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) Tax information Portfolio manager This fund leverages Russell's expertise in asset-liability matching and is designed for those requiring cash flow from their investments. It aims to deliver steady, predictable, but not guaranteed annual distributions over a specific time period while seeking to preserve a portion of capital initially invested. Generally, the fund may shift to a more aggressive allocation in a favorable market and to a more conservative investment in a less favorable market. In a substantially unfavorable market, where more conservative investments are unlikely to meet the primary objective, it may shift into an allocation with higher potential return and related risk. – John Greves Allocation of underlying fund assets As of 01/17/2012 The list below represents the underlying funds in which the 2017 Retirement Distribution Fund could invest at any time. The fund's allocations change over time, and it may not invest in one or more of these underlying funds at any point in time. Underlying fund and allocation   Style   Underlying fund and allocation   Style           Russell U.S. Core Equity Fund   Russell Global Infrastructure Fund 1         BlackRock Capital Management, Inc.   Growth   Cohen & Steers Capital Management, Inc.   Global market-oriented Columbus Circle Investors   Growth   Nuveen Asset Management, LLC (Formerly, FAF Advisors, Inc.)   Global market-oriented First Eagle Investment Management, LLC   Market-oriented   Macquarie Capital Investment Management LLC   Global market-oriented Institutional Capital, LLC   Value         Lazard Asset Management, LLC   Market-oriented         MFS Institutional Advisors, Inc.   Value         Montag & Caldwell, LLC   Growth         Russell Investment Management Company*   Market-oriented         Schneider Capital Management Corporation   Value         Snow Capital Management L.P.   Value         Suffolk Capital Management, LLC   Market-oriented                   Russell U.S. Small & Mid Cap Fund†   Russell Global Real Estate Securities Fund         ClariVest Asset Managment, LLC   Market-oriented   AEW Capital Management, L.P.   Global market-oriented Cartwell Investment Partners   Value   Cohen & Steers Capital Management, Inc.   Global market-oriented DePrince, Race & Zollo, Inc.   Value   INVESCO Advisers, Inc., through its INVESCO Real Estate Division   Global market-oriented Jacobs Levy Equity Management, Inc.   Value         Next Century Growth Investors, LLC   Growth         Ranger Investment Management, L.P.   Growth         Signia Capital Management, LLC   Value         Tygh Capital Management, Inc.   Growth                   Russell U.S. Quantitative Equity Fund   Russell Global Opportunistic Credit Fund         Aronson+Johnson+Ortiz, L.P.   Market-oriented   DDJ Capital Management, LLC   Sector strategies INTECH Investment Management, LLC   Market-oriented   Oaktree Capital Management, L.P.   Sector strategies Jacobs Levy Equity Management, Inc.   Market-oriented   Stone Harbor Investment Partners LP   Sector strategies Numeric Investors, LLC   Market-oriented         PanAgora Asset Management, Inc.   Market-oriented                   Russell Emerging Markets Fund 1   Russell Strategic Bond Fund         AllianceBernstein, L.P.   Value   Brookfield Investment Management Inc.   Sector strategies Arrowstreet Capital, Limited Partnership   Market-oriented   Goldman Sachs Asset Management, L.P.   Fully discretionary Delaware Management Company   Value   Logan Circle Partners, L.P.   Sector strategies Genesis Asset Managers, LLP   Market-oriented   Metropolitan West Asset Management, LLC   Sector strategies Harding Loevner LP   Market-oriented   Pacific Investment Management Company, LLC   Fully discretionary UBS Global Asset Management (Americas), Inc.   Growth         Victoria 1522 Investments, LP   Market-oriented                   Russell Global Equity Fund 1   Russell Investment Grade Bond Fund         GLG Inc.   Market-oriented   Metropolitan West Asset Management, LLC   Sector strategies Harris Associates, L.P.   Value   Neuberger Berman Fixed Income, LLC   Enhanced core MFS Institutional Advisors, Inc   Market-oriented   Pacific Investment Management Company, LLC   Fully discretionary Sanders Capital, LLC   Value   Western Asset Management and Western Asset Management Company, Ltd.   Fully discretionary Tradewinds Global Investors, LLC   Value         T. Rowe Price Associates, Inc.   Growth                   Russell International Developed Markets Fund 1   Russell Short Duration Bond Fund         AQR Capital Management, LLC   Market-oriented   Logan Circle Partners, L.P.   Sector strategies Axiom International Investors, LLC   Growth   Pacific Investment Management Company, LLC   Fully discretionary del Rey Global Investors, LLC   Value         Marsico Capital Management, LLC   Growth         MFS Institutional Advisors, Inc.   Market-oriented         Mondrian Investment Partners Limited   Value         Pzena Investment Management, LLC   Value         UBS Global Asset Management (Americas), Inc.   Growth         William Blair & Company, LLC   Growth                   Russell Commodity Strategies Fund 1   Russell Money Market Fund         Goldman Sachs Asset Management, L.P.   Global market-oriented   Russell Investment Management Company   Fully discretionary Credit Suisse Asset Management, LLC   Global market-oriented         Jefferies Asset Management, LLC   Global market-oriented         Managing money differently The Russell approach has been trusted for decades by many of the world's largest investors; our mutual funds allow you to employ that same approach. We identify investment managers we believe have exceptional capabilities, blend them to help manage risk through diversification, and constantly monitor them. Regardless of market conditions, Russell's investment approach remains constant. *The fund's adviser, Russell Investment Management Company (RIMCo), may employ a proprietary "select holdings" strategy in which it exercises investment discretion for a portion of the fund's assets it determines not to allocate to the money managers. The strategy is designed to increase the fund's exposure to stocks that are viewed as attractive by multiple money managers. The use of the select holdings strategy will amplify the fund's security risk and potential underperformance. In addition to managing this strategy, RIMCo performs other investment advisory functions for the funds. † On January 1, 2012, the Russell U.S. Small & Mid Cap Fund will be 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. Money managers listed are current as of 01/17/2012. Subject to the fund's board approval, Russell has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an exemptive order from the Securities and Exchange Commission. Investments in the funds are not deposits with or other liabilities of any of the money managers and are subject to investment risk, including loss of income and principal invested and possible delays in payment of redemption proceeds. The money managers do not guarantee the performance of any fund or any particular rate of return. The above represents the percentage of fund assets allocated to money managers, excluding the fund's cash reserves. Fund assets not allocated to money managers are managed directly by Russell for a variety of purposes. Investments that are allocated across multiple types of securities may be exposed to a variety of risks based on the asset classes, investment styles, market sectors, and size of companies preferred by the investment managers. Investors should consider how the combined risks impact their total investment portfolio and understand that different risks can lead to varying financial consequences, including loss of principal. Please see a prospectus for further details. 1 The fund's return and net asset value may be significantly affected by political or economic conditions and regulatory requirements in a particular country. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Such securities may be less liquid and more volatile. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and political systems with less stability than in more developed countries. 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. 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. On October 1, 2010, the Russell Real Estate Securities Fund was renamed the Russell Global Real Estate Securities Fund. On March 1, 2011, the Russell Global Credit Strategies Fund was renamed the Russell Global Opportunistic Credit Fund. 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 May 2011. RFS-5823 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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