% 5.22% 8.12% -10.69% 2.20% 12.44% 5.91% 1/29/1993 1.80% 1.80% Russell Tax-Managed U.S. Large Cap (RTLEX) 21.14 -0.12 -0.56% Return before taxes 6.00% 11.21% 9.36% -1.13% -0.79% 1.77% 4.98% 10/7/1996 1.24% 1.20% Pre-liquidation after tax returns 1,3 6.00% 11.20% 9.36% -1.14% -0.86% 1.67% 4.84% 10/7/1996 1.24% 1.20% Post liquidation after tax returns 2,3 3.90% 7.29% 6.09% -0.73% -0.68% 1.49% 4.35% 10/7/1996 1.24% 1.20% Russell Tax-Managed U.S. Mid & Small Cap (RTSEX) 15.76 -0.19 -1.19% Return before taxes 5.65% 15.07% 8.61% -0.62% 2.41% 6.11% 4.05% 11/30/1999 1.61% 1.51% Pre-liquidation after tax returns 1,3 5.65% 15.07% 8.61% -0.62% 2.10% 5.93% 3.90% 11/30/1999 1.61% 1.51% Post liquidation after tax returns 2,3 3.67% 9.79% 5.60% -0.40% 2.00% 5.34% 3.51% 11/30/1999 1.61% 1.51% Russell Commodity Strategies (RCSEX) 9.84 -0.11 -1.11% Return before taxes 2.52% -0.06% 3.25% -11.87% -- -- 8.19% 6/30/2010 2.08% 1.57% Pre-liquidation after tax returns 1,3 2.52% -1.41% 3.25% -13.07% -- -- 4.21% 6/30/2010 2.08% 1.57% Post liquidation after tax returns 2,3 1.64% -0.03% 2.11% -7.71% -- -- 4.79% 6/30/2010 2.08% 1.57% Russell Global Infrastructure (RGIEX) 10.55 -0.11 -1.03% Return before taxes 3.18% 7.68% 4.87% -0.29% -- -- 3.63% 9/30/2010 1.91% 1.64% Pre-liquidation after tax returns 1,3 3.18% 7.64% 4.87% -0.36% -- -- 3.19% 9/30/2010 1.91% 1.64% Post liquidation after tax returns 2,3 2.07% 5.36% 3.17% 0.61% -- -- 3.13% 9/30/2010 1.91% 1.64% Russell Global Real Estate Securities (RREEX) 35.20 -0.40 -1.12% Return before taxes 7.76% 8.26% 9.22% -7.68% -5.07% 8.35% 9.58% 7/28/1989 1.36% 1.36% Pre-liquidation after tax returns 1,3 7.76% 8.06% 9.22% -8.27% -6.27% 6.54% 7.30% 7/28/1989 1.36% 1.36% Post liquidation after tax returns 2,3 5.04% 5.37% 5.99% -4.94% -4.70% 6.60% 7.23% 7/28/1989 1.36% 1.36% Russell Global Opportunistic Credit* (RCCEX) 10.05 -0.01 -0.10% Return before taxes 3.32% 5.63% 4.15% 3.30% -- -- 2.96% 9/30/2010 1.64% 1.28% Pre-liquidation after tax returns 1,3 3.32% 3.37% 4.15% 1.09% -- -- 0.94% 9/30/2010 1.64% 1.28% Post liquidation after tax returns 2,3 2.16% 3.66% 2.69% 2.14% -- -- 1.36% 9/30/2010 1.64% 1.28% Russell Strategic Bond (RFCEX) 10.96 0.03 0.27% Return before taxes 1.67% 0.98% 1.90% 5.06% 5.91% 5.58% 6.18% 1/29/1993 1.02% 0.94% Pre-liquidation after tax returns 1,3 1.67% 0.34% 1.78% 3.63% 4.10% 3.91% 4.01% 1/29/1993 1.02% 0.94% Post liquidation after tax returns 2,3 1.08% 0.63% 1.23% 3.27% 3.97% 3.80% 3.95% 1/29/1993 1.02% 0.94% Russell Investment Grade Bond (RFAEX) 22.33 0.05 0.22% Return before taxes 1.31% 1.29% 1.19% 5.82% 6.21% 5.39% 8.69% 10/15/1981 0.80% 0.73% Pre-liquidation after tax returns 1,3 1.31% 0.71% 1.12% 4.63% 4.55% 3.68% 5.44% 10/15/1981 0.80% 0.73% Post liquidation after tax returns 2,3 0.85% 0.91% 0.78% 3.85% 4.35% 3.62% 5.41% 10/15/1981 0.80% 0.73% Russell Short Duration Bond (RSBEX) 19.34 0.02 0.10% Return before taxes 1.04% 0.77% 1.28% 1.02% 3.77% 3.26% 6.82% 10/30/1981 1.03% 0.90% Pre-liquidation after tax returns 1,3 1.04% 0.63% 1.18% 0.39% 2.64% 2.18% 4.01% 10/30/1981 1.03% 0.90% Post liquidation after tax returns 2,3 0.68% 0.50% 0.83% 0.66% 2.55% 2.15% 4.01% 10/30/1981 1.03% 0.90% Russell Tax Exempt Bond (RTBEX) 23.04 0.03 0.13% Return before taxes 1.41% 1.74% 1.38% 7.13% 4.33% 3.98% 4.69% 9/5/1985 0.84% 0.80% Pre-liquidation after tax returns 1,3 1.41% 1.73% 1.38% 7.13% 4.08% 3.39% 4.46% 9/5/1985 0.84% 0.80% Post liquidation after tax returns 2,3 0.91% 1.47% 0.95% 5.65% 3.91% 3.29% 4.41% 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 29, 2012; and for the Russell U.S. Growth, Russell Commodity Strategies, Russell Tax-Managed U.S. Mid & Small Cap, Russell Strategic Bond, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 29, 2012; and for the Russell U.S. Growth and Russell Tax-Managed U.S. Mid & Small Cap Funds