Individual investors

LifePoints® 2017 Retirement Distribution Fund — S Shares Put your retirement savings to work How to invest with Russell Fund objective Primarily seeks to provide a stated annual target distribution for 10 years from its inception date As a secondary objective, seeks preservation of a portion of the capital initially invested OVERVIEW PERFORMANCE HOLDINGS MANAGERS IMPORTANT CONSIDERATIONS More fund information Daily prices & standardized performance Prospectus & reports Printable fact sheet (PDF) Month end holdings Tax information Underlying fund allocation As of 12/31/2011 Updated monthly Underlying Russell fund   % of fund Russell Commodity Strategies Fund Russell Emerging Markets Fund Russell Global Equity Fund Russell Global Infrastructure Fund Russell Global Opportunistic Credit Fund Russell Global Real Estate Securities Fund Russell International Developed Markets Fund Russell Investment Grade Bond Fund Russell Short Duration Bond Fund Russell Strategic Bond Fund Russell U.S. Core Equity Fund Russell U.S. Quantitative Equity Fund Russell U.S. Small & Mid Cap Fund   1.4 1.7 3.3 0.9 1.2 1.2 5.5 19.9 18.4 38.2 3.5 3.3 1.6 Due to rounding totals may not equal 100%. More holdings: Month end holdings As of 12/31/2011 Asset allocation and net asset value over time As of 12/31/2011 The graph below shows how the fund's allocation to major asset classes has changed over time along with the fund's net asset value (NAV) during the same time interval. NAV is a measure of how much each share is worth. It shows how the fund has adjusted to changes in the market in order to best meet its investment objectives. The fund was opened to shareholders as of 03/28/08. The current allocation may be different than what is shown above. The asset allocation section reflects month-end data points. 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. The fund commenced operations on December 31, 2007. The net asset value of the fund (NAV) changes daily. Therefore the payout ratio (target distribution per share divided by net asset value per share) will change on a daily basis. If the net asset value (NAV) of a fund decreases from the fund's per share NAV on the initial offering date of December 31, 2007, due to declines in the value of the fund's investments, there is a reduced probability that the fund will make the full amount of each of its target distributions, and the amount of a shareholder's investment remaining at the end of the term will be less than the initial amount and may be zero. Investors who purchase shares in subsequent years after the fund opens may not receive the same results as investors who purchase shares during the initial investment period. This may include a different payout ratio (target distribution per share divided by net asset value per share) and/or a different amount of the investor's initial investment remaining at the end of the period. Consequently, the funds may close to new investors and to additional investment by existing shareholders (except for re-investment of Distribution Overages) if the funds determine that such further investment will result in the funds being less likely to meet their investment objectives. Each of the LifePoints® Funds Target Distribution Strategies is a "fund of funds" and seeks to achieve its objective primarily by investing in shares of several other Russell Investment Company (RIC) funds (the "Underlying Funds") representing various asset classes. Each fund is managed pursuant to a quantitative model and employs a dynamic asset allocation strategy. The underlying funds to which the funds allocate their assets and the percentage allocations will change over time. In addition, the funds may in the future invest in other funds which are not currently underlying funds. The funds may also invest in fixed income securities issued or guaranteed by the U.S. government or by its agencies and instrumentalities. Additionally, it may be more effective for the fund to invest in index and currency futures and options as it draws near the end of its term. Shareholders who hold a fund within a retirement account (such as an IRA) should consult their tax advisers to discuss tax consequences that could result if they receive distributions prior to age 59½ or plan to use the fund in whole or in part, to meet IRS annual minimum required distributions once reaching age 70½. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. Please remember that all investments carry some level of risk including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. 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 2007-2011. All rights reserved. First used April 2009. RFS-1967 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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