Individual investors

Russell Monthly Yield Report Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current to the most recent month-end performance for Russell mutual funds is available by visiting: www.russell.com/us/fundperformance. Fund objectives, risks, charges and expenses should be carefully considered before investing. A prospectus containing this and other important information must precede or accompany this material. Please read the prospectus carefully before investing. The SEC Yield represents annualized net investment income (dividends and interest, after the deduction of the fund's expenses) earned by a fund over a 30-day period, expressed as a percentage of the fund's assets. It is calculated based on the standardized formula set forth by the SEC. Net investment income is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks). The SEC Yield should be regarded as an estimate of the fund's rate of investment income, and it may not equal the fund's actual income distribution rate. The distribution yield of a fund is the sum of the trailing 12 months of income distribtuions divided by its current net asset value, adjusted upward for any capital gains distributed over the same time period. The frequency of distributions vary by fund. Please note: Since the SEC yield and distribution yield cover different time frames, the two methods usually produce different yields. For example, in a falling interest-rate environment, a fund's 12-month distribution yield is likely to be higher than its 30-day SEC yield, since the annual figure includes income earned during the prior months when rates were higher. Click here for more information on income distribution yields. The tax equivalent yield is the pre-tax yield required from a taxable bond in order to equal the tax-free yield of a municipal bond. Tax equivalent yield is calculated by dividing the after-tax yield (30 day SEC yield) by the difference obtained from subtracting the applicable tax rate from 1. For example, for an investor who pays taxes at a rate of 35%, an after-tax yield of 3% has a tax-equivalent yield of 0.03/(1 - 0.35), or 4.62%. MONTHLY YIELD WEEKLY YIELD Tax Exempt Fixed Income Funds Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 Tax Equivalent Subsidized Yield % 3 Tax Equivalent Unsubsidized Yield % 3 RTEAX Russell Tax Exempt Bond Fund A 2.58 0.85 0.85 1.31 1.31 RTECX Russell Tax Exempt Bond Fund C 1.89 0.19 0.15 0.29 0.23 RTBEX Russell Tax Exempt Bond Fund E 2.61 0.92 0.88 1.42 1.36 RLVSX Russell Tax Exempt Bond Fund S 2.86 1.17 1.13 1.80 1.74 3 The tax equivalent yield is based on a tax rate of 35%. Taxable Fixed Income Funds Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 RGCAX Russell Global Opportunistic Credit Fund A 6.14 5.17 4.81 RGCCX Russell Global Opportunistic Credit Fund C 5.55 4.63 4.26 RCCEX Russell Global Opportunistic Credit Fund E 6.07 5.37 5.00 RGCSX Russell Global Opportunistic Credit Fund S 6.26 5.62 5.25 RFDAX Russell Strategic Bond Fund A 2.83 2.17 2.15 RFCCX Russell Strategic Bond Fund C 2.09 1.52 1.50 RFCEX Russell Strategic Bond Fund E 2.89 2.28 2.24 RFCSX Russell Strategic