a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 29.05 -0.24 -0.82% Return before taxes 5.22% 11.48% 8.40% -2.97% -1.31% 2.58% 10.03% 10/15/1981 0.74% 0.74% Pre-liquidation after tax returns 1,3 5.22% 11.36% 8.40% -3.12% -1.80% 2.08% 7.23% 10/15/1981 0.74% 0.74% Post liquidation after tax returns 2,3 3.40% 7.61% 5.46% -1.72% -1.16% 2.15% 7.23% 10/15/1981 0.74% 0.74% Russell U.S. Quantitative Equity (REDSX) 31.89 -0.25 -0.78% Return before taxes 4.93% 12.14% 7.70% 4.46% -1.40% 2.33% 8.44% 5/29/1987 0.93% 0.93% Pre-liquidation after tax returns 1,3 4.93% 12.03% 7.70% 4.29% -1.91% 1.79% 6.58% 5/29/1987 0.93% 0.93% Post liquidation after tax returns 2,3 3.20% 8.03% 5.01% 3.12% -1.22% 1.94% 6.56% 5/29/1987 0.93% 0.93% Russell U.S. Growth (RSGIX) 9.25 -0.05 -0.54% Return before taxes 6.31% 10.67% 10.12% -0.24% 0.59% 1.68% -1.11% 1/31/2001 1.17% 1.04% Pre-liquidation after tax returns 1,3 6.31% 10.67% 10.12% -0.24% 0.44% 1.60% -1.18% 1/31/2001 1.17% 1.04% Post liquidation after tax returns 2,3 4.10% 6.94% 6.58% -0.15% 0.50% 1.45% -0.94% 1/31/2001 1.17% 1.04% Russell U.S. Value (RSVIX) 8.50 -0.08 -0.93% Return before taxes 5.91% 12.95% 9.11% -2.59% -4.39% 2.45% 1.60% 1/31/2001 1.00% 1.00% Pre-liquidation after tax returns 1,3 5.91% 12.79% 9.11% -2.82% -5.17% 1.72% 0.89% 1/31/2001 1.00% 1.00% Post liquidation after tax returns 2,3 3.84% 8.61% 5.92% -1.39% -3.72% 2.04% 1.28% 1/31/2001 1.00% 1.00% Russell U.S. Small Cap Equity** (REBSX) 24.11 -0.31 -1.27% Return before taxes 6.71% 14.83% 10.04% -3.97% -1.09% 4.74% 10.40% 12/28/1981 0.91% 0.91% Pre-liquidation after tax returns 1,3 6.71% 14.77% 10.04% -4.03% -1.89% 3.11% 7.47% 12/28/1981 0.91% 0.91% Post liquidation after tax returns 2,3 4.36% 9.72% 6.53% -2.51% -1.11% 3.70% 7.59% 12/28/1981 0.91% 0.91% Russell International Developed Markets (RINSX) 28.97 -0.40 -1.36% Return before taxes 5.29% 4.59% 7.98% -13.79% -5.41% 4.14% 9.05% 1/31/1983 0.92% 0.92% Pre-liquidation after tax returns 1,3 5.29% 4.44% 7.98% -13.90% -6.21% 3.28% 7.01% 1/31/1983 0.92% 0.92% Post liquidation after tax returns 2,3 3.44% 3.52% 5.18% -8.52% -4.41% 3.60% 7.15% 1/31/1983 0.92% 0.92% Russell Strategic Bond (RFCSX) 10.93 0.03 0.28% Return before taxes 1.67% 1.07% 1.92% 5.34% 6.17% 5.83% 6.34% 1/29/1993 0.69% 0.68% Pre-liquidation after tax returns 1,3 1.67% 0.40% 1.80% 3.82% 4.25% 4.06% 4.10% 1/29/1993 0.69% 0.68% Post liquidation after tax returns 2,3 1.09% 0.69% 1.25% 3.46% 4.13% 3.96% 4.05% 1/29/1993 0.69% 0.68% Russell Investment Grade Bond (RFASX) 22.33 0.05 0.22% Return before taxes 1.36% 1.33% 1.21% 6.09% 6.47% 5.66% 8.81% 10/15/1981 0.47% 0.47% Pre-liquidation after tax returns 1,3 1.36% 0.72% 1.14% 4.80% 4.72% 3.86% 5.51% 10/15/1981 0.47% 0.47% Post liquidation after tax returns 2,3 0.88% 0.94% 0.79% 4.02% 4.51% 3.80% 5.48% 10/15/1981 0.47% 0.47% **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 29, 2012; and for the Russell U.S. Growth and Russell Strategic Bond Funds, a contractual advisory fee waiver and/or reimbursement through February 29, 2012; and for the Russell U.S. Growth Fund a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 29.05 -0.24 -0.82% Return before taxes 5.22% 11.43% 8.40% -3.04% -1.38% 2.54% 10.02% 10/15/1981 0.82% 0.82% Pre-liquidation after tax returns 1,3 5.22% 11.32% 8.40% -3.18% -1.86% 2.05% 7.22% 10/15/1981 0.82% 0.82% Post liquidation after tax returns 2,3 3.40% 7.57% 5.46% -1.79% -1.22% 2.12% 7.22% 10/15/1981 0.82% 0.82% Russell U.S. Quantitative Equity (REQTX) 31.91 -0.25 -0.78% Return before taxes 4.93% 12.13% 7.69% 4.38% -1.45% 2.30% 8.43% 5/29/1987 1.01% 1.01% Pre-liquidation after tax returns 1,3 4.93% 12.03% 7.69% 4.22% -1.96% 1.77% 6.57% 5/29/1987 1.01% 1.01% Post liquidation after tax returns 2,3 3.20% 8.02% 5.00% 3.05% -1.26% 1.92% 6.55% 5/29/1987 1.01% 1.01% Russell U.S. Growth (RSGSX) 9.15 -0.05 -0.54% Return before taxes 6.26% 10.65% 10.11% -0.36% 0.43% 1.54% -1.25% 1/31/2001 1.25% 1.17% Pre-liquidation after tax returns 1,3 6.26% 10.65% 10.11% -0.36% 0.29% 1.47% -1.32% 1/31/2001 1.25% 1.17% Post liquidation after tax returns 2,3 4.07% 6.92% 6.57% -0.23% 0.37% 1.33% -1.05% 1/31/2001 1.25% 1.17% Russell U.S. Value (RSVSX) 8.48 -0.07 -0.82% Return before taxes 5.92% 12.94% 9.14% -2.68% -4.48% 2.33% 1.48% 1/31/2001 1.08% 1.08% Pre-liquidation after tax returns 1,3 5.92% 12.79% 9.14% -2.89% -5.24% 1.61% 0.79% 1/31/2001 1.08% 1.08% Post liquidation after tax returns 2,3 3.85% 8.59% 5.94% -1.46% -3.79% 1.94% 1.18% 1/31/2001 1.08% 1.08% Russell U.S. Small Cap Equity** (RLESX) 24.03 -0.31 -1.27% Return before taxes 6.73% 14.83% 10.03% -4.07% -1.17% 4.70% 10.39% 12/28/1981 0.99% 0.99% Pre-liquidation after tax returns 1,3 6.73% 14.78% 10.03% -4.12% -1.97% 3.06% 7.45% 12/28/1981 0.99% 0.99% Post liquidation after tax returns 2,3 4.38% 9.72% 6.52% -2.58% -1.18% 3.66% 7.58% 12/28/1981 0.99% 0.99% Russell U.S. Mid Cap Equity Fund (RMCSX) 9.99 -0.11 -1.09% Return before taxes -- -- -- -- -- -- -- 2/6/2012 1.27% 0.95% Pre-liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 1.27% 0.95% Post liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 1.27% 0.95% Russell U.S. Large Cap Equity Fund (RLCSX) 10.03 -0.07 -0.69% Return before taxes -- -- -- -- -- -- -- 2/6/2012 1.03% 0.85% Pre-liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 1.03% 0.85% Post liquidation after tax returns -- -- -- -- -- -- -- 2/6/2012 1.03% 0.85% Russell International Developed Markets (RINTX) 28.95 -0.41 -1.40% Return before taxes 5.29% 4.63% 7.94% -13.80% -5.46% 4.11% 9.04% 1/31/1983 1.00% 1.00% Pre-liquidation after tax returns 1,3 5.29% 4.46% 7.94% -13.94% -6.37% 3.19% 6.98% 1/31/1983 1.00% 1.00% Post liquidation after tax returns 2,3 3.44% 3.49% 5.16% -8.58% -4.55% 3.51% 7.12% 1/31/1983 1.00% 1.00% Russell Global Equity (RGESX) 8.76 -0.10 -1.13% Return before taxes 6.25% 6.95% 9.50% -9.07% -- -- -3.06% 2/28/2007 1.25% 1.25% Pre-liquidation after tax returns 1,3 6.25% 6.90% 9.50% -9.11% -- -- -3.22% 2/28/2007 1.25% 1.25% Post liquidation after tax returns 2,3 4.06% 4.81% 6.18% -5.64% -- -- -2.52% 2/28/2007 1.25% 1.25% Russell Emerging Markets (REMSX) 18.14 -0.32 -1.73% Return before taxes 10.17% 5.83% 12.53% -18.00% 2.82% 13.98% 6.93% 1/29/1993 1.55% 1.55% Pre-liquidation after tax returns 1,3 10.17% 5.24% 12.53% -18.46% 1.72% 13.05% 6.22% 1/29/1993 1.55% 1.55% Post liquidation after tax returns 2,3 6.61% 5.30% 8.15% -10.53% 2.48% 12.69% 6.10% 1/29/1993 1.55% 1.55% Russell Tax-Managed U.S. Large Cap (RETSX) 21.20 -0.13 -0.61% Return before taxes 6.04% 11.20% 9.39% -0.93% -0.55% 2.01% 5.17% 10/7/1996 0.99% 0.95% Pre-liquidation after tax returns 1,3 6.04% 11.15% 9.39% -0.97% -0.66% 1.88% 5.00% 10/7/1996 0.99% 0.95% Post liquidation after tax returns 2,3 3.92% 7.35% 6.10% -0.54% -0.48% 1.70% 4.51% 10/7/1996 0.99% 0.95% Russell Tax-Managed U.S. Mid & Small Cap (RTSSX) 16.14 -0.20 -1.22% Return before taxes 5.58% 15.18% 8.54% -0.34% 2.67% 6.38% 4.29% 11/30/1999 1.36% 1.26% Pre-liquidation after tax returns 1,3 5.58% 15.18% 8.54% -0.34% 2.35% 6.19% 4.13% 11/30/1999 1.36% 1.26% Post liquidation after tax returns 2,3 3.63% 9.87% 5.55% -0.22% 2.22% 5.58% 3.73% 11/30/1999 1.36% 1.26% Russell Commodity Strategies (RCCSX) 9.85 -0.11 -1.10% Return before taxes 2.52% 0.05% 3.25% -11.67% -- -- 8.51% 6/30/2010 1.83% 1.32% Pre-liquidation after tax returns 1,3 2.51% -1.41% 3.25% -12.96% -- -- 4.45% 6/30/2010 1.83% 1.32% Post liquidation after tax returns 2,3 1.63% 0.03% 2.11% -7.58% -- -- 5.01% 6/30/2010 1.83% 1.32% Russell Global Infrastructure (RGISX) 10.57 -0.10 -0.94% Return before taxes 3.18% 7.81% 4.97% -0.02% -- -- 3.90% 9/30/2010 1.66% 1.39% Pre-liquidation after tax returns 1,3 3.18% 7.74% 4.97% -0.12% -- -- 3.39% 9/30/2010 1.66% 1.39% Post liquidation after tax returns 2,3 2.07% 5.46% 3.23% 0.81% -- -- 3.32% 9/30/2010 1.66% 1.39% Russell Global Real Estate Securities (RRESX) 35.74 -0.40 -1.11% Return before taxes 7.77% 8.30% 9.26% -7.46% -4.82% 8.63% 9.80% 7/28/1989 1.11% 1.11% Pre-liquidation after tax returns 1,3 7.77% 8.07% 9.26% -8.11% -6.09% 6.74% 7.46% 7/28/1989 1.11% 1.11% Post liquidation after tax returns 2,3 5.05% 5.39% 6.02% -4.80% -4.54% 6.79% 7.39% 7/28/1989 1.11% 1.11% Russell Global Opportunistic Credit* (RGCSX) 10.06 -0.01 -0.10% Return before taxes 3.31% 5.73% 4.14% 3.60% -- -- 3.25% 9/30/2010 1.39% 1.03% Pre-liquidation after tax returns 1,3 3.31% 3.40% 4.14% 1.32% -- -- 1.16% 9/30/2010 1.39% 1.03% Post liquidation after tax returns 2,3 2.15% 3.72% 2.69% 2.34% -- -- 1.56% 9/30/2010 1.39% 1.03% Russell Strategic Bond (RFCTX) 11.06 0.02 0.18% Return before taxes 1.74% 1.04% 1.89% 5.30% 6.17% 5.83% 6.34% 1/29/1993 0.77% 0.74% Pre-liquidation after tax returns 1,3 1.74% 0.39% 1.78% 3.82% 4.34% 4.11% 4.13% 1/29/1993 0.77% 0.74% Post liquidation after tax returns 2,3 1.13% 0.67% 1.23% 3.43% 4.19% 3.98% 4.07% 1/29/1993 0.77% 0.74% Russell Investment Grade Bond (RFATX) 22.32 0.05 0.22% Return before taxes 1.36% 1.31% 1.25% 5.97% 6.36% 5.61% 8.79% 10/15/1981 0.55% 0.55% Pre-liquidation after tax returns 1,3 1.36% 0.71% 1.18% 4.71% 4.65% 3.82% 5.50% 10/15/1981 0.55% 0.55% Post liquidation after tax returns 2,3 0.88% 0.92% 0.81% 3.94% 4.44% 3.76% 5.47% 10/15/1981 0.55% 0.55% Russell Short Duration Bond (RFBSX) 19.31 0.02 0.10% Return before taxes 1.05% 0.83% 1.30% 1.30% 4.03% 3.52% 6.94% 10/30/1981 0.78% 0.65% Pre-liquidation after tax returns 1,3 1.05% 0.67% 1.19% 0.59% 2.80% 2.35% 4.08% 10/30/1981 0.78% 0.65% Post liquidation after tax returns 2,3 0.68% 0.54% 0.84% 0.85% 2.72% 2.31% 4.08% 10/30/1981 0.78% 0.65% Russell Tax Exempt Bond (RLVSX) 23.00 0.03 0.13% Return before taxes 1.41% 1.78% 1.40% 7.41% 4.60% 4.24% 4.81% 9/5/1985 0.59% 0.55% Pre-liquidation after tax returns 1,3 1.41% 1.78% 1.40% 7.41% 4.33% 3.60% 4.57% 9/5/1985 0.59% 0.55% Post liquidation after tax returns 2,3 0.92% 1.53% 0.97% 5.92% 4.16% 3.51% 4.52% 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 29, 2012; and for the Russell U.S. Growth, Russell Commodity Strategies, Russell Tax-Managed U.S. Mid & Small Cap, Russell Strategic Bond, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 29, 2012; and for the Russell U.S. Growth and Russell Tax-Managed U.S. Mid & Small Cap Funds a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 29.03 -0.24 -0.82% Return before taxes 5.23% 11.50% 8.40% -2.87% -1.25% 2.64% 10.06% 10/15/1981 0.64% 0.64% Pre-liquidation after tax returns 1,3 5.23% 11.37% 8.40% -3.04% -1.76% 2.14% 7.25% 10/15/1981 0.64% 0.64% Post liquidation after tax returns 2,3 3.40% 7.63% 5.46% -1.64% -1.12% 2.20% 7.25% 10/15/1981 0.64% 0.64% Russell U.S. Quantitative Equity (REUYX) 31.89 -0.25 -0.78% Return before taxes 4.93% 12.19% 7.66% 4.60% -1.32% 2.40% 8.48% 5/29/1987 0.83% 0.83% Pre-liquidation after tax returns 1,3 4.93% 12.07% 7.66% 4.41% -1.85% 1.85% 6.61% 5/29/1987 0.83% 0.83% Post liquidation after tax returns 2,3 3.20% 8.08% 4.98% 3.23% -1.16% 2.00% 6.59% 5/29/1987 0.83% 0.83% Russell U.S. Small Cap Equity** (REBYX) 24.03 -0.31 -1.27% Return before taxes 6.68% 14.89% 10.03% -3.88% -1.02% 4.83% 10.44% 12/28/1981 0.81% 0.81% Pre-liquidation after tax returns 1,3 6.68% 14.81% 10.03% -3.95% -1.84% 3.17% 7.49% 12/28/1981 0.81% 0.81% Post liquidation after tax returns 2,3 4.35% 9.79% 6.52% -2.43% -1.06% 3.76% 7.62% 12/28/1981 0.81% 0.81% Russell International Developed Markets (RINYX) 28.93 -0.41 -1.40% Return before taxes 5.30% 4.47% 7.95% -13.81% -5.36% 4.20% 9.08% 1/31/1983 0.82% 0.82% Pre-liquidation after tax returns 1,3 5.30% 4.31% 7.95% -13.94% -6.26% 