Bond Fund I 3.15 2.56 2.56 RFCTX Russell Strategic Bond Fund S 3.06 2.50 2.48 RFAAX Russell Investment Grade Bond Fund A 2.27 1.17 1.17 RFACX Russell Investment Grade Bond Fund C 1.52 0.48 0.48 RFAEX Russell Investment Grade Bond Fund E 2.30 1.25 1.21 RFASX Russell Investment Grade Bond Fund I 2.56 1.54 1.54 RFATX Russell Investment Grade Bond Fund S 2.49 1.46 1.46 RSBTX Russell Short Duration Bond Fund A 1.69 1.48 1.36 RSBCX Russell Short Duration Bond Fund C 1.02 0.80 0.67 RSBEX Russell Short Duration Bond Fund E 1.68 1.54 1.41 RFBSX Russell Short Duration Bond Fund S 1.91 1.79 1.66 U.S. Equity Funds Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 RSQAX Russell U.S. Core Equity Fund A 0.69 0.37 0.37 REQSX Russell U.S. Core Equity Fund C 0.15 -0.34 -0.34 REAEX Russell U.S. Core Equity Fund E 0.74 0.44 0.40 REASX Russell U.S. Core Equity Fund I 0.99 0.72 0.72 RLISX Russell U.S. Core Equity Fund S 0.92 0.64 0.64 REQAX Russell U.S. Quantitative Equity Fund A 0.69 0.54 0.54 REQCX Russell U.S. Quantitative Equity Fund C 0.11 -0.17 -0.17 REQEX Russell U.S. Quantitative Equity Fund E 0.75 0.61 0.57 REDSX Russell U.S. Quantitative Equity Fund I 0.99 0.89 0.89 REQTX Russell U.S. Quantitative Equity Fund S 0.93 0.81 0.81 RSGCX Russell U.S. Growth Fund C 0.00 -0.98 -1.20 RSGEX Russell U.S. Growth Fund E 0.00 -0.25 -0.47 RSGIX Russell U.S. Growth Fund I 0.00 0.12 -0.15 RSGSX Russell U.S. Growth Fund S 0.00 -0.01 -0.23 RSVCX Russell U.S. Value Fund C 0.50 0.11 0.06 RSVEX Russell U.S. Value Fund E 1.16 0.85 0.80 RSVIX Russell U.S. Value Fund I 1.47 1.18 1.12 RSVSX Russell U.S. Value Fund S 1.41 1.10 1.05 RLACX Russell U.S. Small Cap Equity Fund A 0.03 -0.18 -0.18 RLECX Russell U.S. Small Cap Equity Fund C 0.00 -0.92 -0.92 REBEX Russell U.S. Small Cap Equity Fund E 0.10 -0.15 -0.19 REBSX Russell U.S. Small Cap Equity Fund I 0.32 0.14 0.14 RLESX Russell U.S. Small Cap Equity Fund S 0.29 0.06 0.06 International and Global Equity Funds Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 RLNAX Russell International Developed Markets Fund A 1.37 0.98 0.98 RLNCX Russell International Developed Markets Fund C 0.48 0.31 0.31 RIFEX Russell International Developed Markets Fund E 1.47 1.08 1.04 RINSX Russell International Developed Markets Fund I 1.73 1.37 1.37 RINTX Russell International Developed Markets Fund S 1.66 1.29 1.29 RGEAX Russell Global Equity Fund A 0.58 0.24 0.24 RGECX Russell Global Equity Fund C 0.00 -0.48 -0.48 RGEEX Russell Global Equity Fund E 0.62 0.26 0.26 RGESX Russell Global Equity Fund S 0.84 0.50 0.50 REMAX Russell Emerging Markets Fund A 1.17 1.26 1.26 REMCX Russell Emerging Markets Fund C 0.39 0.60 0.60 REMEX Russell Emerging Markets Fund E 1.17 1.34 1.34 REMSX Russell Emerging Markets Fund S 1.42 1.58 1.58 Real Asset Funds Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 RCSAX Russell Commodity Strategies Fund A 1.52 -1.10 -1.58 RCSCX Russell Commodity Strategies Fund C 0.93 -1.90 -2.41 RCSEX Russell Commodity Strategies Fund E 1.47 -1.16 -1.68 RCCSX Russell Commodity Strategies Fund S 1.79 -0.92 -1.43 RGIAX Russell Global Infrastructure Fund A 1.81 1.88 1.54 RGCIX