3.28% 6.90% 1/31/1983 0.82% 0.82% Post liquidation after tax returns 2,3 3.44% 3.46% 5.17% -8.52% -4.45% 3.60% 7.03% 1/31/1983 0.82% 0.82% Russell Global Equity (RLGYX) 8.77 -0.09 -1.02% Return before taxes 6.38% 6.99% 9.63% -9.01% -- -- -2.95% 2/28/2007 1.07% 1.07% Pre-liquidation after tax returns 1,3 6.38% 6.94% 9.63% -9.06% -- -- -3.22% 2/28/2007 1.07% 1.07% Post liquidation after tax returns 2,3 4.14% 4.90% 6.26% -5.56% -- -- -2.52% 2/28/2007 1.07% 1.07% Russell Emerging Markets (REMYX) 18.16 -0.31 -1.68% Return before taxes 10.17% 5.89% 12.59% -17.88% 2.93% 14.04% 6.96% 1/29/1993 1.37% 1.37% Pre-liquidation after tax returns 1,3 10.17% 5.28% 12.59% -18.35% 1.58% 12.98% 6.18% 1/29/1993 1.37% 1.37% Post liquidation after tax returns 2,3 6.61% 5.39% 8.18% -10.41% 2.35% 12.62% 6.06% 1/29/1993 1.37% 1.37% Russell Commodity Strategies (RCSYX) 9.85 -0.11 -1.10% Return before taxes 2.52% 0.13% 3.25% -11.51% -- -- 8.69% 6/30/2010 1.65% 1.14% Pre-liquidation after tax returns 1,3 2.51% -1.39% 3.25% -12.85% -- -- 4.55% 6/30/2010 1.65% 1.14% Post liquidation after tax returns 2,3 1.63% 0.09% 2.11% -7.48% -- -- 5.12% 6/30/2010 1.65% 1.14% Russell Global Infrastructure (RGIYX) 10.57 -0.11 -1.03% Return before taxes 3.28% 7.78% 4.97% 0.13% -- -- 4.05% 9/30/2010 1.48% 1.23% Pre-liquidation after tax returns 1,3 3.28% 7.70% 4.97% 0.00% -- -- 3.54% 9/30/2010 1.48% 1.23% Post liquidation after tax returns 2,3 2.13% 5.46% 3.23% 0.93% -- -- 3.47% 9/30/2010 1.48% 1.23% Russell Global Real Estate Securities (RREYX) 35.73 -0.40 -1.11% Return before taxes 7.80% 8.38% 9.27% -7.29% -4.72% 8.69% 9.83% 7/28/1989 0.93% 0.93% Pre-liquidation after tax returns 1,3 7.80% 8.10% 9.27% -8.00% -6.02% 6.78% 7.47% 7/28/1989 0.93% 0.93% Post liquidation after tax returns 2,3 5.07% 5.44% 6.02% -4.69% -4.48% 6.83% 7.40% 7/28/1989 0.93% 0.93% Russell Global Opportunistic Credit* (RGCYX) 10.07 -0.01 -0.10% Return before taxes 3.31% 5.81% 4.14% 3.79% -- -- 3.41% 9/30/2010 1.21% 0.94% Pre-liquidation after tax returns 1,3 3.31% 3.45% 4.14% 1.48% -- -- 1.29% 9/30/2010 1.21% 0.94% Post liquidation after tax returns 2,3 2.15% 3.77% 2.69% 2.46% -- -- 1.68% 9/30/2010 1.21% 0.94% Russell Strategic Bond (RFCYX) 10.94 0.03 0.27% Return before taxes 1.67% 1.10% 1.93% 5.44% 6.25% 5.88% 6.37% 1/29/1993 0.59% 0.58% Pre-liquidation after tax returns 1,3 1.67% 0.42% 1.81% 3.88% 4.31% 4.10% 4.12% 1/29/1993 0.59% 0.58% Post liquidation after tax returns 2,3 1.09% 0.71% 1.25% 3.52% 4.19% 3.99% 4.07% 1/29/1993 0.59% 0.58% Russell Investment Grade Bond (RFAYX) 22.35 0.06 0.27% Return before taxes 1.36% 1.37% 1.27% 6.19% 6.53% 5.72% 8.83% 10/15/1981 0.37% 0.37% Pre-liquidation after tax returns 1,3 1.36% 0.74% 1.19% 4.87% 4.76% 3.89% 5.53% 10/15/1981 0.37% 0.37% Post liquidation after tax returns 2,3 0.88% 0.96% 0.82% 4.08% 4.55% 3.83% 5.50% 10/15/1981 0.37% 0.37% Russell Short Duration Bond (RSBYX) 19.31 0.02 0.10% Return before taxes 0.99% 0.86% 1.25% 1.39% 4.10% 3.56% 6.95% 10/30/1981 0.60% 0.55% Pre-liquidation after tax returns 1,3 0.99% 0.68% 1.14% 0.65% 2.86% 2.37% 4.09% 10/30/1981 0.60% 0.55% Post liquidation after tax returns 2,3 0.65% 0.56% 0.81% 0.90% 2.77% 2.34% 4.09% 10/30/1981 0.60% 0.55% 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 Strategic Bond, Russell Short Duration Bond, Russell Global Infrastructure and Russell Global Opportunistic Credit Funds a contractual advisory fee waiver and/or reimbursement through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 10.75 -0.01 -0.09% Return before taxes 2.30% 2.60% 2.97% 2.25% 4.02% 4.46% 4.92% 11/7/1997 1.10% 0.74% Pre-liquidation after tax returns 1,3 2.30% 1.95% 2.97% 1.33% 2.48% 3.10% 3.31% 11/7/1997 1.10% 0.74% Post liquidation after tax returns 2,3 1.49% 1.71% 1.93% 1.50% 2.54% 3.06% 3.27% 11/7/1997 1.10% 0.74% Moderate Strategy (RMLRX) 10.78 -0.04 -0.37% Return before taxes 3.29% 3.80% 4.46% 0.20% 2.76% 4.67% 4.82% 10/2/1997 1.16% 0.82% Pre-liquidation after tax returns 1,3 3.29% 3.15% 4.46% -0.66% 1.31% 3.43% 3.33% 10/2/1997 1.16% 0.82% Post liquidation after tax returns 2,3 2.14% 2.52% 2.90% 0.20% 1.58% 3.36% 3.30% 10/2/1997 1.16% 0.82% Balanced Strategy (RBLRX) 10.57 -0.06 -0.56% Return before taxes 4.21% 5.32% 5.91% -2.50% 1.12% 4.91% 4.87% 9/16/1997 1.25% 0.92% Pre-liquidation after tax returns 1,3 4.21% 4.75% 5.91% -3.18% -0.18% 3.75% 3.41% 9/16/1997 1.25% 0.92% Post liquidation after tax returns 2,3 2.74% 3.55% 3.84% -1.50% 0.34% 3.68% 3.41% 9/16/1997 1.25% 0.92% Growth Strategy (RALRX) 9.98 -0.08 -0.80% Return before taxes 4.94% 6.79% 7.20% -5.16% -0.75% 4.33% 4.12% 9/16/1997 1.33% 0.99% Pre-liquidation after tax returns 1,3 4.94% 6.40% 7.20% -5.60% -1.83% 3.42% 2.89% 9/16/1997 1.33% 0.99% Post liquidation after tax returns 2,3 3.21% 4.54% 4.68% -3.20% -1.04% 3.39% 2.95% 9/16/1997 1.33% 0.99% Equity Growth Strategy (RELRX) 9.32 -0.10 -1.06% Return before taxes 5.69% 7.83% 8.25% -6.82% -2.72% 3.68% 3.35% 9/30/1997 1.38% 1.03% Pre-liquidation after tax returns 1,3 5.69% 7.58% 8.25% -7.03% -3.54% 3.02% 2.29% 9/30/1997 1.38% 1.03% Post liquidation after tax returns 2,3 3.70% 5.28% 5.36% -4.26% -2.50% 3.01% 2.44% 9/30/1997 1.38% 1.03% 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 29, 2012, a contractual advisory fee waiver and/or reimbursement through February 29, 2012 and a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 10.69 -0.01 -0.09% Return before taxes 2.31% 2.49% 2.89% 1.93% 3.74% 4.19% 4.69% 11/7/1997 1.35% 0.99% Pre-liquidation after tax returns 1,3 2.31% 1.88% 2.89% 1.08% 2.28% 2.91% 3.15% 11/7/1997 1.35% 0.99% Post liquidation after tax returns 2,3 1.50% 1.64% 1.88% 1.29% 2.35% 2.88% 3.12% 11/7/1997 1.35% 0.99% Moderate Strategy (RMLTX) 10.75 -0.03 -0.28% Return before taxes 3.30% 3.78% 4.47% -0.04% 2.52% 4.48% 4.66% 10/2/1997 1.41% 1.07% Pre-liquidation after tax returns 1,3 3.30% 3.17% 4.47% -0.83% 1.13% 3.28% 3.20% 10/2/1997 1.41% 1.07% Post liquidation after tax returns 2,3 2.15% 2.50% 2.91% 0.04% 1.40% 3.22% 3.18% 10/2/1997 1.41% 1.07% Balanced Strategy (RBLTX) 10.50 -0.07 -0.66% Return before taxes 4.13% 5.32% 5.85% -2.74% 0.87% 4.65% 4.64% 9/16/1997 1.50% 1.17% Pre-liquidation after tax returns 1,3 4.13% 4.79% 5.85% -3.36% -0.36% 3.57% 3.24% 9/16/1997 1.50% 1.17% Post liquidation after tax returns 2,3 2.69% 3.55% 3.80% -1.68% 0.17% 3.50% 3.25% 9/16/1997 1.50% 1.17% Growth Strategy (RALTX) 9.91 -0.08 -0.80% Return before taxes 4.86% 6.67% 7.14% -5.33% -0.99% 4.08% 3.90% 9/16/1997 1.58% 1.24% Pre-liquidation after tax returns 4.86% 6.29% 7.14% -5.73% -2.02% 3.24% 2.73% 9/16/1997 1.58% 1.24% Post liquidation after tax returns 3.16% 4.46% 4.64% -3.33% -1.22% 3.20% 2.80% 9/16/1997 1.58% 1.24% Equity Growth Strategy (RELTX) 9.12 -0.10 -1.08% Return before taxes 5.58% 7.83% 8.19% -6.99% -2.95% 3.43% 3.13% 9/30/1997 1.63% 1.28% Pre-liquidation after tax returns 1,3 5.58% 7.59% 8.19% -7.20% -3.74% 2.81% 2.09% 9/30/1997 1.63% 1.28% Post liquidation after tax returns 2,3 3.62% 5.28% 5.32% -4.38% -2.67% 2.81% 2.25% 9/30/1997 1.63% 1.28% 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 29, 2012, a contractual advisory fee waiver and/or reimbursement through February 29, 2012 and a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 10.75 -0.01 -0.09% Return before taxes 2.20% 2.53% 2.87% 1.73% 3.49% 3.95% 4.45% 11/7/1997 1.60% 1.24% Pre-liquidation after tax returns 1,3 2.20% 1.97% 2.87% 0.98% 2.14% 2.76% 3.02% 11/7/1997 1.60% 1.24% Post liquidation after tax returns 2,3 1.43% 1.66% 1.87% 1.15% 2.20% 2.72% 2.98% 11/7/1997 1.60% 1.24% Moderate Strategy (RMLDX) 10.78 -0.03 -0.28% Return before taxes 3.29% 3.73% 4.46% -0.32% 2.24% 4.22% 4.41% 10/2/1997 1.66% 1.32% Pre-liquidation after tax returns 1,3 3.29% 3.16% 4.46% -1.01% 0.94% 3.11% 3.05% 10/2/1997 1.66% 1.32% Post liquidation after tax returns 1,2 2.14% 2.47% 2.90% -0.15% 1.21% 3.04% 3.02% 10/2/1997 1.66% 1.32% Balanced Strategy (RBLDX) 10.51 -0.07 -0.66% Return before taxes 4.13% 5.17% 5.84% -3.02% 0.61% 4.39% 4.40% 9/16/1997 1.75% 1.42% Pre-liquidation after tax returns 1,3 4.13% 4.69% 5.84% -3.55% -0.54% 3.39% 3.09% 9/16/1997 1.75% 1.42% Post liquidation after tax returns 2,3 2.68% 3.44% 3.80% -1.87% -0.01% 3.32% 3.10% 9/16/1997 1.75% 1.42% Growth Strategy (RALDX) 9.91 -0.09 -0.90% Return before taxes 4.97% 6.61% 7.14% -5.61% -1.24% 3.82% 3.65% 9/16/1997 1.83% 1.49% Pre-liquidation after tax returns 1,3 4.97% 6.25% 7.14% -5.96% -2.20% 3.04% 2.56% 9/16/1997 1.83% 1.49% Post liquidation after tax returns 2,3 3.23% 4.42% 4.64% -3.53% -1.39% 3.01% 2.63% 9/16/1997 1.83% 1.49% Equity Growth Strategy (RELDX) 9.03 -0.09 -0.99% Return before taxes 5.51% 7.71% 8.14% -7.20% -3.19% 3.17% 2.88% 9/30/1997 1.88% 1.53% Pre-liquidation after tax returns 1,3 5.51% 7.48% 8.14% -7.40% -3.97% 2.58% 1.90% 9/30/1997 1.88% 1.53% Post liquidation after tax returns 2,3 3.58% 5.20% 5.29% -4.52% -2.87% 2.60% 2.08% 9/30/1997 1.88% 1.53% 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 29, 2012, a contractual advisory fee waiver and/or reimbursement through February 29, 2012 and a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 10.68 -0.01 -0.09% Return before taxes 6 -3.63% -3.41% -3.00% -4.14% 2.50% 3.57% 4.25% 11/7/1997 1.35% 1.17% Pre-liquidation after tax returns 1,3,6 -3.63% -3.96% -3.00% -4.88% 1.08% 2.29% 2.72% 11/7/1997 1.35% 1.17% Post liquidation after tax returns 2,3,6 -2.36% -2.20% -1.95% -2.67% 1.31% 2.33% 2.73% 11/7/1997 1.35% 1.17% Return before taxes without sales charge deducted 2.22% 2.50% 2.89% 1.73% 3.72% 4.18% 4.68% 11/7/1997 1.35% 1.17% Moderate Strategy (RMLAX) 10.73 -0.04 -0.37% Return before taxes 6 -2.75% -2.13% -1.65% -5.95% 1.25% 3.85% 4.22% 10/2/1997 1.41% 1.25% Pre-liquidation after tax returns 1,3,6 -2.75% -2.68% -1.65% -6.63% -0.11% 2.67% 2.77% 10/2/1997 1.41% 1.25% Post liquidation after tax returns 2,3,6 -1.79% -1.34% -1.07% -3.81% 0.33% 2.67% 2.79% 10/2/1997 1.41% 1.25% Return before taxes without sales charge deducted 3.21% 3.79% 4.38% -0.24% 2.47% 4.47% 4.65% 10/2/1997 1.41% 1.25% Balanced Strategy (RBLAX) 10.48 -0.07 -0.66% Return before taxes 6 -1.81% -0.78% -0.19% -8.49% -0.35% 4.01% 4.19% 9/16/1997 1.50% 1.35% Pre-liquidation after tax returns 1,3,6 -1.81% -1.26% -0.19% -9.01% -1.56% 2.94% 2.80% 9/16/1997 1.50% 1.35% Post liquidation after tax returns 2,3,6 -1.18% -0.43% -0.12% -5.43% -0.86% 2.94% 2.86% 9/16/1997 1.50% 1.35% Return before taxes without sales charge deducted 4.14% 5.24% 5.86% -2.95% 0.83% 4.62% 4.63% 9/16/1997 1.50% 1.35% Growth Strategy (RALAX) 9.88 -0.08 -0.80% Return before taxes 6 -1.02% 0.57% 1.02% -10.97% -2.19% 3.44% 3.46% 9/16/1997 1.58% 1.42% Pre-liquidation after tax returns 1,3,6 -1.02% 0.22% 1.02% -11.31% -3.20% 2.60% 2.28% 9/16/1997 1.58% 1.42% Post liquidation after tax returns 2,3,6 -0.66% 0.48% 0.66% -7.01% -2.22% 2.64% 2.40% 9/16/1997 1.58% 1.42% Return before taxes without sales charge deducted 4.99% 6.65% 7.16% -5.58% -1.03% 4.06% 3.89% 9/16/1997 1.58% 1.42% Equity Growth Strategy (REAAX) 9.29 -0.10 -1.06% Return before taxes 6 -0.44% 1.59% 1.98% -12.53% -4.13% 2.96% 2.80% 9/30/1997 1.63% 1.46% Pre-liquidation after tax returns 1,3,6 -0.44% 1.37% 1.98% -12.71% -4.91% 2.35% 1.77% 9/30/1997 1.63% 1.46% Post liquidation after tax returns 2,3,6 -0.29% 1.21% 1.28% -7.99% -3.65% 2.40% 1.97% 9/30/1997 1.63% 1.46% Return before taxes without sales charge deducted 5.59% 7.77% 8.15% -7.20% -2.99% 3.58% 3.23% 9/30/1997 1.63% 1.46% 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 29, 2012 and a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 