Russell Global Infrastructure Fund C 1.36 1.27 0.91 RGIEX Russell Global Infrastructure Fund E 1.80 2.00 1.64 RGISX Russell Global Infrastructure Fund S 1.98 2.24 1.88 RREAX Russell Global Real Estate Securities Fund A 1.95 1.49 1.49 RRSCX Russell Global Real Estate Securities Fund C 1.44 0.86 0.86 RREEX Russell Global Real Estate Securities Fund E 1.94 1.58 1.58 RRESX Russell Global Real Estate Securities Fund S 2.11 1.82 1.82 Tax-Managed Equity Funds Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 RTLAX Russell Tax-Managed U.S. Large Cap Fund A 0.08 0.10 0.10 RTLCX Russell Tax-Managed U.S. Large Cap Fund C 0.00 -0.59 -0.63 RTLEX Russell Tax-Managed U.S. Large Cap Fund E 0.04 0.14 0.10 RETSX Russell Tax-Managed U.S. Large Cap Fund S 0.26 0.39 0.35 RTSAX Russell Tax-Managed U.S. Mid & Small Cap Fund A 0.00 -0.61 -0.63 RTSCX Russell Tax-Managed U.S. Mid & Small Cap Fund C 0.00 -1.35 -1.40 RTSEX Russell Tax-Managed U.S. Mid & Small Cap Fund E 0.00 -0.62 -0.67 RTSSX Russell Tax-Managed U.S. Mid & Small Cap Fund S 0.00 -0.37 -0.43 LifePoints® Funds - Target Portfolio Series Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 RCLAX Conservative Strategy Fund A 2.59 1.97 1.82 RCLCX Conservative Strategy Fund C 1.90 1.36 1.20 RCLEX Conservative Strategy Fund E 2.53 2.10 1.93 RCLRX Conservative Strategy Fund R1 2.99 2.46 2.15 RCLTX Conservative Strategy Fund R2 2.78 2.22 1.90 RCLDX Conservative Strategy Fund R3 2.49 1.97 1.65 RCLSX Conservative Strategy Fund S 2.81 2.34 2.18 RMLAX Moderate Strategy Fund A 2.45 1.84 1.69 RMLCX Moderate Strategy Fund C 1.75 1.22 1.06 RMLEX Moderate Strategy Fund E 2.41 1.95 1.80 RMLRX Moderate Strategy Fund R1 2.86 2.32 2.01 RMLTX Moderate Strategy Fund R2 2.64 2.07 1.76 RMLDX Moderate Strategy Fund R3 2.36 1.83 1.52 RMLSX Moderate Strategy Fund S 2.68 2.20 2.04 RBLAX Balanced Strategy Fund A 2.06 1.60 1.47 RBLCX Balanced Strategy Fund C 1.40 0.96 0.82 RBLEX Balanced Strategy Fund E 1.97 1.69 1.56 RBLRX Balanced Strategy Fund R1 2.46 2.06 1.77 RBLTX Balanced Strategy Fund R2 2.24 1.81 1.53 RBLDX Balanced Strategy Fund R3 1.97 1.57 1.28 RBLSX Balanced Strategy Fund S 2.28 1.94 1.81 RALAX Growth Strategy Fund A 1.52 1.28 1.16 RALCX Growth Strategy Fund C 1.13 0.63 0.50 RALEX Growth Strategy Fund E 1.44 1.36 1.23 RALRX Growth Strategy Fund R1 1.79 1.73 1.45 RALTX Growth Strategy Fund R2 1.65 1.48 1.20 RALDX Growth Strategy Fund R3 1.46 1.24 0.95 RALSX Growth Strategy Fund S 1.66 1.61 1.48 REAAX Equity Growth Strategy Fund A 1.05 1.08 0.95 RELCX Equity Growth Strategy Fund C 0.98 0.41 0.28 RELEX Equity Growth Strategy Fund E 1.07 1.14 1.01 RELRX Equity Growth Strategy Fund R1 1.22 1.51 1.22 RELTX Equity Growth Strategy Fund R2 1.14 1.26 0.98 RELDX Equity Growth Strategy Fund R3 1.05 1.02 0.73 RELSX Equity Growth Strategy Fund S 1.15 1.39 1.26 LifePoints® Funds - Target Date Series Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 30-Day SEC Yields Subsidized Yield % 1 Unsubsidized Yield % 2 RZLAX In Retirement Fund A 1.52 2.22 2.22 RZLRX In Retirement Fund R1 3.04 2.47 2.47 RZLTX In Retirement Fund R2 2.80 2.22 2.22 RZLDX In Retirement Fund R3 2.61 1.97 