10.60 -0.01 -0.09% Return before taxes 2.13% 2.33% 2.81% 0.99% 2.94% 3.41% 3.95% 11/7/1997 2.10% 1.92% Pre-liquidation after tax returns 1,3 2.13% 1.88% 2.81% 0.43% 1.75% 2.39% 2.66% 11/7/1997 2.10% 1.92% Post liquidation after tax returns 2,3 1.39% 1.53% 1.83% 0.66% 1.83% 2.35% 2.63% 11/7/1997 2.10% 1.92% Moderate Strategy (RMLCX) 10.65 -0.04 -0.37% Return before taxes 3.23% 3.52% 4.31% -0.98% 1.70% 3.67% 3.93% 10/2/1997 2.16% 2.00% Pre-liquidation after tax returns 1,3 3.23% 3.06% 4.31% -1.50% 0.56% 2.73% 2.71% 10/2/1997 2.16% 2.00% Post liquidation after tax returns 2,3 2.10% 2.32% 2.80% -0.60% 0.85% 2.66% 2.69% 10/2/1997 2.16% 2.00% Balanced Strategy (RBLCX) 10.38 -0.07 -0.67% Return before taxes 4.07% 5.04% 5.70% -3.61% 0.08% 3.85% 3.91% 9/16/1997 2.25% 2.10% Pre-liquidation after tax returns 1,3 4.07% 4.64% 5.70% -4.01% -0.92% 3.00% 2.74% 9/16/1997 2.25% 2.10% Post liquidation after tax returns 2,3 2.65% 3.34% 3.71% -2.28% -0.37% 2.94% 2.76% 9/16/1997 2.25% 2.10% Growth Strategy (RALCX) 9.71 -0.09 -0.92% Return before taxes 4.85% 6.39% 7.06% -6.22% -1.77% 3.27% 3.17% 9/16/1997 2.33% 2.17% Pre-liquidation after tax returns 1,3 4.85% 6.05% 7.06% -6.51% -2.63% 2.62% 2.18% 9/16/1997 2.33% 2.17% Post liquidation after tax returns 2,3 3.15% 4.26% 4.59% -3.94% -1.78% 2.60% 2.28% 9/16/1997 2.33% 2.17% Equity Growth Strategy (RELCX) 8.52 -0.10 -1.16% Return before taxes 5.58% 7.50% 7.98% -7.90% -3.72% 2.62% 2.41% 9/30/1997 2.38% 2.21% Pre-liquidation after tax returns 1,3 5.58% 7.27% 7.98% -8.09% -4.49% 2.05% 1.45% 9/30/1997 2.38% 2.21% Post liquidation after tax returns 2,3 3.62% 5.05% 5.19% -4.98% -3.29% 2.14% 1.69% 9/30/1997 2.38% 2.21% 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 29, 2012 and a contractual cap on expenses through February 29, 2012. 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 2/10/2012 As of 1/31/2012 As of 12/31/2011 As of 2/10/2012 Annualized Returns 12/31/2011 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) 10.71 -0.01 -0.09% Return before taxes 2.31% 2.48% 2.88% 1.76% 3.71% 4.18% 4.68% 11/7/1997 1.35% 1.17% Pre-liquidation after tax returns 1,3 2.31% 1.90% 2.88% 1.00% 2.28% 2.91% 3.15% 11/7/1997 1.35% 1.17% Post liquidation after tax returns 2,3 1.50% 1.63% 1.87% 1.17% 2.34% 2.87% 3.11% 11/7/1997 1.35% 1.17% Moderate Strategy (RMLEX) 10.74 -0.04 -0.37% Return before taxes 3.20% 3.89% 4.27% -0.09% 2.47% 4.46% 4.65% 10/2/1997 1.41% 1.25% Pre-liquidation after tax returns 1,3 3.20% 3.30% 4.27% -0.80% 1.10% 3.28% 3.20% 10/2/1997 1.41% 1.25% Post liquidation after tax returns 2,3 2.08% 2.57% 2.78% 0.00% 1.37% 3.21% 3.17% 10/2/1997 1.41% 1.25% Balanced Strategy (RBLEX) 10.51 -0.07 -0.66% Return before taxes 4.13% 5.21% 5.84% -3.01% 0.83% 4.62% 4.62% 9/16/1997 1.50% 1.35% Pre-liquidation after tax returns 1,3 4.13% 4.72% 5.84% -3.54% -0.39% 3.55% 3.23% 9/16/1997 1.50% 1.35% Post liquidation after tax returns 2,3 2.68% 3.47% 3.80% -1.86% 0.14% 3.48% 3.24% 9/16/1997 1.50% 1.35% Growth Strategy (RALEX) 9.91 -0.08 -0.80% Return before taxes 4.86% 6.63% 7.14% -5.53% -1.02% 4.06% 3.89% 9/16/1997 1.58% 1.42% Pre-liquidation after tax returns 1,3 4.86% 6.27% 7.14% -5.88% -2.04% 3.22% 2.72% 9/16/1997 1.58% 1.42% Post liquidation after tax returns 2,3 3.16% 4.43% 4.64% -3.48% -1.24% 3.19% 2.79% 9/16/1997 1.58% 1.42% Equity Growth Strategy (RELEX) 9.09 -0.10 -1.09% Return before taxes 5.59% 7.81% 8.09% -7.14% -2.99% 3.40% 3.11% 9/30/1997 1.63% 1.46% Pre-liquidation after tax returns 1,3 5.59% 7.58% 8.09% -7.34% -3.78% 2.78% 2.07% 9/30/1997 1.63% 1.46% Post liquidation after tax returns 2,3 3.63% 5.27% 5.26% -4.47% -2.71% 2.79% 2.24% 9/30/1997 1.63% 1.46% 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 29, 2012 and a contractual cap on expenses through February 29, 2012. 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