1.97 RKLRX 2015 Strategy Fund R1 2.97 2.43 2.43 RKLTX 2015 Strategy Fund R2 2.72 2.19 2.19 RKLDX 2015 Strategy Fund R3 2.45 1.93 1.93 RLLAX 2020 Strategy Fund A 2.53 1.94 1.94 RLLEX 2020 Strategy Fund E 2.55 2.06 2.06 RLLRX 2020 Strategy Fund R1 2.80 2.31 2.31 RLLTX 2020 Strategy Fund R2 2.53 2.06 2.06 RLLDX 2020 Strategy Fund R3 2.30 1.81 1.81 RLLSX 2020 Strategy Fund S 2.80 2.31 2.31 RPLRX 2025 Strategy Fund R1 2.51 2.12 2.12 RPLTX 2025 Strategy Fund R2 2.24 1.87 1.87 RPLDX 2025 Strategy Fund R3 2.00 1.62 1.62 RRLAX 2030 Strategy Fund A 1.76 1.45 1.45 RRLEX 2030 Strategy Fund E 1.77 1.54 1.54 RRLRX 2030 Strategy Fund R1 2.02 1.79 1.79 RRLTX 2030 Strategy Fund R2 1.74 1.54 1.54 RRLDX 2030 Strategy Fund R3 1.51 1.30 1.30 RRLSX 2030 Strategy Fund S 2.02 1.79 1.79 RVLRX 2035 Strategy Fund R1 1.77 1.56 1.56 RVLTX 2035 Strategy Fund R2 1.49 1.31 1.31 RVLDX 2035 Strategy Fund R3 1.26 1.06 1.06 RXLAX 2040 Strategy Fund A 1.52 1.23 1.23 RXLEX 2040 Strategy Fund E 1.52 1.31 1.31 RXLRX 2040 Strategy Fund R1 1.77 1.55 1.55 RXLTX 2040 Strategy Fund R2 1.49 1.31 1.31 RXLDX 2040 Strategy Fund R3 1.27 1.06 1.06 RXLSX 2040 Strategy Fund S 1.77 1.55 1.55 RWLRX 2045 Strategy Fund R1 1.78 1.56 1.56 RWLTX 2045 Strategy Fund R2 1.42 1.31 1.31 RWLDX 2045 Strategy Fund R3 1.31 1.06 1.06 RYLRX 2050 Strategy Fund R1 1.74 1.56 1.56 RYLTX 2050 Strategy Fund R2 1.33 1.31 1.31 RYLYX 2050 Strategy Fund R3 1.24 1.06 1.06 RQLRX 2055 Strategy Fund R1 1.77 1.54 1.54 RQLTX 2055 Strategy Fund R2 1.49 1.30 1.30 RQLDX 2055 Strategy Fund R3 1.31 1.05 1.05 * The fund's distribution yield for the period ending 4/30/2012. The annualized 30-day SEC yield more closely reflects the current earnings of the fund than the total return of the fund; yields will vary. 1 The fund's current yield for the period ending 4/30/2012. 2 The yield shown is what the yield would have been without the current fee waivers and expense reimbursements (unsubsidized). Russell Money Market Fund Yields as of 4/30/2012 Ticker Fund Name Share Class Distribution Yield % * Annualized 7-Day Yields Subsidized Yield % ** Unsubsidized Yield % *** RAMXX Russell Money Market Fund A 0.00 0.00 -0.40 RMMXX Russell Money Market Fund S 0.00 0.00 -0.40 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. * The fund's distribution yield for the period ending 4/30/2012. The annualized 7-day yield more closely reflects the current earnings of the fund than the total return of the fund; yields will vary. ** The fund's current actual (simple) yield for the 7-day period ending 4/30/2012. *** The yield shown is what the yield would have been without the current fee waivers and expense reimbursements (unsubsidized). On January 1, 2012, the Russell U.S. Small & Mid Cap Fund was renamed the Russell U.S. Small Cap Equity Fund. For more information on Russell Funds, contact your investment professional or plan administrator for assistance. 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. 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. 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: January 2012 RFS-7222

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